samchain/econo-pairs-v2 huggingface dataset:
euros than the corresponding rates for contracts denominated in us dollars. in a similar vein, the benchmark ten - year government bond yield in the euro area – the german bund yield – is broadly comparable to the yield on the ten - year treasury note. this shows that in the current circumstances, international comparisons of policy rates provide limited information about the effective credit conditions prevailing in individual markets. one key reason for lower market rates is the fact that spreads are lower in the euro area, a positive interpretation of which would point to somewhat lower credit and liquidity risk premia. non - standard measures let me now turn to the exceptional policy actions that we have taken in response to the crisis – the so - called “ non - standard ” measures. as you will recall, when the very significant stress in interbank markets first manifested itself in august 2007, the ecb immediately stepped into the breach and accommodated the temporarily elevated liquidity demand from the banks through a fixed rate operation with full allotment, providing €95 billion to the market within a few hours. overnight lending of the same kind continued to be provided albeit with lower volumes during the following three days. so we can say that the ecb was the first central bank in the turmoil to engage in non - standard measures. when in mid - september 2008 interbank trading came to a virtual halt, the ecb had to engage in a new mode of liquidity provision. we started to provide refinancing well above the levels that banks had absorbed to fulfil their reserve requirements in normal times. let me explain to you how and why we did this. there are three main building blocks to our new approach. 1 ) our primary concern was to maintain the availability of credit for households and companies at accessible rates. we significantly adapted our regular operations in the crisis. since then, we have followed a new “ fixed rate full allotment ” tender procedure and we have significantly expanded the maturity of our operations. this means that banks have been granted access to essentially unlimited liquidity at our policy interest rate at maturities of up to six months. to appreciate fully what this means, let us step back for a moment and look at what we do in normal times. in normal times, we auction a given amount of central bank credit, mainly in refinancing operations with a one - week maturity, and let competition among bidders determine the interest rate at which that credit will become available to the banking system as a whole

. bis central bankers ’ speeches
. in jamaica, the latest data show a decline of 1. 1 per cent in the first quarter 2010 compared with 2. 2 per cent in the last quarter of 2009. in the oecs, it is estimated that there was a decline of 4. 1 per cent in the first quarter following upon a decline of 7. 3 per cent in 2009. on the domestic front central bank quarterly indicators suggest real gdp growth of 2. 3 per cent in the first quarter of 2010 … this would sum to two quarters of gdp growth, following four consecutive quarters of decline. as in the immediately preceding period, growth in the first quarter of 2010 came entirely from the energy sector ( 5. 5 per cent ), while the non - energy sector was flat, coming out of about – 3. 7 per cent in the last quarter of 2009. oil production continues to decline but petrochemical output has been boosted by the commissioning of a new ammonia plant at mhtl complex. in the non - energy sector, construction activity continues to languish ( both public and private ) : the manufacturing sector is operating at about two - thirds of capacity and sluggish consumer demand is having a negative impact on the distribution sector. the last available employment data is for quarter iv 2009 which showed an unemployment rate of 5. 1 per cent. however, partial indicators including recorded retrenchments submitted to the industrial court suggest that the unemployment rate may have increased in the first quarter of 2010. wages based on collective agreements registered with the industrial court, nominal wage increases are averaging 3. 5 per cent per year in 2009 – 2010. central government finances available data through may, presented on a cash basis, would seem to suggest that the fiscal outturn could be significantly better than budgeted. energy revenues are higher than expected because oil prices are higher than budget ( oil is averaging $ 76 per barrel as against the budget figure of us $ 55 per barrel while gas is averaging about us $ 2. 37 per mmbtu ( net back ), compared with the budget estimate of us $ 2. 75 mmbtu ). admittedly, non - energy revenue is lagging somewhat below budget because of lower than expected imports ; depressed sales ( affecting vat ) and slower than expected economic growth. the data through may also show that capital expenditure has been lower than budgeted because many of the planned projects have not got off the ground. the data need to be interpreted with caution since there are reportedly large payments owed to

course, higher interest rates could choke off a recovery that is not well entrenched … and therein lies our dilemma.
mario draghi : the financial crisis – impact and responses statement by mr mario draghi, governor of the bank of italy and chairman of the financial stability board, on behalf of albania, greece, italy, malta, portugal, san marino and timor leste, at the seventy - ninth meeting of the development committee ( joint ministerial committee of the boards of governors of the bank and the fund on the transfer of real resources to developing countries ), washington dc, 26 april 2009. * 1. * * a crisis of growing proportions since we last convened in washington for the bank and the fund annual meetings, six months ago, the crisis has taken a new turn. what was then a crisis affecting most advanced economies is now having severe impact on developing and transition countries ( dtc ). several transmission mechanisms have acted adversely over the last semester : financial intermediaries overly exposed to maturity / currency risks have curtailed lending ; heightened risk aversion has massively reduced capital flows into emerging economies ; export revenues have fallen as a result of declining trade volumes and commodity prices ; remittances – normally a countercyclical factor in poor countries – seem to show a reversal in their multiyear upward trend. 2. the bank response to the crisis the world bank group ( wbg ) has promptly responded to the growing financial needs of its client countries by scaling - up its development assistance and leveraging its own resources with those from other public and private donors. president zoellick has pledged to bring new ibrd loans from $ 13bn to $ 35bn in the current fiscal year and up to $ 100bn over the period spanning fiscal years 2009 to 2011. over the same period, ifc plans to fully leverage its capital base by raising its loans to $ 12bn per year. the wbg response to the financial crisis has also led to the development of the vulnerability framework ( vf ), a well - conceived platform intended to provide donors with an ample choice of multilateral development institutions and facilities to channel development funds. the support to trade finance, as envisaged in the vf, will help timely counteract the sharp contraction in trade volumes that emerged in recent months. the vf is well positioned to play an important countercyclical role, backing countries currently cut off from capital markets with additional finance. at the same time it is important that all new resources falling under the vf umbrella meet standards of accountability, oversight and evaluation as rigorous as those governing the use of wb

prepare concrete criteria and options for shareholding realignment to be submitted for governors ’ future consideration, with a view to reaching a broad consensus on realignment by the 2010 spring meetings.
invest in the capacity - building of their professionals. as you may be aware, ladies and gentlemen, continuous professional development programs are to the trained professional's mind what exercise is to the body. this training by the deutsche bundesbank conspicuously embraces this very spirit. with these few words, i thank you for your attention and wish you a productive training and deliberations ahead. 3 / 3 bis - central bankers'speeches

harvesh seegolam : remarks - opening of the 3 - day training on basel iii reforms remarks by mr harvesh seegolam, governor of the bank of mauritius, at the opening of the 3 - day training on basel iii reforms by the deutsche bundesbank, port louis, 31 may 2023. * * * bank of mauritius board director the chief executive officer of the mauritius bankers association chief executive officer of banks distinguished resource persons from deutsche bundesbank colleagues ladies and gentlemen, good morning. it gives me immense pleasure to welcome you on the occasion of the training on basel iii reforms by the representatives of the centre for international central bank dialogue of the deutsche bundesbank. our ties with the centre date back to december 2020 when we signed a memorandum of understanding on technical central bank cooperation matters. this was followed by close interaction between teams from the bank of mauritius and from the deutsche bundesbank. i can proudly affirm that our collaboration with the bundesbank has reached new heights with tailor - made virtual courses organised for staff of the bank of mauritius in it audit and green finance. concurrently, some of our staff have had the opportunity to attend on - the - job training in germany as well. i seize this opportunity to commend the bundesbank for partaking its expertise with our staff. ladies and gentlemen, training and human resource empowerment have always been at the kernel of my priorities since i joined the bank of mauritius as governor back in march 2020. the banking sector, being a talent - intensive service industry, is subject to a wide range of transformations which percolate through the various strata of the sector and which ultimately affect the quality of its throughput. with talents and professionals occupying a centerpiece of the sector's output function, productivity in the sector, and its underlying competitiveness, can only be enhanced through constant upskilling strategies. endowing our pool of talent in the banking sector with the latest hard and soft skills, especially those pertaining to regulatory overhauls and to digitization, is tantamount to implementing labor - embodied technological progress in the sector. this is our passport towards ensuring a competitive and resilient sector that can navigate fearlessly through various storms, whilst ensuring enhanced contribution to our gdp. today, it is the first time, under our mou, that staff of the bundesbank have come in person to impart training to our staff and to the banking sector at large on a topic of high 1 /
barry whiteside : development of microfinance in fiji opening speech by mr barry whiteside, governor of the reserve bank of fiji, at the south pacific business development ’ s first year anniversary, suva, 7 december 2011. * * * mr. gregory casagrande – founder of the south pacific business development group, mr. elrico munoz – general manager, south pacific business development microfinance fiji ltd, management, staff and members of south pacific business development microfinance fiji, our lady entrepreneurs distinguished guests, ladies and gentlemen. a good afternoon and bula vinaka to you all! it is an honor and great pleasure to be here with you today to celebrate south pacific business development ( spbd ) fiji ’ s first anniversary as a microfinance institution in fiji. from what i have heard, it has certainly been a year of many successes. i wish to thank elrico for his kind invitation and i congratulate spbd for its impressive achievements in providing inclusive financial services to almost 3, 000 women and organizing more than 145 village - based groups throughout the rewa, tailevu, namosi, suva and lami areas. what a wonderful achievement! women and microfinance the theme for your foundation day of “ empowering women through microfinance ” is a very fitting one. it not only reflects the work that is being done by spbd, but also serves as a national call to encourage women to believe in their talent and skills and to use these effectively to improve their families livelihoods. i applaud the management and all you micro entrepreneurs of spbd for taking up this initiative and excelling in it. the availability, to previously unbanked and underserved areas, of small loans, savings and investment opportunities, micro - insurance and other financial products and services, provides a truly powerful tool for social and economic change, especially for women. several studies reveal that by having access to some form of financial services, women have become more confident and more independent. they are receiving the recognition that they deserve in their families, their communities and their villages. today, women play a crucial role in decision making. i believe that all clients of spbd fiji present here today have experienced this change and it is definitely a positive one for our whole country. this is what microfinance is all about, empowering women, making a positive change that spreads its benefits not only to your family members, but also

##terate my thanks to the board, management and staff for your support and cooperation with the reserve bank ’ s policies and guidelines. i also salute this institution on its 20th anniversary of existence and for the role that it has played in fiji ’ s economic development. once again, my warm congratulations and all the very best in your future endeavors. vinaka vakalevu. bis central bankers ’ speeches
climate, many reasons for remaining optimistic about the medium and longer - term prospects for the south african economy. our banking system remains sound, our financial markets operate with great efficiency, and a huge pent - up demand for goods and services needs but little encouragement to re - stimulate the economy.

mr. stals discusses “ the many facets of interest rates ” address by governor of the south african reserve bank, dr. chris stals, at a breakfast meeting of the insurance brokers council of south africa, on 2 / 9 / 98. 1. introduction nobody will deny it that south africa has extremely high interest rates at this stage. in the context of south africa ’ s own historical record and measured against a current rate of inflation of about 6½ per cent, nominal interest rates are extremely high. in the context of the world environment, and particularly within the group of emerging market economies, the level of south african interest rates lies in the upper quartile, but is still beaten by a number of other comparable countries. six of the 24 emerging markets listed in the weekly publication of the economist, for example, have higher short - term interest rates than south africa at this stage. nobody will deny it that the high level of interest rates is bad for the south african economy, particularly at the current stage of the business cycle and a rather depressed domestic economic situation. it is only the few savers we still have in the country, and the old - aged people who live off their interest income, who may benefit from these high interest rates. on the other hand, the high interest rates will most probably reduce consumption financed with borrowed funds, and also investment in fixed capital, equipment and inventories. the future production capacity of the economy is therefore constrained by the present adverse financial conditions. in terms of domestic needs, south africa now requires a stimulation of the economy, and would prefer lower interest rates to encourage economic development. there is also a fairly general consensus of opinion that the present high interest rates were recently forced on south africa by the international financial situation. the so - called east asian crisis that started to surface in thailand more than a year ago spilled over into the economies of many other countries. even countries with more stable economies such as australia, new zealand and canada were adversely affected by these developments. emerging countries far away from the east asian epicentre such as mexico, colombia, brazil and venezuela have been infected by the problem. countries with economies in transformation such as the czech republic and poland also suffered and the recent catastrophic developments in russia cannot be completely divorced from the east asian crisis. in the end, south africa also could not escape from the turmoil. there are major differences of opinion among economists inside and outside of south africa on what the reaction of the official macroeconomic policy
the world economy in particular. let me now say a few words about our own efforts in this sphere of activity. the initial phase of establishing a comprehensive framework for anti money laundering and combating financial terrorism in sri lanka was focused on the preparation of the draft legislation. with the passage of legislation, our efforts were then directed towards setting up of the infrastructure for the financial intelligence unit ( fiu ). we now have a fully operational fiu established in the central bank, the apex institution in the financial system in sri lanka, to meet both its local and international obligations. as you may be aware, sri lanka is presently engaged in a valiant effort to control many terrorist activities waged by the ltte, a group acknowledged worldwide as a terrorist movement. usa, canada, the eu and many other countries have banned this movement due to flagrant human rights violations and inhuman acts of terror. they have been designated as a terrorist group by most countries in the western hemisphere. as has been recognized worldwide, the most effective manner to undermine and defeat terrorist activities is to stop or curb its funding sources. notwithstanding the bans, the ltte has extended its tentacles in north america, the european union and australia. in response, those countries and nations are today taking meaningful steps to stop these fund raising activities and taking the perpetrators of such crimes to justice and we deeply appreciate such moves. the government of sri lanka is dedicated to winning the support of all countries in this regard through the exchange of information on a bi - lateral basis which would enhance bi - lateral co - operation through a structured exchange of information. only last week, one such initiative with switzerland was commenced where fruitful discussions were held to establish a framework and modalities for structured co - operation. it has also been recognized that efforts to combat the financing of terrorism require jurisdictions to expand the scope of the anti money laundering framework to include non profit organizations and, in particular, some dubious charities. this is to ensure that such organizations are not used, directly or indirectly, to finance and support terrorism. we are in possession of information of how certain so - called charities have been able to even hoodwink international agencies to donate funds to them for, seemingly, charitable or humanitarian causes, but which have, instead, been channeled for the upkeep of terrorist cadres and the provision of supplies to assist the terrorist effort. natural disasters such as the tsunami have also unwittingly lent a humanitarian face and ample cover to such activities. we,

the conclusion of your deliberations. let us also offer all of you our continued co - operation in your collective endeavors to combat money laundering and terrorist financing activities. finally, we wish you a successful learning experience and hope that your efforts will effectively contribute to the prevention and suppression of money laundering and financing of terrorism.
meet at quarterly intervals to consider the implementation of the mou and matters arising therefrom. i am sure that both the bank and the mra will be able to perform their responsibilities with better information than they would be able to without the mou. we on our part will spare no efforts to reap the benefits of this arrangement for the overall good of the state in general and the economy in particular. thank you for your attention.

yandraduth googoolye : strengthening macro - prudential supervision in mauritius address by mr yandraduth googoolye, first deputy governor of the bank of mauritius, at the signing ceremony of the memorandum of understanding between the bank of mauritius and the mauritius revenue authority, port - louis, 31 december 2009. * * * ladies and gentlemen after a comprehensive address by the governor, i will not have much to add to what he has said. but, what i would do is to brief you about the salient features of the memorandum of understanding. but before doing so, i must say that after the global economic crisis, the buzz word all over is macro - prudential supervision. it is built on the clear lessons of the crisis that a set of financial institutions that are sound on a stand alone basis is not an assurance of financial stability. the real economy has to be treated as an endogenous part of the whole framework if systemic stability concerns have to be identified and mitigated. why i am saying this is because the mou that we are going to sign today is a critical part of our effort to strengthen macro - prudential supervision. let us look for instance one of the clauses of the mou. it says that mra will communicate to the bank aggregate data on various taxes collected with a view to allow the bank to gauge activities in the real sectors of the economy. this is an important data input for macro - prudential supervision. in fact this will make the process even more proactive rather than a reactive one. you will all agree that there is no alternative to being able to anticipate events and take remedial measures before a crisis assumes monstrous proportions. let me turn to the broad features of the mou now. this agreement has basically three important aspects : first, it contains the ground rules for cooperation between the bank and the mra. the mou emanates from the respective legislative framework governing the bank and mra. it is therefore subservient to it and furthers the objectives laid out in the respective acts. secondly, it sets out the specific areas for cooperation by detailing broadly the nature of information that one will provide to the other, areas in which they will collaborate with each other and underscores the need for use of technical expertise in one institution relevant for the effective discharge of responsibilities by the other. thirdly, it provides for a joint committee between the bank and mra that will