samchain/econo-pairs-v2 huggingface dataset:
##ducive to business activity and on removing all obstacles and rigidities that hamper enterprise. to conclude, i wish to affirm my confidence that the spanish economy has sufficient factors of resilience to successfully face the inevitable slowdown, even in an unfavourable external environment. such resilience has been built up through the efforts of everyone ( state, central government and other government bodies, and social agents ), and has demonstrated the benefits of policies geared towards stability and long - term growth, particularly when the economy faces significant challenges such as those at present. thank you very much.

in my opinion, are under way in society, and on the type of influence that these changes may exert on the banking business model and on our actions as supervisors. validity of the role of banks while the height of the crisis is now some way behind us, we continue having to deal with its consequences. every day the headlines report some news on the legacy of the crisis. being a banker or, more modestly, working in the banking industry has now lost a lot of popularity. and something similar can be said about working at the banking supervisor. we have to acknowledge that our work has lost out in terms of repute, and we must reflect and work hard to recover this. naturally, the crisis and its consequences, which we continue to experience, largely explain this change in attitude. yet it is fair to say that the criticism levelled at the banking sector is, on many occasions, somewhat contradictory. public opinion shifts rapidly from criticising banks for their mistakes – frequently, for the mistakes “ inherited ” from banks that disappeared some time back – to criticising them for not sufficiently easing the way for 4 / 13 credit to reach economic agents ; indeed, for the risk of financial exclusion stemming from potential branch closures. like the song, it would seem we can ’ t live with or without them. but the truth is, with or without criticism, the role of banks remains as essential today for our economy as it was 20 or 30 years ago. however, debate has arisen over the future role of banks, set against the emergence on the scene of the so - called fintech. this can be seen as a threat or as an opportunity. i believe it entails both. but in any event, banks must evidently adapt their business model to technological change, as gonzalo so rightly said. if instead of looking at the small, innovative and nimble fintech, we assess the potential effect that the irruption of one of the so - called big tech may have on the system as a whole, the debate takes on a systemic dimension. in this connection, the recent announcement of the launch of the “ libra ” project, the virtual currency sponsored by facebook, has potentially systemic implications. these are so serious that supervisors, central banks and credit institutions must all evaluate the possible consequences. evidently, we must be sure that the project will not compromise the integrity of payment systems and the stability of the system as a whole. the type of regulation to which it should
k c chakrabarty : financial deepening by putting financial inclusion campaign into mission mode address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the 23rd skoch summit, mumbai, 17 june 2010. * * * 1. dr c rangarajan, hon ’ ble chairman, economic advisory council to the prime minister, mr hari sankaran, managing director and ceo, il & fs, shri s. s. tarapore, distinguished fellow, skoch development foundation, shri j sriram, ceo mobile commerce venture, bharti airtel ltd, and of course the main organiser of this function mr sameer kochhar, distinguished guests, ladies and gentlemen. i have come here to say a few words about financial inclusion which is closely related to the topic of this summit, i. e. financial deepening. one of the preconditions for deepening of any process is the existence of a large number of participants. hence, financial inclusion is a necessary condition for financial deepening. 2. let us consider how financial deepening can address concerns of growth with equity and ensure pro - poor growth. financial sector development and deepening drives economic growth by mobilizing savings and investing in the growth of the productive sectors. the institutional infrastructure of the financial system contributes to reducing information, contracting and transaction costs, which in turn accelerates economic growth and promotes pro - poor growth. we firmly believe that increasing financial inclusion reduces the economic vulnerability of households, promotes economic growth, alleviates poverty and improves the quality of peoples ’ lives. thus, expansion of banking leads to increasing availability of finance to spur economic growth and helps alleviate poverty. barriers to this process 3. barriers for poor people to access appropriate financial services include socio - economic factors e. g., lack of education - illiteracy, gender and age, low and irregular income, and geography, regulatory factors e. g. mandatory requirements of identity documentation and product design factors. 4. a major barrier cited to expand appropriate services to poor by financial service providers is the cost of providing those services including administering small loans. while transaction costs do not vary in direct proportion to a transaction ’ s size and larger number of transactions bring down the costs, serving the poor with small value services is not viable using conventional retail banking or insurance approaches. we have to promote technological and institutional innovation as a means to expand financial system access and usage, including addressing infrastructure weaknesses. 5. innovation

provide bank customers with better and stronger protection. it also marks a new era for hong kong as asia ’ s premier international financial centre in the enhancement of consumer protection in the financial realm. 8. thank you. bis central bankers ’ speeches
for germany ( afd ), a party that came into being quite specifically as a protest against the euro rescue policy? we are open to dialogue with our critics. and we also engage in such dialogue on a regular basis, not least in the european parliament. at the moment, interest rates are rising all around the world. only the ecb is resisting the trend and is leaving interest rates low. are you losing touch? the picture is not at all as uniform as you describe. in the united states, for example, the economic recovery is far more advanced than in the euro area, unemployment is lower and the rate of inflation is higher. that is why the us economy can cope with higher interest rates. we have not got that far yet. why not? unemployment is falling in europe too, and there is growth – and the oil price is rising. it is true that the recovery is firming. however, the speed is still moderate and inflation is still some distance from a sustainable path back to the target value. that is why we have decided to extend our government bond purchase programme until the end of next year. we have, however, reduced the scale of the monthly purchases by €20 billion as of april. is that the beginning of the exit from the trillion euro programme? no. we want to continue the level of monetary policy support that we have been administering to the european economy so far. so, what would have to happen for you to be prepared to exit? it would have to be apparent that there was a sustained convergence in the rate of inflation towards our objective of below, but close to, 2 % over the medium term. that can change quickly. in the financial markets it is expected that the us economy will receive a boost because donald trump wants to reduce taxes and increase public spending. europe would also profit from that if we could export more. 2 / 3 bis central bankers'speeches there are signs of a looser fiscal policy in the united states in future, which is expected to lead to higher growth rates. but that alone will not be enough. the important thing is to make the economy more productive. another outstanding question is protectionism, which would of course be damaging, including for europe. trump is not president yet. we do not know exactly what he is planning, and we should therefore be cautious. so you want to continue flooding the world with money. you have already purchased bonds for over a trillion euro. at the end of the programme planned so far

the height of the crisis. at that time, italy did not. in my view, much more important than the question of where the money comes from is that there is a clear - out in the banking sector. there are too many banks in italy and they are not profitable enough. 3 / 3 bis central bankers'speeches
, which allows people to make sounder economic decisions. and, as uncertainty about inflation diminishes, interest rates go down. in contrast, high inflation makes it difficult to interpret price changes and encourages speculative rather than productive investments - - all of which tends to increase economic inefficiency. we know from past experience that this leads only to painful boom - and - bust cycles and not to a stable economy. but what about the concern that this focus on inflation control may conflict with the achievement of full economic recovery and job creation? in fact, when the bank takes action to keep inflation inside the target range, monetary policy operates as an important stabilizer for the economy, helping to maintain sustainable growth over time in output and employment. how does this work? when the economy is expanding at an unsustainable pace, pushing hard on the limits of production capacity and threatening to send the trend of inflation through the top of the target range, the bank will tighten monetary conditions to cool things off. but the bank will also respond when the economy is sluggish, and inflation is likely to fall below the bottom of the target range, by easing monetary conditions. this is what we did from late 1995 to late 1996. now, i do not want to leave the impression that your central bank can somehow “ fine - tune ” the economy. we can ’ t, because it takes time for the effects of monetary actions to work their way through the economy. however, this approach to policy provides monetary support which, over time, will help output and employment to grow at their potential. so, by focussing on the inflation - control targets, the bank is doing the right thing for the economy. as you can see, there are good reasons why we must remain committed to our inflation - control targets. of course, the targets were introduced to help reduce a high inflation rate. but i believe that they continue to be the best basis for the conduct of monetary policy even now that inflation is low, and the aim is to keep it low. why have the benefits of low inflation been slow to emerge? with all the good news on the inflation front over the past five years, why has canada not fared better in terms of overall economic performance? i believe that this has a lot to do with the magnitude and complexity of the transformation that our economy has been going through in recent years, in response to two major challenges. first, there has been the global challenge, stemming from rapid technological advancement

continue to conduct monetary policy with the aim of keeping inflation close to target, and thus keeping the economy operating at full potential. in this way, we will do our part to facilitate the adjustments that canadian businesses are making to changes in the global economy.
updated so that we may continue to provide a truly useful service. over the next several weeks we will actively reach out to a wide range of constituencies such as : school children, university students and business people ; with a view to generating excitement and interest in our website. let me thank you all once again for coming …. and happy surfing.

ewart s williams : an intensified focus on communications opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the launch of the redesigned website, port of spain, 21 april 2005. * * * salutations : members of the board of directors management and staff of the bank specially invited guests members of the media ladies and gentlemen the central bank sincerely thank you for accepting our invitation to participate in the launch of our redesigned website. as you know, the central bank is responsible for the integrity and stability of the currency and of the financial system. to effectively promote these objectives, we need to build trust with our various stakeholders – the financial markets, the business community, the politicians, the media and the public at large. the most effective way of building this trust is through forthright, open, honest communication. over the past two years, we in the bank have sought to pay an intensified focus on our communications. we have done this in several ways – through our quarterly press conferences, through ongoing open contact with the media ; through speeches by senior bank officials ; and through periodic press releases. last year, in the context of our 40th anniversary celebrations, we introduced a new instrument in our communications arsenal, by way of our money museum. as you know, in addition to tracing the history of money and the institution, the museum is designed to give a summary view of how the bank works. in the context of our new communications strategy, we have reorganised and strengthened our corporate communications department which is now under the leadership of mrs. nicole crooks, who has the new title of senior manager, human resources and corporate communications. the bank is paying particular attention to building and sustaining relationships with external stakeholders, and to assist in this effort we have appointed a head of external communications, operating with mrs. crooks ’ department. our redesigned website is but further confirmation of our enhanced communications thrust. we intend to use our website to help us achieve several of our objectives. for instance, we plan to use the website : ● to explain what we do and why ; ● to launch a program of public education on financial matters ; ● to serve as a medium for conveying policy signals to the market and building support for monetary soundness ; and ● to inform about our community activities. we also plan to use the website to build on the bank ’ s long established reputation for providing accurate and timely information in keeping with the bank ’ s mandate to promote stability, growth
bank in the year ended 2007. with these few remarks, ladies and gentlemen, i thank you all for your time and attention. i now have the pleasure to declare the mobile banking service officially launched. thank you and god bless you all.

, latino small businesses are more concentrated in a few industries and significantly underrepresented in the professional, scientific and technical services sectors, which also tend to be the most lucrative. third, the size of the latino population in a given metro area does not mean that there is a larger share of latino - owned businesses in the same — which is, to me, somewhat counterintuitive. digging into and understanding the causes of these issues and identifying possible paths forward is not only an imperative but an opportunity, and of course the focus of much of today ’ s agenda. it is clear that there is a pressing need for expanding technical support, diversifying sources of financing, especially at the micro level, and, in the case of the geographic conundrum, further collaborating on policy and community advocacy. i very much look forward to today ’ s discussion and thank you again for your participation. it is now my pleasure to introduce nancy lee of interise, marlene orozco from slei, and claire kramer from the new york fed. 2 / 2 bis central bankers'speeches
contractual mechanisms to provide contingent debt relief linked to the provision of official assistance. bis central bankers ’ speeches

emmanuel tumusiime - mutebile : global perspectives on sovereign debt restructuring comments by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, kampala, 7 august 2014. * * * i would like to thank mr. otieno for a very insightful and thought provoking paper. as mr. otieno noted, the hipc and mdri debt relief initiatives had brought down external public debt levels substantially by the mid - 2000s in those african countries which had access to debt relief. at that time, the recipients of external debt relief agreed to curtail future external borrowing, especially on non - concessional terms, usually under the auspices of an imf programme. however, as pointed out by mr. otieno, since the mid - 2000s, sovereign borrowing has accelerated, and now includes borrowing on semi concessional and even fully commercial terms. three factors lie behind the increase in external borrowing by african countries. first, many countries have large needs for public investment which cannot be financed without increased borrowing. secondly, in real terms, the economies of ssa were more than twice as large on average in 2013 than they were in 2000, because of annual real growth of gdp averaging 5. 6 over this period. this growth has raised the capacity of african economies to service debts and thus raised the amount of public debt that they can safely contract without risking running into problems of debt sustainability. finally, because of developments within global capital markets, notably the very low interest rates and abundant liquidity, some african countries are now able to access commercial debt at reasonably attractive rates. nevertheless, we should not be complacent about the dangers of too large and rapid a buildup of sovereign debt. it would be unwise to ignore the possibility that african countries will never again have to seek debt relief in the future. as such we need to think very carefully about the modalities through which sovereign debt relief might be applied in circumstances where sovereign debt is very heterogeneous, comprising traditional concessional debt from multilateral financial institutions, semi concessional debt from official bilateral and multilateral lenders, and commercial debt which includes both borrowing from banks and sovereign bond issues. as the recent dispute between the argentine government and vulture funds which had purchased argentine sovereign debt at a discount but now demand repayment in full, has reminded us, the world lacks an effective framework for ensuring that, in cases where governments cannot realistically service their debt in full, their
term. the public at large should be confident that the members of the governing council are resolutely determined to do whatever it will be necessary to fulfil the ecb ’ s mandate of delivering price stability in the medium term and to maintain expectations firmly anchored at levels consistent with price stability. this is the best contribution that the ecb can provide in order to preserve the purchasing power of citizens over the medium term and to support sustainable growth and employment in the euro area. many thanks for your attention.

. the 12 - month operations have already been discontinued and the 6 - month operation upcoming next week will be the last one. in addition, we now decided to re - introduce variable - rate tenders for the regular threemonth operations as of late april. at the same time, we continue to provide the euro area banking system with unlimited access to central bank refinancing through shorter - term operations ( with one - week and one - month maturity ), for as long as needed and in any case until mid - october this year. this is to continue to support the credit provision to the euro area economy. let me also say something on longer - term monetary policy issues, that i know is of interest to you, namely the relationship between monetary policy and asset prices. the financial crisis has revived the long - standing debate on the relationship between monetary policy and asset price bubbles. this debate is centred on a straightforward question : should monetary policy aim to prevent the emergence of asset price bubbles? while this question has no simple answer, the ecb ’ s monetary policy strategy is an approach that is well suited to cope with the challenges brought about by unsustainable asset price developments. our mandate is to maintain price stability over the medium term. protracted, unsustainable financial trends or atypical swings in risk pricing in financial markets can pose risks to price stability down the road. the close link between monetary developments and evolving imbalances in asset and credit markets implies that our monetary policy needs to detect such imbalances at an early stage and to respond to the implied, longer - term, risks to price stability in a timely and forward - looking manner, thereby contributing to financial stability. our monetary analysis, which concentrates on the monitoring of money and credit, does just that. it is a strategic framework that embeds a degree of implicit “ leaning against the wind ” of excessive money, credit and asset price growth. judgement is of course necessary in addressing asset price dynamics. the ecb has developed considerable expertise in the analysis of monetary and credit developments and their implications for risks to price stability, which has proved an invaluable asset also throughout the financial crisis. fiscal policies in the euro area i would like to turn to fiscal policies now. as you know, financial sector support and the budgetary loosening in the context of the financial and economic crisis has – in most euro area countries – caused sizable fiscal imbalances. meanwhile, most countries in the euro