samchain/econo-pairs-v2 huggingface dataset:
but we also know that persistently high inflation would be harder. our decision yesterday to raise the policy rate was not taken lightly. it was something we felt was necessary, based on the accumulation of evidence that i outlined for you today. we are committed to restoring price stability for the benefit of all canadians. thank you for your time. i am ready for your questions. see d. h. autor, d. dorn and g. h. hanson, “ the china shock : learning from labor - market adjustment to large changes in trade, ” annual review of economics 8 ( 2016 ) : 205 – 240.

provide additional venues for reporting on the details of the bank's conduct of monetary policy. • as always, the bank reserves the right to announce policy measures in periods between fixed announcement dates to address exceptional circumstances. • we welcome the opportunity, following my remarks, to discuss with your committee this framework and its potential role in achieving the bank's inflation target. conclusion • allow me to conclude with a few words on the outlook for the canadian economy. • while there remains a high degree of uncertainty – particularly with the canadian economy dependent on forces beyond our borders – we remain confident in the prospects of eventual economic recovery in canada. • this recovery should be supported by the following factors : - the gradual rebound in external demand ; - the end of the stock adjustments in canadian and u. s. residential housing ; - the strength of canadian household, business, and bank balance sheets ; - our relatively well - functioning financial system and the gradual improvement in financial conditions in canada ; - the past depreciation of the canadian dollar ; - stimulative fiscal policy measures ; - the timeliness and scale of the bank's monetary policy response. with that, mr. chairman and committee members, paul and i would be pleased to answer your questions.
lael brainard : workforce development in today's economy speech by ms lael brainard, member of the board of governors of the federal reserve system, at " leading the way : a workforce development video campaign " awards ceremony, hosted by the federal reserve bank of new york and pathways in technology early college high schools in the greater rochester area, rochester, ny, 13 december 2017. * * * i would like to thank the staff at the federal reserve bank of new york for inviting me to attend this awards ceremony. 1 as many of you may already know, the leading the way campaign is a joint effort between the federal reserve bank and the p - tech2 schools of the greater rochester area. it is wonderful to be part of an event that celebrates collaboration between educational institutions, local government, the federal reserve, and employers as they work together to provide appropriate training for young workers to fill local jobs needs. collaboration creates a more vibrant workforce that is connected to actual jobs. today ’ s job market i have just come from a meeting of the federal open market committee ( fomc ). the fomc is one of the main policymaking committees of the federal reserve system. our main job on the fomc is to set interest rates to achieve the maximum level of employment in the country and sustain inflation at a moderate level. the nation ’ s unemployment rate is currently around 4. 1 percent, which is a relatively low level by historical standards. what that means for the young people participating in this program is that this is a great time to find a job. moreover, not only is the national unemployment rate low, so are unemployment rates for young people and members of ethnic and racial groups that have traditionally faced greater challenges in the labor market. as many of you know, during the deep recession of 2008 and 2009, many americans were so discouraged by poor job prospects that they stopped even looking for work. that meant that too many americans were sitting on the sidelines. in the past few years, the job market has gotten so strong that many of these people have come off the sidelines — and many are now back at work. the rochester area, like much of the country, has now recovered from the great recession. the education and health - care sectors continue to be the main drivers of job growth. and, the local community colleges have partnered with local employers to align their curriculums with the employers ’ job openings, to increase workers ’ connections to jobs, and to become a

it begins in childhood and continues throughout a person ’ s life all the way to retirement ” – george karl. therefore, we must be consistent, inclusive, committed and patient while playing our role in the financial education of our society. i wish you a successful and fruitful meeting. thank you. 3 / 3 bis central bankers'speeches
already been applied to correct the excesses of pre - crisis activities. investment banks have been forced to lower leverage and raise capital, and we are seeing the consequences. the monoline mortgage bank model – in the commercial not mutual - sector has been restructured heavily already. no demutualised building society survives as an independent entity today. the high return on equity with low cost of equity business model is dead. of course, there is more to be done, and i have set out the framework within which i think about the capital needs of the banking system. above all, simplicity is about clear focus and a firm resolve. thank you bis central bankers ’ speeches

done is to apply judgement in overlaying the pillar 1 modelled capital requirements with pillar 2 capital buffers. since 2008, required pillar 1 capital in the major uk banks has increased from £151bn to £186bn. pillar 2 capital buffers set by the fsa, in all, have increased during the same period from just under £20bn to £150bn. put simply, in the regime up to 2008, there was no judgemental overlay of capital buffers, now there is such a buffer. this is a product of good judgemental supervision. bis central bankers ’ speeches what is the role of a leverage ratio? for me, it is not the frontline tool, but rather the very useful back - up check. why is it not in the frontline? because it would not on its own prevent the two main causes of the crisis. first, savvy investment bankers would take assets off balance sheet into places where a leverage ratio may not be the best measure. and second, on its own it does not stop the arbitrage whereby the riskiness of each unit of assets rises as a means to circumvent the discipline of the leverage ratio. but, it is a very useful tool, because on their own, risk - based measures can be arbitraged too by claiming that the measured risk has fallen when the real risk has not. the leverage ratio helps to put a floor into the system which stops that type of activity beyond a certain point. does this approach of using several tools leave the whole system of regulation too complicated? it certainly puts an emphasis on having good people in regulation, but i come back to the quote of the late 1980s, namely that good regulation has to understand how firms take risks. that does not, however, mean that a supervisor should allow a free - for - all and then ( usually vainly ) hope to understand it. we are doing a number of important things to counter complexity. first, the proposal on ringfencing from the independent commission has a strong element of separating more straightforward activities from the more complex. it should not be a matter of rules and good behaviour inside the ringfence and the wild west outside, because the outside could damage the financial system, but we will be able to use different approaches on each. second, the prudential regulation authority will be very focused in its judgements on the things that matter for our objectives. for me, this is where simplicity is key –
not yet progressed sufficiently. fiscal policy should be more grounded in a rules - based framework with clear medium term objectives, similar to monetary policy. the adoption of fiscal rules by some countries is clearly an improvement. in the euro area, a number of steps have been undertaken to strengthen economic governance so that concerns about competitiveness and fiscal policy can be addressed pre - emptively. but for the ecb these steps do not go far enough. for rules and sanctions to be fully credible they should be stricter and automatic – not subject to the political process – so that countries have the right incentives to address their problems. see cecchetti s., mohanty m. and f. zampolli ( 2011 ), “ the real effects of debt, ” paper presented at the 2011 annual jackson hole economic policy symposium, 25 – 27 august ; rother, p., l. schuknecht and j. stark, ( 2010 ) the benefits of fiscal consolidation in uncharted waters, ecb occasional papers, no 121. bis central bankers ’ speeches

term price stability. the framework for policy - making in the area of fiscal policy needs to inspire the same level of confidence as the framework for monetary policy. the crisis has shown that reforms to improve fiscal surveillance and control are needed in order to achieve this. these reforms are necessary, and they are under way. looking back, it is a pity that it has taken a crisis for everybody to realise this. looking ahead, i think that everybody now understands. let me close my remarks this morning – which i repeat have no bearing on current monetary policy matters – by recalling that in economic and monetary union we share a common destiny. wir teilen ein gemeinsames schicksal. thank you for your attention.
changes in the payment page 3 / 4 zurich, 17 december 2020 fritz zurbrugg news conference habits of households in switzerland. the survey also asked specific questions regarding the impact of the coronavirus pandemic on cash use. the snb will communicate the detailed survey results in mid - 2021. page 4 / 4

have fallen again somewhat at both banks following an increase in the first quarter. second, credit suisse and ubs continued to deliver solid results in the second and third quarters thanks to their diversified income structures. while provisions for credit risks have increased compared to pre - crisis levels, they are significantly lower than those of their international peers. in addition, trading business and wealth management at both banks benefited from the rapid recovery in the financial markets. against this background, the capital situation at credit suisse and ubs has improved slightly since the first quarter. looking ahead, the two globally active swiss banks remain well placed to face the challenges posed by the difficult environment. an increase in provisions is likely in the coming quarters as a result of the expected deterioration in credit quality. under the baseline scenario, however, the snb estimates that the financial impact of the coronavirus pandemic on credit suisse and ubs will remain limited. furthermore, the snb ’ s scenario analysis shows that, thanks to their capital buffers, both banks could also cope with significantly worse developments in the economic environment than are assumed in the baseline scenario. at the same time, this analysis shows, however, that the estimated loss potential under stress scenarios at credit suisse and ubs continues to be substantial. moreover, uncertainty about the future course of the pandemic and thus about the financial impact on the two globally active banks remains high. both factors underline that the capital requirements under the current tbtf regulations are necessary to ensure adequate resilience at these two banks. domestically focused banks i shall now turn to the domestically focused banks. here too, there has been little change in the situation since the financial stability report was published in june. these banks ’ financial figures and risk indicators are still showing scarcely any effects of the coronavirus pandemic. although their profitability continued to decline in the first half of 2020, this development was driven by a further narrowing of the interest rate margin. there has been hardly any increase in value adjustments and write - downs. moreover, domestically focused banks are not reporting any significant rise in impaired loans at present. despite the page 2 / 4 zurich, 17 december 2020 fritz zurbrugg news conference economic downturn, mortgage lending volume and residential property prices have also continued to increase over the last six months. however, this does not mean that domestically focused banks will remain unaffected by the economic consequences of the pandemic. experience shows that there is typically a lag before the impacts
i wish you all the best in this and future endeavors that seek to raise the standards of journalism in the country. i thank you.

year. the recommendations from the stakeholders meeting were then sent to the fsdp steering committee in april this year. this committee endorsed the report and it is this report which is being launched today as the national strategy on financial education for zambia. once launched, it will be implemented in earnest. honourable ministers, the activities that have been carried out under this programme have been made possible by the very generous financial support extended throughout the different phases of the programme by the imf, world bank, dfid, sida and the government of the republic of zambia. of course the three regulators, boz, pia, and sec have also done their bit by seconding personnel to the fsdp secretariat and taking responsibility for the financial obligations entailed. i want to thank all of them for their commitment and dedication. it is now my singular honour and privilege to call upon the deputy minister of finance, honourable miles sampa, mp to formally launch the national strategy on financial education for zambia. thank you. bis central bankers ’ speeches
yves mersch : behaving responsibly in a low interest rate environment - a central banker's perspective speech by mr yves mersch, member of the executive board of the european central bank, at the stiftung marktwirtschaft : expertentagung " 5th kadener gesprach ", alveslohe, 10 february 2017. * * * the policy of the european central bank ( ecb ) is often said to be at the root of the current problems in the banking and financial sector. particularly in germany, there ’ s the added accusation of monetary policy “ expropriating ” savers. a closer look quickly reveals that such hasty judgements fail to appreciate the complexity of the matter. today, therefore, i shall examine carefully the underlying reasons for our monetary policy action. by focusing on the reasons for our actions we can understand more easily how to get back to a normalisation of monetary policy. low natural interest rates why are interest rates so low? the growth trend has been declining in many mature economies not just since the crisis, but for several decades. this slowdown in growth has led to lower long - term interest rates. the structural causes of this trend of slowing growth is a subject of controversy among specialists. demographic and technological developments are mentioned, as are the effects of the financial cycle, which may be out of sync with the business cycles. i do not want to pre - empt this ongoing discussion. instead, i would like to focus on two issues, which in the current context are very relevant from a monetary policy perspective – regardless of the structural causes underlying the weak economic growth. first, the slowdown in growth in this environment increased the risk of a self - reinforcing downward spiral. for the weak growth dynamics will not go unnoticed by economic actors : their expectations are worsening. if, for instance, a company expects demand to fall, it will be less inclined to make big investments. secondly, ageing societies, which exist in many mature economies, not only have to cope with a shrinking labour force, but they also have to save more. this has led to a savings glut and to a shortage of safe assets. so investments are falling and savings are rising. this weakness of investment is further reinforced when public authorities invest less than is even needed to preserve the capital stock. this is a cause for concern especially where both fiscal space and demand exist. this dynamic has led to a reduction in the

the inflation trajectory. once the governing council judges that the three criteria for sustained adjustment have been met, net asset purchases will expire, in line with our guidance. from that point in time, the evolution of inflation will remain conditional on reinvestments continuing for an extended period of time, and on policy rates remaining at their present levels well past the end of our net asset purchases, and in any case for as long as necessary to ensure that inflation stabilises durably around levels below, but close to, 2 %. 3 / 3 bis central bankers'speeches
not originally intended. as i see from the topics covered by your workstream, you touch on all these aspects, so there is a chance bis central bankers ’ speeches that the paper that will emerge out of your contributions and out of the discussions you will have today will be useful for regulators in emses and for the basel committee on banking supervision as well. hopefully, today ’ s workshop will help you with this. ladies and gentlemen, i hope that some of my more general comments on the deficiencies of the current regulatory “ push ” have not ruined your motivation for this meeting. i wish you every success in your work. bis central bankers ’ speeches

eddie yue : towards a smarter, greener and more inclusive financial system opening keynote speech by mr eddie yue, chief executive of the hong kong monetary authority, at the hong kong institute of bankers ( hkib ) annual banking conference 2021, 28 september 2021. * * * towards a smarter, greener and more inclusive financial system peter ( wong ), patrick ( fung ), carrie ( leung ), distinguished guests, ladies and gentleman, 1. good morning. it ’ s good to see you all. i am delighted to be here today at the annual conference of the hong kong institute of bankers ( hkib ). 2. the topic for today ’ s conference covers some important macro trends. these trends, like re - globalisation and sustainability, have wider impact that are relevant for the long - term development of the banking industry. 3. over the past two years or so, the social unrest in hong kong followed by the pandemic have dominated, and sometimes overwhelmed, our attention. when the banking industry was so busy dealing with the pressing challenges to operational continuity and resilience, it is easy to lose sight of evolving trends with wider implications for longer term development. 4. one of these more profound trends is the increasing challenge in ensuring financial inclusion. this issue is closely linked to hkma ’ s strategic priorities. and i believe the financial system does have key roles to play in addressing this challenge. stronger need for financial inclusion 5. in fact, the challenge of financial inclusion is a global trend that has been exacerbated by the pandemic. as we look back over the past 18 months or so, the pandemic has posed unprecedented challenges to the global economy. at the height of the pandemic, many economies implemented varying degrees of lockdown and social distancing to mitigate cross - infection risks. 6. the impact of such measures, however, has been uneven across different sectors. since many face - to - face activities stuttered to a halt, the service sector – particularly retail, restaurants, and hospitality – was among the hardest hit. many people in the service sector have lost their jobs and family income. 7. likewise, smes were hit especially hard by the pandemic. as compared with big businesses with large financial war chests, smes generally are more vulnerable to cash flow crunches and shrinking business flows. in the face of frozen economic activity, many sme businesses have struggled to survive through the pandemic. if
i also believe that your education will, in the end, make each and every one of you in this graduating class. hence my plea that you pursue lifelong learning as it would serve you in good stead. one last thing, my kids warned me not to be too long and i sincerely hope that i have not been. thank you again for inviting me to share in your celebration. i wish each and every one of you all the best in the future.

of the slowdown in the united states there has been a lot of discussion recently on economic conditions in the united states and its impact on the local economy. growth in the united states slowed to 1 per cent in the final three months of 2000 prompting a number of commentators to suggest that the united states economy was heading towards a recession. however, if one were to follow the strict methodology for the dating of business cycles in the united states, the onset of a recession is marked after three consecutive quarters of negative growth. without getting into a debate on semantics this is not the current situation in the united states. it must be noted however that some slowdown in growth was expected given the pace of expansion witnessed in the united states over the 1990 ’ s. while the pre - emptive action taken by the united states federal reserve in 2000 had contributed to the slowdown, the economy has also been impacted by what some analysts have termed a series of shocks : - higher energy prices especially the spike in natural gas prices and the energy crisis in california, the tightening of credit, a fall in equity markets, a significant decline in the price and earning potential of technology stocks. recent data show that the economy rebounded with an annual growth rate of 2 per cent in the first quarter of 2001 as aggregate demand fuelled by consumer spending contributed to this performance. lower commodity prices which are now emerging at the beginning of 2001 represent one channel through which the united states ‘ slowdown ’ may impact the domestic economy. for every us $ 1 per barrel fall in the price of oil, government ’ s receipts from the energy sector will be lower by tt $ 154 million. however the budget for fiscal 2000 / 2001 was based on an average oil price of us $ 22 per barrel and prices are unlikely to fall below us $ 22 for the remainder of the fiscal year. in respect of export earnings these exports to the us are not expected to be adversely affected as most of these commodities are sold under long term contractual arrangements. outlook for 2001 and possible risks real gdp is expected to grow at around 4½ per cent in 2001 with inflation estimated at just below 4 per cent in the absence of any major supply shocks. as i indicated earlier the public sector should achieve an overall surplus of just under 0. 5 per cent of gdp with crude oil prices holding at around current levels in the range of around us $ 25 a barrel. in line with the moderation in energy prices the current account surplus of the balance of payments is expected to be