samchain/econo-pairs-v2 huggingface dataset:
sabine lautenschlager : interview in der spiegel interview with ms sabine lautenschlager, member of the executive board of the european central bank, in der spiegel, conducted by mr michael sauga on 7 january 2015 and published on 10 january 2015. * * * mario draghi, the president of the european central bank, intends to undertake largescale purchases of european government bonds in order to counter the rate of inflation in the euro area. will you agree to that? inflation in the euro area has been below the targeted rate of just under 2 % for quite some time now, and forecasts for the next few months predict little change. that is why it has been, and continues to be, right and proper for the ecb to discuss appropriate countermeasures. however, i am currently not convinced by large - scale purchases of government bonds. why not? in monetary policy - making, i regard purchases of government bonds as the last resort. in this context, the peculiarities of the euro area as a currency area encompassing 19 sovereign states must be taken into account. there must a threat of exceptional risks materialising, and there must be reasonable balance between the benefits of, and risks entailed in, such a programme. i do not believe that to be the case at present. what we should do instead is wait until the measures that we have put into place only recently can take full effect. despite these measures, which include the negative interest rate on deposits and purchases of securitised private sector credit, december for the first time saw inflation in the euro area drop to below zero. many economists are warning of deflation such as that experienced by the global economy in the 1930s when consumers no longer wanted to buy anything because they all expected prices to continue to fall. isn ’ t that reason enough for decisive intervention? i don ’ t want to gloss over the situation, but you can ’ t speak of deflation at the moment. what we are observing is a persistently low inflation rate that is due, among other factors, to the fact that prices of energy and food have declined significantly. at the moment, however, i cannot see any signs of consumers expecting steadily falling prices and thus changing their spending patterns. the purchases of government bonds are intended not only to raise the rate of inflation, but also to encourage banks, in particular those in southern europe, to again extend more loans to the corporate sector. can that work? i

the design of a purchase programme has even taken place. moreover, this is not about german positions. the only issue that is crucial for me is whether large - scale government bond purchases are appropriate for our currency area and whether the benefits are greater than the risks. and i am sceptical about that. bis central bankers ’ speeches
aware of and analyze very carefully. but economic theory and our experience so far support the view that, on balance, the benefits of opening up to the rest of the world outweigh the costs. tonight, i have laid down some of the factors that i consider relevant in trying to come to a judgment about the desirability of further economic integration in north america, and about what needs to be done if canadians decide to pursue this. i am looking forward to the insights that others may have on this issue as the conference unfolds. 6 / 6

adopt policies of deeper north american integration, would it still make sense for us to keep our own currency? or should we be thinking about adopting the u. s. dollar as our currency? first, let me stress that monetary union is an issue that should be considered once we have made more progress towards establishing a single market for goods and services, capital, and labour. without a single, well - functioning market for labour, a single currency could impose great adjustment costs on workers. but suppose we were on track to achieve a single market. should we then be thinking of a monetary union as well? the response to this, which i have set out in earlier speeches, is that it depends, to an important extent, on how close or how far apart are the industrial structures of the two countries. although it is always possible that at some future time those structures could converge ( they could also diverge! ), the reality is that, right now, they are quite different. this means that economic shocks tend to affect our two economies differently. in these circumstances, a separate floating currency facilitates adjustment to those shocks at least cost, in terms of lost output or higher inflation. but suppose we were well on our way to achieving a true single market for goods and services, labour, and capital. then it would be sensible to consider a common currency in the context of the industrial structures prevailing at that time, with a view to ascertaining whether the benefits of lower transaction costs associated with a common currency outweighed the higher costs of economic adjustment. 5 / 6 conclusion let me wrap up by summarizing my main points. fundamentally, the decision to deepen economic integration in north america is a political one that canadians and their governments will have to make. from a purely economic perspective, i have, as an economist, a strong predilection for continuing to tear down barriers to trade - preferably, multilaterally, but, realistically, first within canada and north america. over the long haul, that is going to encourage a more efficient, productive economy, greater opportunities for canadian entrepreneurs and workers, and, most importantly, higher living standards for canadians. to be sure, certain costs are involved in all of this. fuller integration with the united states could make us more vulnerable to fluctuations in economic activity in that country. and we may no longer be able to tailor policies to fully meet our own needs or to foster particular canadian industries. these are issues that we ought to be
hosted by the ecb in which all euro counterfeits – banknotes and coins – can be found, including classification details, descriptions and images. we supply valuable information about the technical characteristics of imitated security features. as currency counterfeiting is increasingly becoming an internationally organised crime, the eu has established a european police force – europol – which benefits from the same support as that mentioned above. alongside europol and on a case - by - case basis, direct contacts to foreign police forces are established with the support of our national police. 4. details on the improvement of security features our third strategy refers to the improvement of security features. here we are at the front line of economic and technological developments. the experience to be gained by the bundesbank from the first euro series is that while there is a large number of level 2 and level 3 features, there is a lack of effective level 1 features for the general public in everyday situations. ( level 1 : general public, level 2a : verification aid and human sense, level 2b : retail detectors yes / no, level 2c : cash machine centres, level 3 : machine authentication features exclusively for ncbs / ecb. ) 61 branches and 17 operating units ( part of the branches ) as at 30 september 2005. 4 / 6 there is therefore a strong need to develop overt security features for the second series of euro banknotes that are self - explanatory and self - verifying. 4 firstly, we must improve and continue to develop existing security features in order to achieve better quality and ensure resistance to counterfeiting. today, intaglio printing uses new engraving technology and enhanced artwork and scientific techniques to produce a range of unique security benefits. the following overview contains some examples of applications of this advanced engraving technology : multitonality : a very different appearance of the same colour can be achieved by varying the thickness of the ink layer. - fine line printing : very fine details within images or text ( microtext ). - high tactility areas : high relief that everybody can feel on the banknote ( eg enhanced tactility areas for the visually handicapped ). in addition, enhanced optically variable inks ( ovi ) have been developed. for instance, colour shifting effects can be combined with three - dimensional and moving effects within one ink. furthermore, special security threads and foils with transparent and opaque areas can show very brilliant effects in colour ( switch ) and gloss. secondly, the “ intelligent

i said before, the stability of our financial and monetary systems depends on more than these columns and microprudential supervision. a sound macroeconomic and fiscal basis is equally important, and it is not central banks but policymakers that have the means and the legitimacy to ensure this basis. bis central bankers ’ speeches
##entliche verschuldung, wirtschaftswissenschaftl. seminar, bd. 8., stuttgart 1979 statutes of the escb and the ecb, available at http : / / www. ecb. int / ecb / legal / pdf / en _ statute _ from _ c _ 11520080509en02010328. pdf bis central bankers ’ speeches

is to be seen in the context of “ flexible inflation targeting, ” which must be understood as a goal to be achieved over the medium run – allowing the ecb to pursue a steady hand strategy to stabilize expectations. at the bank on international settlements ( bis ) we have recently had very relevant and interesting discussions on different central banking strategies, including flexible inflation targeting, which soon will be published. an important contribution to the role of central banks nowadays is their increasing involvement in financial sector stability and banking supervision. one of the lessons of the big economic crisis of the 1930s had been that price stability and also stability of the real economy cannot be achieved without stability of the financial sector of an economy. in the golden days of the “ great moderation ” this lesson seems to have been lost to a large extent ; there was a tendency to separate the role of central banks and of financial market agencies. today, in the context of the recent crisis, we again observe a tendency toward a stronger role of central banks with regard to microprudential – and especially macroprudential – supervision. a specific example is the new supervisory role of the ecb in the context of the great project of a european banking union, especially the european single supervisory mechanism ( ssm ). as a central banker i am fully aware that banking supervision is one of the most risky tasks in economic governance, especially with regard to reputational risks. no central banker with a healthy survival instinct will therefore actively try to obtain an encompassing mandate for banking supervision. on the other hand, given the huge potential for market failures in this field – like different forms of asymmetric information and problematic incentive structures – there is a clear need for public intervention – and somebody has to do it. after a period of de - regulation we are now in a period of re - regulation. maybe we just see the usual oscillation from one end of the spectrum to the other, meaning that after too much deregulation we now may see too much re - regulation, especially too much of uncoordinated regulation. but in any case, effective regulation needs effective supervision and there are valid economic arguments in favor of independent central banks taking on a larger role in banking supervision. in my view this also holds for the specific case of the ecb assuming greater responsibilities for banking supervision. one has to be aware, however, that we have to deal with a very specific case with regard to institutional, economic and legal set - up. to mention just a few
, other specifically, the loan is collateralized by all of the assets of the company and its primary non - regulated subsidiaries. these assets include the equity of substantially all of aig's regulated subsidiaries. federal regulators, and other stakeholders in developing a stronger, more resilient, and better regulated financial system.

available – which point to a budget deficit approaching 10 % of gdp in 2010 and to a public debt ratio that might exceed the threshold of 60 % of gdp – augur a drastic change in outlook, with the possibilities of fiscal policy boosting spending having been exhausted. fiscal measures that call into question the commitment to budgetary stability in the medium term should be categorically avoided, since that would adversely affect the cost of raising funds and confidence in the spanish economy, and it could also generate expectations of future tax rises that might ultimately sterilise the expansionary effects of the measures adopted. public - sector debt must be prevented from becoming an obstacle once the spanish economy is better placed to grow. accordingly, priority must be given to promptly defining a credible strategy to reduce the deficit to levels compatible with budgetary stability, once the exceptional circumstances that led to the rise in the deficit have disappeared. the demand - side expansionary fiscal and monetary impulses are proving very powerful and are contributing to the alleviation of the contractionary forces at play. evidently, though, the possibilities of further using these types of policies have become notably constrained, both at home and abroad. it should also be borne in mind that, once the economic and financial fragility beleaguering the world economy has been resolved, demand - side policies should adopt a more neutral stance. all these considerations on the diagnosis of the spanish economy in the current international crisis and on the limited leeway available to demand - side policies mean, rather, that economic policy has a central role to play in implementing the reforms that help improve productivity and the behaviour of the factor and product markets. it is in this area that the authorities undoubtedly have effective room for manoeuvre, and also considerable responsibility. let me begin with the labour market, which is where the most pressing problems are to be found. the scale of job destruction has once more highlighted the existence of distortions that emerge with force in recessions and compound contractionary trends. and there is a risk that, as in the past, the surge and change in level in unemployment may stick and that this will delay subsequent recovery. labour market dysfunctions are also closely linked to the discouraging behaviour of the economy in respect of gains in economic efficiency and in productivity, hampering the possibility of attaining genuine improvements in competitiveness and of raising growth potential. economic recovery in spain requires structural changes that will encourage technologically dynamic productive sectors with high growth potential to take up the
muhammad bin ibrahim : today ’ s risks, tomorrow ’ s claims keynote address by mr muhammad bin ibrahim, assistant governor of the central bank of malaysia, at the international claims convention 2010 “ today ’ s risks, tomorrow ’ s claims ”, kuala lumpur, 19 april 2010. * * * first of all, i congratulate the malaysian insurance institute, the australasian institute of chartered loss adjusters and the association of malaysian loss adjusters for their excellent efforts in jointly organizing this convention, themed “ today ’ s risks, tomorrow ’ s claims ”. i understand that this is the leading insurance claims event with an exciting programme for insurers, loss adjusters, risk managers, claims industry specialists, suppliers and industry associations. the convention provides a platform for the relevant parties involved in insurance claims to examine and deliberate on the growing challenges in insurance claims with a view to formulate anti - fraud best practices in the insurance industry. the global insurance industry as a whole remained resilient despite the deepening of the global financial crisis in 2009 that is expected to potentially lead to more insurance fraud cases. whilst the decline in the financial markets has put significant pressure on insurers ’ investment portfolios, the aggregate financial position of insurers remained strong to weather the crisis. the financial sector in malaysia, following a decade of financial reforms that include strengthening the regulatory and supervisory framework, and building the domestic financial infrastructure, is now bolstered by high capitalization levels, sound asset quality and sustained profitability. as a result, it was well - positioned to weather the deterioration of the external environment. the structured development of the insurance industry over the years in particular, spurred on by various capacity building initiatives, had yielded positive outcomes contributing to continued growth. the performance of the insurance industry is expected to improve in 2010 on the back of the economic recovery and increasing awareness on the role of insurance as a protection and financial planning tool. improvements in the employment market, rising disposable income and revival in economic activities will generate spins - off to the insurance sector and create greater demand for insurance products. nevertheless, the operating environment for the insurance industry in 2010 is expected to remain challenging. despite the optimism on the economic and financial conditions as the financial markets continue to stabilize in early 2010, the low - yield investment environment will continue to pose near - term challenges for insurers. in the past, investment earnings had predominantly been relied upon to offset any setback in insurers ’ underwriting performance

term.
##ans and the economy, which are in turn dependent on a strong and competitive financial sector. the risk of drawing on the guarantee and potential impact on singapore ’ s reserves are low. this is a measured, precautionary action that will help us to weather the global economic slowdown and the ongoing financial crisis in international financial markets.

will have an important role to play in the years ahead. it is hard to tell at this point what the specific growth opportunities will be. we just have to watch very closely how these trends unfold. but overall, mas is undiminished in its optimism and confidence in the prospects for the financial industry in singapore. 1 the circuit breaker refers to the tightened restrictions on movements and gatherings of people imposed from 7 april to 1 june 2020, aimed at slowing the spread of the covid - 19 virus in singapore. 2 bny mellon and deutsche bank are the two new players. the existing seven are citibank, standard chartered bank, ubs, jp morgan, bnp paribas, xtx, and jump trading. 3 / 3 bis central bankers'speeches
/ speeches chart 9 : cbps portfolio relative to sector key ( a ) as at 5 january 2017 ( b ) as at cob 4 january 2017 source : bank calculations all speeches are available online at www. bankofengland. co. uk / speeches

programs will be terminated when conditions are no longer so adverse. those programs and others have been designed to be unattractive in normal market conditions and will naturally wind down as markets improve. however, our newly purchased treasury securities and mbs will not mature or be repaid for many years ; the loans we are making to back the securitization market are for three years, and their nonrecourse feature could leave us with assets thereafter. but we have a number of tools we can use to absorb the resulting reserves and raise interest rates when the time comes. we can sell the treasury and agency debt either on an outright basis or temporarily through reverse repurchase agreements, and we are developing the capability to do the same with mbs. we are paying interest on excess reserves, which we can use to help provide a floor for the federal funds rate, as it does for other central banks, even if declines in lending or open market operations are not sufficient to bring reserves down to the desired level. finally, we are working with the treasury to promote legislation that would further enhance our toolkit for absorbing reserves. our work on the framework for exiting these programs is one indication that we are focused on maintaining price stability over time even as we concentrate for now on promoting economic recovery. another such indication is our increased emphasis on defining the price stability goal more clearly. already the fomc has extended its forecast horizon to indicate where the governors and reserve bank presidents would like to see inflation coming to rest over time. and we are continuing to discuss within the committee whether an explicit numerical objective for inflation would be beneficial. under current circumstances, those benefits would include underscoring our understanding that our legislative mandate for promoting price stability encompasses both preventing inflation from falling too low in the near term and from rising too far as the economy recovers. have we compromised our independence? no. central banks all over the world and the legislatures that created them have recognized that considerable independence from short - run political influences is essential for the conduct of monetary policy that promotes economic growth and price stability. to be sure, in the process of combating financial instability, we have needed to cooperate in unprecedented ways with the treasury. our actions with the treasury to support individual systemically important institutions have sparked intense public and legislative interest. as chairman bernanke has indicated, the absence of a regime for resolving systemically important nonbank financial institutions has been a serious deficiency in the current crisis, one that the congress needs to remedy. congress