samchain/econo-pairs-v2 huggingface dataset:
, comments and a summary of the discussions will be made available on the ecb ’ s website in due course.

. the latest ecb staff projections for the euro area point to annual headline inflation of 1. 7 % in 2017, 1. 6 % in 2018 and 1. 7 % in 2019. the comprehensive monetary policy measures taken by the ecb since june 2014 have materially contributed to the economic upturn. financing conditions and credit demand have improved. lending volumes continue to rise, bank lending rates for households and companies have fallen to historically low levels ; and there has been a decrease in their cross - country heterogeneity. also, compared to six months ago, market - based inflation expectations have noticeably strengthened. at the same time, as underlying inflation remains subdued and the path of inflation crucially dependent on the prevailing very favourable financing conditions, we cannot yet have sufficient confidence that a sustained adjustment in inflation will materialise in a durable manner. thus, a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and to support headline inflation in the medium term. as the governing council affirmed at its last monetary policy meeting on 9 march, we continue to expect the key ecb interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases. until the end of last month our monthly purchases of public and private sector securities under the asset purchase programme ( app ) amounted to €80 billion on average. they are now intended to continue at a monthly pace 1 / 2 bis central bankers'speeches of €60 billion until the end of december 2017, or beyond, if necessary, and in any case until the ecb ’ s governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the app. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and / or duration. market sentiment towards the euro area banking sector has improved. the recent strengthening of the recovery is supporting banks ’ profitability and helping to reduce the stock of non - performing loans ( npls ). euro area banks have improved their capital positions since the crisis and are now well capitalised at an aggregate level. nevertheless, profitability remains weak in parts of the euro area banking sector and important vulnerabilities and structural challenges remain. these challenges include incomplete adjustment
have become apparent over the years. i would then like to discuss why reforms are key to the survival of multilateralism, with some ideas for a way forward to tackle current challenges in an increasingly interconnected and digitalised global economy. the benefits of multilateralism the bretton woods agreements of 1944 were the cooperative response to the unilateral actions taken in the early 1930s that led to a period of historic global economic contraction. to quote anne krueger, this episode is an excellent example of how " efforts to depart from 3 / 8 multilateralism have provided more vivid illustrations of the need for multilateral solutions to international economic policy issues ”. 1 ever since the signing of the bretton woods agreements, international cooperation has focused on creating a system governed by generally accepted rules. these have been complemented by mechanisms and procedures to ensure compliance and to resolve potential conflicts on the basis of fairness and equity from the perspective of all member states. in this rules - based system, multilateral organisations play a key role, by promoting the transparency and predictability of the system and by seeking to limit free - riding. there is a broad consensus that this system has been key to the development of globalisation and the promotion of economic growth and prosperity for many countries over the past half century. trade barriers were drastically reduced and trade flows soared. according to the wto, between 1948 and 1993 the value of world merchandise exports increased from $ 59 billion to more than $ 3, 000 billion ; and they jumped to five times that figure after the creation of the wto. more importantly, in 1948, 63 percent of those exports were traded by western europe and the us, by 1993, this percentage had decreased to 58 percent and in 2016 it reached 48 percent, with a major shift in flows towards emerging asian countries. at the same time, financial flows were gradually liberalised and a global financial system emerged, with the active participation of global banks and investment firms. in addition, foreign direct investment inflows have increased tenfold since 1993. the opening up of the current account and the subsequent expansion of trade and financial flows enabled many countries to raise their development status. in this vein, gdp per capita in low and middle income countries doubled in constant terms from 1995 to 2016, while extreme poverty was notably reduced. the spanish experience since the mid - 1980s, when we joined the european union, constitutes a canonical example of the benefits that the opening up and liberalisation of an economy can bring about in terms

committee has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. as always, the federal reserve remains committed to employing its tools to best promote the attainment of its dual mandate. thank you. i would be pleased to take your questions. bis central bankers ’ speeches
##duration courses addressing the needs of all segments of the financial sector – banking, insurance and capital markets. in conclusion, i would like to congratulate the bibf and sii for reaching this significant milestone today. let us all work together to ensure that bahrain retains its leading edge as a financial centre and as a centre of excellence in financial training and education. thank you.

low relative to the potential growth rate, and is also low compared with that in other major economies. credit spreads, which are added to benchmark interest rates when firms borrow funds, have not been increasing either, unlike in europe and the united states. moreover, financial institutions'lending attitudes and firms'liquidity positions have continued to be favorable on the whole, although the situation for small firms has been relatively severe. turning to prices, the year - on - year rate of increase in the cpi excluding fresh food has been rising since around the end of 2007 due mainly to increased prices of petroleum products and food products, and was 1. 2 percent in march 2008. the rate was the highest increase in the 15 years since august 1993, if we disregard fiscal 1997, when retail prices rose due to the rise in the consumption tax. a major factor that affects inflation is the balance between aggregate supply and demand in the economy, or the level of resource utilization in terms of the labor and production capacity. on this point, the level of resource utilization is currently close to its historical average judging from firms'perception of employment conditions and production capacity as seen in the tankan, as well as from the unemployment rate and the capacity utilization rate. assuming that the economy grows at around the potential growth rate as i have described, aggregate supply and demand in the economy are likely to remain more or less balanced. therefore, the supply - demand balance in the domestic economy is unlikely to significantly affect cpi inflation either upward or downward. however, a process is likely to take place in which the rise in energy and materials prices will gradually be passed on to downstream prices, and thus cpi inflation is projected to be around 1 percent for both fiscal 2008 and fiscal 2009. cpi inflation of around 1 percent is consistent with the bank's " understanding of medium to long - term price stability " and it is where most policy board members'median figures of ranges that they understand as being consistent with price stability over the medium to long term are located. therefore, future developments in the cpi may also be assessed as being within the range of " price stability. " in this regard, the price situation in japan is favorable as compared with major overseas economies, where the inflation rate has been very close to or above the upper limit of the range regarded as consistent with price stability. however, inflation perceived by households in japan may in fact be higher than the rate of change in the cpi, as suggested by many survey results – for example, the bank
##s are reflected in their investment portfolios ( e. g. equity, bonds, loans ) and the underlying collateral ( e. g. the value of real estate ). third, the vulnerability of the assets to the physical hazards, which makes it possible to quantify the final potential impact in case those hazards materialise. a vulnerability assessment aims to estimate expected damage as a function of hazards intensity and asset characteristics ( usually a property ). currently, the vulnerability assessment is the most challenging aspect of the physical risk analysis, both from methodological and data availability perspectives. in a final step, the climate and financial information must be combined over the same spatial dimension – which can be an address, a region or country. here, still more efforts are required to improve coverage and reporting of address information in available granular databases which will facilitate the proper identification of physical risk. in order to achieve these challenging goals, the escb has brought together statisticians from across the eu and beyond who are working together to gather appropriate source data, to set methodological standards and to compile suitable indicators. while these three workflows are mandated by the governing council, we are not working on these topics in isolation. the ecb always closely cooperates with our statistical counterparts in the european statistical system, as well as with the european commission more generally. these supply some of the key data on the eu emission trading system ( ets ) and on hazards such as flood risk. we also collaborate on the international stage. examples of both international and european for a, where we are working together with other actors, include initiatives under the auspices of the g20, where the new data gaps initiative includes, as part of its four main statistical and data priorities, work on climate data as well as, here in europe, similar work by the committee on monetary, financial and balance of payments statistics on sustainable finance and climate related risks. in summary, while significant technical work is still required to get the statistics that will underpin its analysis of climate change up and running, the escb is fully engaged in ensuring that users will see a significant increase in the availability of that data and related statistical indicators in the coming years. conclusion let me conclude. fully accounting for housing – the most significant expenditure of households – in the overall price index, as well as providing the statistical infrastructure to integrate climate - related factors into macroeconomic and financial analysis, constitute major challenges for the official statistics community. of course, these challenges reinforce the importance of

. the escb ’ s securities holdings statistics ( shs ), collected on a security - by - security basis, provide information on securities held by selected categories of euro area investors, broken down by instrument type, issuer country and further classifications.
developing easily understood disclosures as they introduce more innovative and complex products that can be confusing to consumers. as you may know, the u. s. banking agencies recently issued proposed guidance on nontraditional mortgages. the comment period for this interagency proposal closed on march 29, so we are now in the process of reviewing comments and determining how to proceed. nontraditional mortgages allow borrowers to defer payment of principal and, sometimes, interest. while the proposed guidance focuses on banks'ability to adequately identify, measure, monitor, and u. s. money laundering threat assessment released control the risk associated with these products, it also addresses consumer protection. nontraditional mortgages, including " interest - only " mortgages and " payment - option " adjustable - rate mortgages, have been available for many years, and are beneficial for some borrowers because of the payment flexibility they offer. although these products were initially designed for higher - income borrowers, today these products are being offered to a wider spectrum of consumers, including borrowers for whom these types of mortgages may be ill - suited. moreover, institutions are combining these nontraditional loans with other practices, such as reduced documentation of income and assets in evaluating applicants'creditworthiness. many borrowers may not fully recognize the risks of nontraditional mortgages, particularly " payment shock " when the loan's interest rate increases, or when the consumer is required to make fully amortizing payments. negative amortization coupled with flattening, or even lower, housing prices could make it difficult for some borrowers to refinance or sell the property to avoid payment shock. in addition to ensuring that institutions comply with the truth in lending act and other applicable laws, the draft guidance urges institutions to ensure that their advertisements, promotional materials, and oral communications are consistent with the product terms and that these communications provide clear, balanced, and timely information about the risks. this is important so that consumers have the information they need at critical decision times, such as when selecting a loan product or choosing a specific payment option each month. the board's truth in lending regulations require creditors to provide consumers with disclosures about the loan terms, including a schedule of payments. for interest - only and payment option arms, the payment schedule shows consumers how their payments will increase to include amortization of the principal. the proposed interagency guidance describes how institutions can use their promotional materials to provide better information about the features

key message is to continue to make sure the compliance process reflects the changing product and customer mix of the financial institution. another is that as institutions provide more complex products with features that are not as familiar to the customer, the organization must also improve the clarity of its communications with customers.
of addressing the macroeconomic consequences of inequality in societies. household indebtedness rose substantially – in some cases, doubling relative to the 1980s – reaching historically unprecedented levels and exceeding 100 % of disposable income in many advanced economies. increased indebtedness meant that households were increasingly stretched to cover their commitments and therefore less resilient to adverse shocks. leverage also increased for non - financial corporations leading to an overall expansion of balance sheets and a change in their structure. as a result, debt - to - gdp ratios for nonfinancial corporations in the euro area and the us increased in the past ten years from roughly 65 % to 75 – 80 %. 3 and of course, leverage also increased in the financial sector. this development was particularly evident here in the us, where it was compounded with structural transformation, including the rise of the shadow banking sector, the spread of the “ originate to distribute ” model and the greater interconnectedness between institutions. but the key trends – an accumulation of risk ( despite its apparent off - loading to off - balance sheet vehicles ) and an expansion in the size of balance sheets – were common across countries. compared with the rest of the private sector, moreover, the financial sector also this has been labelled the “ democratisation ” of access to credit. see e. g. green and wachter ( 2007 ) and dynan ( 2009 ) for a discussion of the developments in the us and blake and muellbauer ( 2009 ) for analysis of a number of european countries. see, e. g., ecb ( 2009 ). became increasingly dependent on instruments of shorter maturity, thus leaving banks exposed to liquidity shocks and disruptions in the money market. 4 the crisis suddenly brought to a halt the progressive accumulation of private debt. partly as a result of large - scale stimulus measures, but also reflecting the impact of the automatic stabilizers and, to a more limited extent, the cost of supporting the financial system and the implicit liabilities of guarantees to the banking sector, leverage has started increasing in the public sector. fiscal deficits have shot up to peacetime highs. by the end of this year, government debt in the euro area will have grown by more than 20 percentage points over a period of only four years, from 2007 to 2011. the equivalent figures for the us and japan are between 35 and 45 percentage points. and the response to the crisis has led to a considerable increase in the balance sheets of central

. weber, m., ( 1918 ), politics as a vocation, speech at munich university ( german original, politik als beruf, published in : gesammelte politische schriften, munchen 1921, pp. 396 – 450. weber, m., ( 1919 / 1994 ) the profession and vocation of politics ” in max weber : political writing ”, trans. r. spears, cambridge university press.
for release on delivery 2 : 00 p. m. est november 16, 2020 the federal reserve ’ s new framework : context and consequences remarks by richard h. clarida vice chair board of governors of the federal reserve system at “ the economy and monetary policy, ” an event hosted by the hutchins center on fiscal and monetary policy at the brookings institution washington, d. c. ( via webcast ) november 16, 2020 on august 27, the federal open market committee ( fomc ) unanimously approved a revised statement on longer - run goals and monetary policy strategy that represents a robust evolution of its monetary policy framework. 1 the new framework has important implications for the way the fomc going forward will conduct monetary policy in support of its efforts to achieve its dual - mandate goals in a world of low neutral policy rates and persistent global disinflationary pressures. at the september 16 fomc meeting, the committee made material changes to its forward guidance for the future path of the federal funds rate to bring the guidance into line with the new policy framework and, in so doing, provided transparent outcome - based guidance linked to the macroeconomic conditions that must prevail before the committee expects to lift off from the effective lower bound ( elb ). in my remarks today, i would like to look ahead and offer my individual perspective on the consequences of our new framework for the conduct of monetary policy over the business cycle, and i also want to provide some context that connects key elements of our new framework to the literature on optimal monetary policy subject to an elb constraint that binds in economic downturns. let me say at the outset that when i am not quoting directly from the consensus statement and the september fomc statement, the views expressed are my own and do not necessarily express the views of other federal reserve board members or fomc participants. 2 the plan of my talk is as follows. i will first highlight and discuss the five elements of the new framework that define how the committee will seek to achieve its price - stability mandate over time and how, in september, it revised its forward guidance the statement is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategy - tools - andcommunications - statement - on - longer - run - goals - monetary - policy - strategy. htm. i would like to thank ellen meade and

rates low to support the recovery, we have taken many steps to make the financial system safer. in particular, we are holding the largest banks to much higher standards in the amount of capital and liquidity they hold and in the ways they assess and manage the risks they take. i am confident that the system today is stronger and in a far better position to support the financial needs of households and businesses through good times and bad. we continue to work to sustain these fundamental improvements while also ensuring that regulation is both effective and efficient. thank you. i am happy to take your questions. 1 / 1 bis central bankers'speeches
actors, in accordance with the treaty, consistently pursue their own assignments and responsibilities, is the best possible way to enhance the long - term welfare of the citizens of the euro area. i will be pleased to answer your questions now.

willem f duisenberg : testimony before the committee on economic and monetary affairs of the european parliament introductory statement by dr willem f duisenberg, president of the european central bank, brussels, 21 may 2002 * * * i take pleasure in appearing before you today to continue our regular exchanges of views and to report to you on the ecb ’ s assessment of economic and monetary developments and on the decisions taken by the governing council. moreover, i should like to take the opportunity to address in my introductory remarks two issues related to the growth potential of the euro area economy and to wage developments, which were raised, among other matters, in a letter that you, madam chairman, sent me recently as a follow - up to the presentation of the ecb annual report to this committee by the vice - president of the ecb. economic and monetary developments the evidence which has become available since my last testimony to your committee on 23 january 2002 has indeed made us confident that a recovery is under way in the euro area. at the same time, recent developments in consumer price inflation in the euro area have been less favourable than we expected, mainly due to specific and partly temporary factors. related to this, the outlook for price stability appears to be somewhat less favourable now than it was at the turn of the year. however, there are still uncertainties on the strength of the economic recovery and they, in turn, imply the existence of uncertainties regarding the inflation outlook - and these uncertainties have not diminished since the governing council meeting on 2 may. let me now elaborate on this assessment of the economic outlook for the euro area. starting with the analysis under the first pillar of the ecb ’ s monetary policy strategy, the annual growth rate of m3 remained high in the first quarter of 2002. the high annual growth rate still reflects the portfolio shifts to liquid positions which occurred last autumn, when the economic and financial environment was characterised by high uncertainty, and euro area investors showed a particularly marked preference for liquid holdings. at the same time, we saw some moderation in the short - term dynamics of m3 in early 2002. however, m3 growth has only recently started to decline and, for the time being, the reversal of the earlier liquidity build - up is proceeding only slowly. the persistence of excess liquidity could become a risk to price stability, particularly at a time of economic recovery in the euro area. in addition, it should also be considered that while the annual rate of growth of loans to the private sector