samchain/econo-pairs-v2 huggingface dataset:
webbde / ses / secciones / publicaciones / informesboletinesrevistas / boletineconomico / descargar / 16 / nov / files art2e. pdf 17 council recommendation of 20 september 2016 on the establishment of national productivity boards ( 2016 / c 349 / 01 ). euro area member states are expected to implement the recommendation within 18 months from its approval on 19 september 2016. 17 / 17 bis central bankers'speeches

as capital and liquidity, be located? should each local subsidiary of the banking group hold a minimum of liquid assets, irrespective of whether they are needed for its business model? or is it sufficient to fulfil liquidity requirements at the consolidated level? centralised liquidity management at group level seems clearly beneficial from the perspective of financial integration. however, there are also risks associated with closer integration in the banking union. as supervisor, the ecb can grant waivers for liquidity requirements at national as well as crossborder level on a case - by - case basis. while the creation of a truly european banking system is certainly in the ecb ’ s interest, its supervisory mandate calls, above all, for the safety and soundness of the institutions under its supervision. waiving liquidity requirements and large exposure limits could increase the interconnectedness within the banking group and lead to possible contagion effects4 in a banking union which has no common deposit insurance scheme and where the single resolution fund ( srf ) still lacks a fiscal backstop. the current incomplete banking union is asymmetric : while decisions on liquidity waivers are taken at european level, the relevant risk - sharing mechanisms are still national. in each country, bank depositors are protected by the national guarantee scheme. if a bank fails and the single resolution fund does not have sufficient resources available to finance its resolution, which may well be the case for some time, until the common element of the srf is sufficiently advanced, it is a national credit line that backs the srf. in this context, the ecb ’ s supervisory board decided this spring that there should always be a floor on the liquidity coverage ratio for those subsidiaries 3 / 5 bis central bankers'speeches that are significant on a stand - alone basis. this is to ensure that they hold a sufficient level of high - quality liquid assets to respond to liquidity needs at national level. 5 liquidity ring - fencing reflects the absence of a common fiscal backstop in the banking union. completing the banking union it would be unfair not to acknowledge the progress that we have made towards the banking union. my main point is that we have to be more ambitious. completing the union is not a longterm project. if the aim is to foster cross - border integration of banks, finalising the union has to be done within a timeframe that banks can work with when they make their strategic decisions on how to adjust their business models. in the
announced by ubs, which are aimed at strengthening its capital base, are to be welcomed. the fact that ubs has been able to attract a large and internationally recognised asian investor for this purpose serves as an illustration of one of the ways in which globalisation of financial markets has been to our advantage.

observe right now is divergence or fragmentation, not convergence. the economies of the euro area countries had not converged sufficiently when the euro was introduced, and the gaps among them widened further after the bubble burst in the middle of 2000s. divergence is evident in unit labor cost growth and current account balances. yield differentials in the european bond markets have also widened. such market fragmentation has forced investors to reconsider country risks, which had been considered eliminated with convergence to a single financial market. to accomplish a greater degree of convergence, while taking into consideration strong national identities and the slow process of population movements across borders, three options are often mentioned, ones that are not mutually exclusive. the first is to carry out so - called internal devaluation in the periphery. the second is to boost productivity and create value - added industries in the periphery. and the third is to implement fiscal transfer from the core to the periphery on the grounds of mutual benefits. here i believe that the keys to success are the european people ’ s belief in the euro system and their “ solidarity ” or the common cause of “ european citizenship ”. although achieving any of these options will take a long time and painstaking effort, it is hoped that the euro area nations will continue to do their best on these fronts. v. a new hope : strengthening market infrastructure finally, i would like to touch briefly on the new hope seen in the strengthening of market infrastructure both in europe and japan. for many market participants, strengthening market infrastructure is important for sustained investment in europe and elsewhere. in this regard, the eurosystem has been pushing forward with target2 - securities ( t2s ), a single pan - european it platform for securities settlement. at the same time, the bank of japan is working to revamp the bank of japan financial network system ( boj - net ) to enhance the system ’ s flexibility and accessibility. it is hoped that both of these initiatives will succeed in making global financial markets more resilient and efficient. thank you very much for your kind attention. bis central bankers ’ speeches
olli rehn : disinflation on track amid geopolitical uncertainty remarks by mr olli rehn, governor of the bank of finland, at the ubs european conference, london, 12 november 2024. * * * let me first thank ubs for kindly inviting me to address this distinguished audience. to kick off, i will briefly discussthe economic outlook in the euro area and the ecb's monetary policy approach. overall, it is fair to say that the ecb's monetary policy has been relatively successful in taming inflation. rate hikes have helped keep inflation expectations anchored to around 2 %. somewhat unusually for a tightening cycle, the euro area appears to have avoided recession, and unemployment has stayed at a record low. the ecb's inflation target was revised in 2021, and the revised symmetric target of 2 % over the medium term has worked well during the past poly - crisis years. the big picture now is that disinflation in the euro area remains well on track. in october, inflation stood exactly at 2 %, and it is expected to stabilise more sustainable next year. the progress with disinflation has prompted us to make three 25 bp. rate cuts since june. even though a soft landing seems plausible in the euro area, growth is projected to remain sluggish. the manufacturing sector, in particular, is underperforming, not least in germany but also elsewhere. what does this imply for monetary policy going forward? as you may be aware, we have been preaching and practising data - dependency. so, i am indeed looking forward to our december broad macroeconomic projections, especially on two issues. will the projections indicate that inflation is stabilizing at our 2 % target in early 2025 already? will they confirm the weakening of growth momentum? as for the ecb's monetary policy stance, we are approaching a neutral level of interest rates – although nobody knows exactly when this will be reached. the direction of rate changes is clear, but the speed and scope of rate cuts will depend on our overall assessment at each meeting of three factors : the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. the question in the title of the panel – how far and how fast do we move in reversing the tightening cycle? – can also be tackled by scrutinising the natural rate of interest, r *. r * provides a meaningful analytical framework for thinking

,'recent insights into r * : an analysis using a modified holston - laubach - williams model ', bank of finland bulletin, 7 november 2024 https : / / www. bofbulletin. fi / en / 2024 / articles / recent - insights - into - r - star - an - analysis - using - amodified - holston - laubach - williams - model / 2 / 2 bis - central bankers'speeches
eslick, the floor is yours.

care about systemic financial stability, therefore we need to follow all modern financial trends and be ready to have an answer to those challenges. within our monetary policy regime we took all possible measures. our first line of defense was to maintain credibility of the currency board via continuous communication. when crisis erupted, some wanted us to abandon currency board principles, finance directly companies and / or budgets, and start buying government or corporate securities. in short print money without full currency board coverage. but our law on currency board is very strict. we simply are not allowed to do any of such either conventional or unconventional monetary policy measures. on top of communication our only instrument is reserve requirement, its rate and remuneration policy. we monitored closely excess liquidity of banks and we will take necessary measures if needed. interest rates in the banking system in bh followed eurozone trends. so, lending and deposit rates are declining. but only very marginally. during the first six months of this year, average interest rate on new loans to households was 5. 49 % and 3 basis points lower than in 2019. for new loans to non - financial companies, this rate was 3. 26 % and 16 basis points lower than previous year. until the end of the year we do not expect major changes on interest rates. for us one of the main internal concerns of negative interest rates is our profitability in the future. most central banks and especially currency boards make their profits by investing their assets to obtain yield on them. this is becoming more and more difficult. with low and even negative rates on large parts of our assets central banks are put in difficult position. either take more risks on their assets and invest in riskier assets or face very low or zero income on its assets. iv even with the entire stimulus in the form of unorthodox monetary policy tools like quantitative easing and negative rates based on historical standards the revival of world economies has been slow. combination of the aftermath of the global financial crisis with the pandemic have put us in the position of very low interest rates. how long can this last? most central bankers today forecast low interest rates for several years. one of the consequences of the ongoing pandemic is that long awaited normalization of the ecb monetary policy is not likely to happen in short to medium run. in the eurozone inflation is still far below target regardless of measures taken by ecb. in october recovery seems to be again slowing down, as second wave of the pandemic is
jens thomsen : brief overview of the danish economy statement by mr jens thomsen, member of the board of governors of the national bank of denmark, at the meeting of the danish economic council, copenhagen, 30 november 2004. * * * the cyclical analysis of the chairmanship of the danish economic council is in line with other analyses : the danish economy is in an upswing, driven by strong growth in domestic demand. this contributes to bringing down unemployment and raising labour force participation. the latest national accounts figures indicate that growth is slowing down, but these figures are often revised significantly and thus uncertain. it goes without saying that it is prerequisite to danish economic development that the international cyclical scenario does not weaken markedly. danmarks nationalbank agrees with the chairmanship that fiscal relaxation is not required. fiscal policy must be formulated for the medium term, based on the 2010 plan. short - term fiscal adjustments tend to have unwanted effects. obviously, structural measures must be taken to keep the surplus on public finances at 1½ - 2½ per cent of gdp. here, the report points out that the lack of new employment - policy initiatives gives cause for concern. chapter 1. 4 ’ s discussion of wage competitiveness scarcely touches on the issue of productivity development. how can it be that danish wages have been rising faster than those of our competitors for a number of years and the effective krone rate has risen, while the employment level has been high, and has recently begun to rise again, and we have enjoyed a sound ( and rising ) surplus on the current account? this combination is worthy of a few comments, including the issue of productivity growth, even if it is not obvious what is cause and what is effect. as far as excise duties are concerned, it should be emphasised that some of these are highly sensitive to cross - border trading. therefore, changes in relative prices may have great consequences. the same applies to duties on pesticides. a ban on pesticides would be most effective if accompanied by a similar ban in our neighbouring countries. the proposal to introduce a tax allowance for maintenance and repair of one ’ s own home seems to conflict with the efforts to expand the tax base and reduce tax rates. the views advanced on the stability and growth pact are pertinent. clearly, the task is to increase the incentive to consolidate in the good times in order to avoid easing fiscal policy as seen in germany and france in 2001 and 2002. introduction of exceptions for certain expenses, such

as investments, will add to the already significant technical calculation problems. moreover, not all investments are equally appropriate for strengthening the future potential for growth. while the proposal on tradable deficit permits is interesting, it may be difficult to put into operation. 1 / 1
because my colleagues from the fmd are your hosts tonight, they will take care of liquidity management operations tonight. thank you. bis central bankers ’ speeches

daniel mminele : financial market and reserve management challenges in south africa address by mr daniel mminele, deputy governor of the south african reserve bank, at the 7th annual financial markets department cocktail, south african reserve bank, pretoria, 30 may 2013. * 1. * * introduction good evening and welcome to the south african reserve bank. it gives me great pleasure to welcome you all to the 7th annual cocktail function of the financial markets department. as usual there are two reasons for this function tonight. the first one is to update you on the financial market department ’ s ( fmd ) market operations and to inform you about the progress made with regard to various initiatives we are involved in, which are aimed at developing our markets and making them more efficient. the second reason is to thank you for your co - operation during the past financial year and to provide an opportunity to exchange notes and interact with one another. you will be glad to know that i am the only speaker, the rest of the programme should be fine and entertaining. i will try and be relatively brief, because they say it ’ s best to leave your audience before your audience leaves you. allow me to formally introduce the new head of the fmd, who is well known to most of you. leon myburgh joined the bank on 1 march 2013, to take up this very challenging but rewarding role, and we wish him every success. i have no doubt that he can count on your support and cooperation. i don ’ t think it would be appropriate to address a financial markets cocktail function and not at least touch on the latest developments. i would like to spend just a few minutes taking stock of the economic and financial market landscape, before turning to matters related to the department and market development initiatives. when we last met in may 2012, the key challenges we faced related mostly to an uncertain and fragile global economic and financial markets environment, in particular the euro zone crisis and the us fiscal situation. even if we can ’ t quite declare victory, the global economy and financial markets have witnessed some improvement since then, as continued action by the world ’ s major central banks to provide the necessary liquidity to sustain the global economic recovery has largely removed the “ tail risks ” that unsettled global markets. while these actions have removed acute financial stability risks, the transmission mechanism into the real economy remains generally impaired, resulting in what continues to be a slow, unbalanced and fragile recovery. as you are aware, possible risks attached to
may 30, 2018 bank of japan opening remarks at the 2018 boj - imes conference hosted by the institute for monetary and economic studies, bank of japan haruhiko kuroda governor of the bank of japan i. introduction good morning. i am honored to welcome distinguished guests from academia and central banks to the 24th international conference hosted by the institute for monetary and economic studies. on behalf of conference organizers, i thank all of you here who have kindly taken time out of your busy schedules to participate in this one - and - a - half - day conference in tokyo. the topic of this year's conference is " central banking in a changing world. " over the past few years, our conferences focused on monetary policy issues, yielding important insights and suggestions for the conduct of monetary policy after the global financial crisis. this year's conference expands its scope from monetary policy to " central banking, " that is to say, central bank policies and operations on the whole. behind this is the fact that global structural changes in recent years influence not only central bank policies such as monetary and prudential policies, but also central bank operations such as the issuance of currency and the operation of payment and settlement systems, which provide basis for the conduct of central bank policies. as these changes span a wide range of areas, i think it is helpful to briefly outline recent changes in the global economic and financial environment, especially which are deemed important for central banks. ii. a changing world and central banks in recent years, the global economic and financial environment surrounding central banks has changed significantly. global trade activity has gathered strength again following years of lackluster growth in the wake of the global financial crisis. against the backdrop of the favorable global economic environment, investment activity by financial institutions and other investors around the world has become increasingly active. along with these developments, economic and financial linkages between countries have been strengthening. this increased interconnectedness is, of course, desirable for the global economy, as it reflects ongoing globalization. but at the same time, partly due to the recent dynamics of political economy and geopolitics, the size of global shocks has been increasing, and the spread of global economic shocks has been presenting a great challenge for central banks. regarding the conduct of monetary policy, changes in price and wage dynamics have attracted keen attention in both academia and central banks, especially those in advanced economies. as the adverse effects from the global financial crisis subside, the unemployment rate has dropped in many countries

. s. cpi y / y % chg. core sticky cpi core flexible cpi - 5 cy 80 source : federal reserve bank of atlanta. chart 13 wti crude oil prices usd / bbl oct - 20 source : bloomberg. apr - 21 oct - 21 apr - 22 oct - 22
i have no doubt you will rise to the occasion and deliver. as you are no doubt aware, congestion and inadequate parking space along cairo road has posed serious challenges for all banks whose head quarters are located in the city centre. the decision by stanbic zambia limited to relocate to this very convenient area is a positive development as it will go a long way not only in decongesting cairo road but also in making it easier for stanbic to service its cherished customers. ladies and gentlemen, you will also note that this investment is being made at a time when the zambian economy is facing some major challenges arising from the spill - over effects of the ongoing global economic crisis. it is therefore our expectations that it will have a positive impact on the economy due to the evident backward and forward linkages that infrastructure development of this nature have on various sectors of the economy. this investment has also come at a time when new banks are entering the zambian market. it is our expectation that the repositioning by the bank is one way of ensuring that there is healthy competition in the banking industry. it has always been the view of the bank of zambia that competition is the major way by which the quality of products and customer services for the banking public as well as competitive pricing of banking products can be achieved. chairperson, let me also take this opportunity to reiterate my concern regarding the general cost of banking services in zambia. it is my hope that as your bank continues with these well meaning initiatives, it will also be looking into ways and means of making the cost of banking services to the general public more affordable. i wish to therefore reiterate our appeal to banking service providers that include stanbic bank zambia limited, to make some meaningful efforts in addressing the high cost of banking services. this will go a long way in enabling your customers not only access affordable funds to finance their investment activities, but also make it easier for them to pay back their loans and on time. the key intermediation role of the banking sector in providing finances will remain compromised if the costs of banking remain high. distinguished ladies and gentlemen, as already mentioned, zambia is currently going through challenging times when commodity prices remain subdued as result of uncertain demand for our main export product, copper. the visible effects of the economic global crisis have been volatilities in the exchange rate and job losses in the mining sector. the second round effects, if not managed properly, could have devastating effects in our banking industry, especially through

conclusion, i wish to thank you for finding time from your busy schedules to attend this workshop. i urge you to ask as many questions as you could possibly can, in order to get the best out of it, as well as make the workshop more lively and interactive. with these few remarks, it is now my honour and privilege to declare the workshop officially open. i thank you!