samchain/econo-pairs-v2 huggingface dataset:
– exchange rate surveillance ”. 6 however, see goldstein m. ( ed. ) ( 1999 ), safeguarding prosperity in a global financial system. the future international financial architecture ( goldstein report ), washington dc : institute for international economics. see truman e. ( ed. ) ( 2006 ), reforming the imf for the 21st century, special report, april, washington, dc : institute for international economics. see adams, t. d. ( 2006 ), “ the imf : back to basics ” in e. m. truman ( ed. ), reforming the imf for the 21st century, special report 19, april, washington, dc : institute for international economics, pp. 133 - 8. this unexpected “ wake - up call ” turned out to be less motivated by global stability considerations, than by more prosaic concerns about the widening bilateral trade gap of the united states with china, entirely attributed to the undervaluation of the renminbi. ted truman, who had chaired the conference, concluded that : “ the imf is in eclipse as the preeminent institution of international financial cooperation. consequently, the world is worse off. ” to have permitted this “ eclipse ” is probably the most crucial flaw in the response of the international community to the challenges of globalization. it led to the perception by the markets, and the public opinion in general, that widening global payments imbalances, exchange rate misalignments, fast growing monetary and credit aggregates, exceptionally low risk premia, were not seen as posing a threat to global financial stability. this perception was reinforced by the recent decision taken by the imf shareholders to “ downsize ” the institution because its lending activity to members had shrunk to almost nil in the high tide of international liquidity, as if it had nothing else to do. the international community thus went on to confront the worst economic and financial crisis since the 1930 ’ s with unjustified complacency, ill - prepared, and with its key institution weakened by internal policy disagreements. the response to the current crisis in reviewing the response to the current crisis, i will not address the unprecedented array of immediate crisis management measures undertaken by central banks and national governments in the major countries to underpin banking and financial systems and to support economic activity. i will rather concentrate on the longer - term work being undertaken in the imf context, in the g20 and in the financial stability forum ( fsf ) to reform the

do so. have a most pleasant evening! bis central bankers ’ speeches
of risks is not a negative thing. risks will always be present. the good news is that the present reality imbibes confidence in us. the philippine economy is strong. we continue to deliver gains amidst monetary policy divergence and uncertainty. our macroeconomic fundamentals are robust and sound. further, our financial system is more sophisticated, disciplined, and resilient. real gdp has registered positive growth for 76 consecutive quarters, covering a span of 19 years since 1999! in 2017, gdp grew by 6. 7 percent, making the philippines one of asia ’ s fastest and most consistently growing economies. this growth performance is in line with the economy ’ s potential output, currently estimated at around 6. 0 - 7. 0 percent. the improvement in potential output reflects declining incremental capital - output ratio, rising total factor productivity, and improving workforce capacity. as we pour in more investments in physical infrastructure under build, build, build, and more soft investments in our young population to provide better health, high quality education, and skills development, we can expect further accelerated growth in potential output. these investments are sustainable because they are supported by a prudent fiscal position characterized by lower national government debt - to - gdp ratio of around 42 percent and additional revenues to be generated from the recent tax reform ( train ). there is thus strong basis for asserting that the economy can sustain its growth momentum. likewise, higher output capacity should allay concerns of potential overheating. the country ’ s external position is manageable despite global headwinds. the country ’ s overall balance of payments ( bop ) for the year 2017 posted a deficit of us $ 863 million. this is just 0. 3 % of gdp. the underlying widening of the trade - in - goods gap stems from rising imports of 2 / 5 bis central bankers'speeches goods that support domestic capital formation and production. this development is consistent with the country ’ s growth narrative. one should expect that the economy ’ s expansion will be accompanied by stronger demand for imports. over time, investment led economic activities will support needed infrastructure development, raise domestic competitiveness, increase goods exports, and alleviate the trade gap. the sustained resilience of foreign direct investments, overseas filipino ( of ) remittances, and business process outsourcing ( bpo ) receipts provide additional buffers to the domestic economy. external debt metrics have also improved as reflected in the continued decline in the external debt - to - gdp ratio to around

we believe that these opportunities complement the maybank group ’ s long - term sustainability goals. as i end my presentation, let me assure that the bsp will remain steadfast in leading sustainability principles in the banking sector, in line with our national aspirations for sustainable development. congratulations to maybank philippines incorporated on your silver anniversary. thank you and mabuhay! 2 / 2 bis central bankers'speeches
and gentlemen, we are living in difficult times that are marked by a big shift in the structure of the world economy. this shift harbours the potential for further prosperity but countries have to adapt to the new environment. and here it seems that many advanced economies are lagging behind. this is especially true for europe. policy makers have to come up with a credible solution to address the sovereign debt crisis and its underlying structural deficiencies. the experience of germany and a number of emerging economies shows that reforms pay off in the end. bis central bankers ’ speeches

argue for finishing the basel iii regulatory projects by end - 2016 and afterwards give them the time to take effect. the regulation of sovereign exposures is a prime example for outstanding regulatory projects. but even if we strike an agreement on this topic regulatory reform will never be complete because the financial system is evolving constantly and regulation has to keep pace. so this means that we will have to follow theodore roosevelt ’ s advice once more when he said : “ get action. seize the moment. man was never intended to become an oyster. ” thank you for your attention. bis central bankers ’ speeches
to note that a review of the entire regulatory architecture in south africa is currently underway to ensure that it remains appropriate to our needs going forward. these and other challenges are, however, being tackled enthusiastically in a consultative manner, and we remain highly optimistic about the stability of our financial system, the growth prospects of our economy, and the future of our country. being so integrally part of africa, you can be sure that our enthusiasm also extends to the impact of the new partnership for africa's development ( nepad ) process on the future of our continent. i view the fact that icbs 2002 is being held in south africa, the first time outside of the developed countries, as a symbolic indication that emerging market countries are recognised as willing and able to throw their weight behind the achievement a robust global financial system. we have been involved in best practice setting processes for a long time, paying specific attention to the special circumstances in emerging countries. efforts in our region to harmonise regulatory and supervisory practices are well known, and the annual meeting of the eastern and southern african grouping of bank supervisors ( esaf ) yesterday in this venue has surely advanced that cause further. we can be proudly confident that the southern african development community ( sadc ) countries will not be found lacking in the quest to ensure that there is no weak link in the global financial system through which disturbances can be propagated. i wish you the greatest of success in all your deliberations. my final hope is that you, and your accompanying partners, enjoy the beauty of cape town and the many interesting aspects of our diverse society. hopefully this will not be too much of a distraction to you, and that you are able to maintain the focus and concentration that will be required if this conference is to succeed in helping bank supervisors face up to the many challenges going forward. thank you.

##a also operates the settlement system that transfers money between banks ’ accounts in real time, 24 hours a day, 7 days a week. it ’ s pleasing to see how these systems can be used to directly and quickly help people who are in need. thank you. my colleagues and i are here to answer your questions. 4 / 4 bis central bankers'speeches
answer your questions. bis central bankers ’ speeches

jean - claude trichet : the euro - a major structural reform of the european economy speech by mr jean - claude trichet, governor of the banque de france, at the nikkei euro symposium, london, 5 november 2001. * * * ladies and gentlemen, it is a great pleasure and an honour for me to be speaking here today, at the nikkei euro symposium, in front of such a distinguished audience. i am particularly pleased to express my views on the euro and its prospects following the launch of the notes and coins, which will be a reality within 8 weeks the economic and financial ties between europe and japan have been strengthened significantly over the recent period : european investors and companies have stepped up their market presence in japan these last two years ; likewise, japanese foreign direct investments in the euro area and japanese portfolio investments in euro since january 1999 have highlighted the confidence in the european single currency. i would like to explain why the euro and monetary union have been successful from the outset, and the conditions and prospects for building on this achievement. i will then discuss the historical event of the introduction of banknotes and coins at the end of this year. i. the euro and monetary union are based on a credible monetary policy, and contribute to an appropriate economic and monetary equilibrium in europe 1. the euro is based on a credible, stability - oriented monetary policy a ) i would like to point out that, from a technical point of view, the launch of the euro on financial markets, on 1 january 1999, has been an indisputable success, and that the eurosystem, made up of the ecb and the national central banks of the euro area, has fully achieved the objectives assigned to it in the following areas : b ) – operational efficiency, highlighted by the precise adjustment of banking liquidity and effective steering of short - term interest rates ; – the security provided by the procedures and systems implemented, both for the execution of interbank transactions, and vis - a - vis large - value payments. the interbank market became integrated in early january 1999, right from the start of monetary union, thanks to the setting up of the target system for the real - time transfer of largevalue payments throughout the euro area and in other eu countries. – and, finally, the smooth functioning of the eurosystem, which is an integrated organisation in which the decision - making centre works in constant contact with the national central banks on the implementation of operations. together with many other factors,
has not been present so far - for workable mutual recognition among authorities and expansion of cross - border activities by market players. thank you very much for your attention.

floor or distribution channels. design times and costs have fallen dramatically as computer modeling has eliminated the need, for example, of the large staff of architectural specification - drafters previously required for building projects. medical diagnoses are more thorough, accurate, and far faster, with access to heretofore unavailable information. treatment is accordingly hastened, and hours of procedures eliminated. indeed, these developments emphasize the essence of information technology - the expansion of knowledge and its obverse, the reduction in uncertainty. as a consequence, risk premiums that were associated with all forms of business activities have declined. because the future is never entirely predictable, risk in any business action committed to the future that is, virtually all business actions - can be reduced but never eliminated. information technologies, by improving our real - time understanding of production processes and of the vagaries of consumer demand, are reducing the degree of uncertainty and, hence, risk. in short, information technology raises output per hour in the total economy principally by reducing hours worked on activities needed to guard productive processes against the unknown and the unanticipated. narrowing the uncertainties reduces the number of hours required to maintain any given level of production readiness. in economic terms, we are reducing risk premiums and variances throughout the economic decision tree that drives the production of our goods and services. this has meant that employment of scarce resources to deal with heightened risk premiums has been reduced. the relationship between businesses and consumers already is being changed by the expanding opportunities for e - commerce. the forces unleashed by the internet are almost surely to be even more potent within and among businesses, where uncertainties are being reduced by improving the quantity, the reliability, and the timeliness of information. this is the case in many recent initiatives, especially among our more seasoned companies, to consolidate and rationalize their supply chains using the internet. not all technologies, information or otherwise, however, increase productivity - that is, output per hour - by reducing the inputs necessary to produce existing products. some new technologies bring about new goods and services with above average value added per workhour. the dramatic advances in biotechnology, for example, are significantly increasing a broad range of productivity - expanding efforts in areas from agriculture to medicine. indeed, in our dynamic labor markets, the resources made redundant by better information, as i indicated earlier, are being drawn to the newer activities and newer products, many never before contemplated or available. the personal computer, with ever - widening applications in
authorities should continue working to improve the credit environment, among other things, by strengthening contract enforcement, implementing new legal and sublegal procedures related to collateral execution, and completion of the remaining duties under the national programme for the reduction of non - performing loans. the signing of a memorandum of cooperation in the field of banking supervision, between the european central bank and the bank of albania, will facilitate the exchange of information and enhance the security of european banking groups that operate in albania. likewise, the completion of the restructuring and consolidation process of the banking sector, which has had and will continue to have our attention, is an additional guarantee in this regard. in parallel, the development of other segments of the capital markets should be further encouraged, yet with prudence, so as to avoid missteps, and in harmony with supervisory and regulatory norms and standards for the banking sector. second, the structural reform agenda should be accelerated. 2 / 3 bis central bankers'speeches the second phase of this reform should aim at improving the education and know - how of the labour force, creating a legal, political, administrative and fiscal environment that attracts foreign developments and encourages domestic ones, and increasing the integration of albania ’ s economy with the regional and european development infrastructure. third, the opening of accession negotiations with the eu should be viewed as a primary instrument for the advancement of albania ’ s development. the bank of albania judges that the fulfilment of the criteria for opening accession negotiations and the rigorous implementation of reforms that this process imposes should be the focus of the entire political spectrum in albania. thank you for your attention! 3 / 3 bis central bankers'speeches

in this direction. to conclude, i wish to reiterate that with its solid economic foundations, thailand is poised for a strong recovery and is well - positioned to benefit from the rise of asia. the bot strives to be an active player in the broader push by the public sector to upgrade our economy ’ s potential. most immediate is to make sure that we deliver on our mandate of macroeconomic and financial stability. at the same time, the bot aims to undertake steps, or act as a catalyst for the necessary changes, that will serve to achieve a more competitive thai economy. let me close my remarks tonight by thanking the japanese chamber of commerce and the japanese business community in thailand for your commitment to our country. we have been inspired by how you have dealt with the daunting adversity caused by the earthquake in your country. and we have been deeply touched by your support and steadfastness as we recover from the floods. i hope that the long history of friendship and strong business tie between japan and thailand will blossom further into the future for the mutual benefit of both our nations. thank you. bis central bankers ’ speeches
are among the questions that will be discussed and debated at this conference. you have a terrific lineup of speakers, and i think it is going to be a fascinating and informative two days. thank you again to the many people at the federal reserve bank of st. louis, the federal reserve board, and from across the system who have put this conference together. and thanks to all of you for coming here to be a part of it. bis central bankers ’ speeches

required close contact with people - mainly in the services sector - were shut down. that disproportionately affected youth, women and low - wage workers. the closure of schools and daycare centres also hit women harder, and they experienced a larger decline in both hours worked and their participation rate. never before has so much of the economy been shut down, so suddenly and for so long. but thanks to new vaccines and exceptional fiscal and monetary policies, the recovery was the fastest ever. by august, four months after the employment lows of april, nearly two - thirds of canadian job losses were recouped. but with repeated waves of the virus hitting the economy, it took more than another year for employment to get back to its pre - pandemic level. still, that pace of recovery is unheard of, far faster than in past recessions. what was behind the rapid recovery? part of it was because the recession came from an unprecedented event - the pandemic - driven shutdown of large parts of the economyand not from imbalances or structural problems in the economy. that meant that when the economy reopened, employment could be restored quickly. we expected a rapid rebound in employment with reopening, but we were concerned too many people would 2 / 5 bis - central bankers'speeches be left behind. we are still learning about the longer - term effects of the pandemic, but the scarring we were worried about wasn't as pervasive as we had feared. economic growth came roaring back quickly, and workers did not remain on the sidelines for long. the coordinated policy response of governments and central banks around the world played an important role in supporting the recovery. in canada, fiscal policies were designed to help keep workers attached to their employers and businesses afloat even with little money coming in. that limited damage to the labour market. our monetary policy actions complemented these fiscal policies. we cut policy interest rates and introduced quantitative easing to reduce borrowing costs. this supported spending and demand and helped restore employment. the reopening of schools and child care centres was as essential for parents as it was for children. as schools returned to in - class teaching, mothers came back to work, and the labour market participation of women bounced back to where it was before covid19 hit. by october 2021, canadian employment was above its pre - pandemic level, but the recovery was still uneven. sectors such as professional services, public administration and
bold numerals. all speeches are available online at www. bankofengland. co. uk / speeches

the great tradition of the english novel ”, jane austen ’ s place in this august group is assured. sir walter scott ’ s praise for austen ’ s “ talent for describing the involvement and feelings and characters of ordinary life which is to me the most wonderful i ever met with ” is a sentiment that those reading her work today would recognise and endorse. based on the increase in the general price level since 1775, £10 at the time of austen ’ s birth would be equivalent to £1120 in 2016. see thomas, r and dimsdale, n ( 2017 ) " a millennium of uk data ", bank of england obra dataset, http : / / www. bankofengland. co. uk / research / pages / onebank / threecenturies. aspx. crosby and co. subsequently decided against publication, and sold it back for the same price. jane revised the novel, retitling it northanger abbey. it was published posthumously in december 1817. in economic terms, money serves three values : it is facilitates trade, stores value and provides a unit of account. f. r. leavis. all speeches are available online at www. bankofengland. co. uk / speeches austen ’ s novels have a universal appeal and speak as powerfully today as they did when they were first published. indeed, in using her writing to highlight the barriers placed by society to the independence of women, she was ahead of her time. “ give a girl an education and introduce her properly into the world, and ten to one but she has the means of settling well, without further expense to anybody. ” for an author who received some critical praise but little recognition during her brief lifetime, the reach of her work today might have been a surprise. austen ’ s books have been translated into over 40 languages. there have been countless film and television adaptations. and her stories have served as the inspiration for new fiction, ranging from faithful imaginations of the future lives of austen ’ s characters ( death comes to pemberley by pd james ) to modern re - workings ( bridget jones ’ s diary by helen fielding ) and even more fanciful retellings that feature the living dead ( pride and prejudice and zombies by seth grahame - smith ). banknote design what might jane austen have made of the new £10 note had she been able to join us today? she might not have immediately recognised it as money. banknotes have changed almost beyond recognition