samchain/econo-pairs-v2 huggingface dataset:
expand at a robust pace at the end of last year. surveys of consumer and industrial confidence conducted by the european commission in early 2000 indicate that the positive development of economic activity should have continued in the first months of this year. financial markets also expect a prolonged phase of economic expansion, as can be inferred from the fact that the yield curve has remained relatively steep. in this environment, employment is expected to increase further and the still very high level of unemployment should continue to fall. to date, wage growth has been moderate and the same applies for actual wage settlements to date. it remains important that the expected improvements in economic conditions and labour market prospects are not jeopardised by inappropriate wage settlements. in fact, wage moderation would help both to contain inflation in the euro area and lead to further progress in employment creation. wage negotiators can be assured that the primary objective of the eurosystem is the maintenance of price stability in the medium term and that we are fully committed to this objective. the temporary increases in the 12 - month rate of consumer price inflation which we are currently observing as a result of the oil price developments should not be reason for higher wage demands. there is now a broad consensus, also at the level of governments, that the currently favourable prospects for output growth in the euro area would be enhanced by a deepening of the structural reform process in the euro area. governments of the euro area have already taken important initiatives, but the high level of unemployment in many countries shows that there is still much to be done. in this respect, fiscal policies can also make a substantial contribution to maintaining favourable economic conditions by using the current upswing as an excellent opportunity to proceed swiftly towards fulfilling the objectives of the stability and growth pact. governments should continue the process of fiscal consolidation which was observed in the run - up to stage three with ambition. aiming at positions of budget surplus and reducing debt to gdp ratios should free resources, which could be used by the private sector to finance new initiatives to create employment. i am confident that the first decade of the new millennium could, if all parties concerned take their responsibilities very seriously, mark the beginning of a prolonged period of price stability, growth and employment creation. inflation rates are currently among the lowest levels observed after the war, and we are determined to maintain this very substantial achievement. fiscal policies have already made good progress in correcting the serious mistakes of the 1980s and early 1990s and they are encouraged to continue on the path of fiscal consolidation

, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches
robustly converge to a level sufficiently close to, but below, 2 per cent within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics. finally, we will continue to provide ample liquidity through our refinancing operations. in particular, our third series of targeted longer - term refinancing operations ( tltro iii ) remains an attractive source of funding for banks, supporting bank lending to firms and households. preserving favourable financing conditions over the pandemic period for all sectors of the economy remains essential to underpin economic activity and safeguard medium - term price stability. we will also continue to monitor developments in the exchange rate with regard to their possible implications for the medium - term inflation outlook. we stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our aim in a sustained manner, in line with our commitment to symmetry. let me now explain our assessment in greater detail, starting with the economic analysis. following the strong rebound in growth in the third quarter of 2020, euro area real gdp declined by 0. 7 per cent in the fourth quarter. looking at the full year, real gdp is estimated to have contracted by 6. 6 per cent in 2020, with the level of economic activity for the fourth quarter of the year standing 4. 9 per cent below its pre - pandemic level at the end of 2019. incoming economic data, surveys and high - frequency indicators point to continued economic weakness in the first quarter of 2021 driven by the persistence of the pandemic and the associated containment measures. as a result, real gdp is likely to contract again in the first quarter of the year. economic developments continue to be uneven across countries and sectors, with the services sector being more adversely affected by the restrictions on social interaction and mobility than the industrial sector, which is recovering more quickly. although fiscal policy measures are supporting households and firms, consumers remain cautious in the light of the pandemic and its impact on employment and earnings. moreover, weaker corporate balance sheets and elevated uncertainty about the economic outlook are still weighing on business investment. looking ahead, the ongoing vaccination campaigns, together with the gradual relaxation of containment measures – barring any further adverse developments related to the pandemic – underpin the expectation of a firm rebound in economic activity in the course of 2021. over the medium term, the recovery of the euro area economy should be supported by favourable financing conditions, an expansionary fiscal stance and a recovery

expected to render resource utilisation in general and in the labour market in particular increasingly strained. on the other hand, inflation is still low and the prospects to date in this respect appear to be balanced. so there are not all that many signs at present of resource utilisation becoming excessively strained. accordingly, it seems that there is ground to believe that the swedish economy is functioning better than before.
how we are improving our understanding of liquidity and interdependent transfer systems. i am looking forward to interesting insights and stimulating discussions that will no doubt be inspired by the outstanding surroundings here in the galerie doree.

payment and settlement “ critical ” infrastructure, as well as the safety of the financial system as a whole. to achieve this, the increased interdependence requires an international perspective to oversight. overseers need to cooperate and to show a certain degree of convergence in order to avoid regulatory arbitrage and a “ race to the bottom ” of regulatory standards. i think that we have some scope for improvement on this dimension. cpss report on “ cross - border collateral arrangements ”, bank for international settlements, basel, january 2006. the ecb ’ s “ t2s economic impact assessment ” http : / / www. ecb. europa. eu / paym / t2s / pdf / eco _ impact _ 080523. pdf. is available at increased interdependence also calls for a second dimension of cooperation, namely between oversight of market infrastructures and banking supervision. for example, correspondent banks appear to provide substantial non - collateralised intraday credits to their clients. traditional capital requirements, however, do not focus on the intraday liquidity aspects and on possible exposures during the day. hence, it is crucial to ensure an adequate surveillance of these intraday risk exposures and the evolution of liquidity and collateral management at both system level and bank level. recent work at the bank for international settlements and within the eurosystem demonstrates that public authorities have recognised this necessity and started to address it. the ecb is strongly supportive of the various initiatives at the eu and global level and will contribute to the pertinent work. i firmly believe that the international cooperation among public authorities will continue to foster financial integration, development and stability. 6. conclusion let me now briefly conclude. the financial turmoil has once again demonstrated that liquidity should not be taken for granted. i have highlighted a number of more long - term financial sector trends that have had an impact on liquidity management and market infrastructures. altogether, they result in new challenges from increased interdependencies, consolidation and the required international perspective on seamlessly functioning financial markets. the private sector and public authorities, both in their own responsibilities and in joint efforts, need to continue to address these challenges. we have made considerable progress in our understanding of the relevant issues and the necessary policy conclusions, as evident from the various initiatives that i mentioned. financial market infrastructure is in evolution ; its improvement remains an ongoing challenge. this conference hosts a number of papers and panel sessions that serve as further examples of
monetary affairs. we are now at your disposal for questions.

reforms which foster a sound balance between savings and investment in all major partner countries, which enhance the production potential in the euro area and which support a further expansion in trade of goods and services at the global level. turning to price developments, we have seen a fall in the hicp inflation rate for december to 2. 0 %. the same rate was estimated by eurostat for january. in the course of this year, inflation rates should fall below 2 % and remain in line with price stability thereafter. while us dollar - denominated global commodity prices have been on an upward trend over recent months, the past appreciation of the euro is dampening their effects on domestic prices. moreover, we continue to expect wage developments to remain moderate in the context of high rates of unemployment and a gradual economic recovery. recent data on labour costs seem to broadly confirm the assessment of a levelling - off of wage increases. on the whole, inflationary pressure remains limited - an assessment that is confirmed by all available forecasts. given the conditional nature of any forward - looking evaluation, it is of course important to bear in mind all elements of risk to the outlook for price stability and to monitor inflation expectations closely. turning to the monetary analysis, annual m3 growth has continued to moderate slowly over recent months. this can be explained by the still cautious reallocation of portfolios by economic agents and the effects of generally low interest rates on the growth of very liquid assets. at the same time, the growth of loans to the private sector reflects the effects of both low interest rates and an improvement in the economic environment. the strong monetary growth over the past few years means that there is significantly more liquidity available in the euro area than needed to finance non - inflationary growth. whether or not the accumulated excess liquidity will translate into inflationary pressures over the medium term depends on the extent to which past portfolios shifts are reversed and on the future strength of economic growth. should excess liquidity persist, it could lead to inflationary pressures over the medium term. in summary, the economic analysis continues to indicate that the main scenario for price developments in the medium term is in line with price stability. cross - checking with the monetary analysis does not alter this picture. with regard to fiscal policies, there are several important issues that warrant close attention. first, the implementation of fiscal policies should be in line with the commitments made late last year. in this connection, a thorough assessment of the new stability programmes of member states is currently
important factor. we do not merely make an analysis, write a report and disappear. we are still here and can continue the discussion whenever necessary. the problems that were indicated in the evaluation were more of an administrative nature. for instance, it is difficult to find a place in a foreign aid context for low - cost projects like this, as they do not really follow the set patterns for other aid efforts. finally, i can mention that the riksbank has allocated resources in our internal business plan for next year to extend our cooperation with some of the central banks in sida ’ s cooperating countries. we consider that our work has been both interesting and rewarding and we hope that it has also helped some of our colleagues to make their own institutions stronger.

development of debt and housing prices. even though our forecasts still made it clear that we were striving to fulfil the inflation target and this was also emphasised in our communication, it may very well be the case that we talked a little too much about the risk of financial imbalances and a little too little about the importance of inflation being close to the target. this may have created uncertainty among economic agents regarding the actual status of the inflation target, and, in turn, may have contributed to the weaker confidence in the inflation target. the emerging suspicion was perhaps that we, so to speak, had taken our eye off the ball. 4 2 jansson ( 2017 ). 3 during the first half of 2013, for example, the average of swedish forecasters expected inflation to barely reach 1. 5 per cent in 2014. the outcome was almost one percentage point lower, that is, one and a half percentage points below the target. 4 that there may be a good deal of truth in this interpretation is supported by a number of critical newspaper articles published around that time, see, for example, “ nya direktorer men samma gamla riksbank ” [ new directors but same old riksbank ], aftonbladet ( 2013 ), 22 may and “ ta tillbaka makten over riksbanken ” [ take back control over the riksbank ], dagens nyheter ( 2014 ), 15 june. 2 the important lesson to learn here is, as i see it, that it is absolutely key to show that you always do have your eye on the ball and do not let other factors come into the picture in a way that risks economic actors starting to doubt that this is the case. i have been reminded of this lesson on a number of occasions lately, most recently at the monetary policy meeting in october. the picture we painted at that time of monetary policy going forward, in which we predicted that the repo rate will be raised very slowly to take it back into positive territory in the longer term, was one that i largely considered to be well - balanced. however, i expressed considerable doubt over the next increase in the repo rate happening as early as around the turn of the year, most probably at our next meeting in december, as implied by our forecast for the repo rate. there were several reasons why i did not think it was a good idea. first, our forecast was that inflation
, b. ( 2018 ), “ the persistence and signalling power of central bank asset purchase programmes ”, speech at the 2018 us monetary policy forum, new york city, 23 february. 13 / 13 bis central bankers'speeches

, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches
regulatory framework, linkages or availability of funding, partly due to elevated concerns for asset quality. part of the problem occurred in the mining sector, where judicial and executive efforts to improve governance have created a sort of a hiatus in activity. when a clearer operational regime comes into play businesses would adjust to more normal functioning based on fair returns. the other part of the problem was in the power sector where bulk of the 54 gw of new investments capacities created during the 11th plan turned into potential bad investments as coal was in short supply. mitigation of the problem is hopefully in the offing. if debt restructuring of discoms is well executed and coal supplies are quickly ensured, the power sector investments can revive in the 12th plan. new capacity generation can easily match and possibly surpass that in the 11th plan. power sector can turn out to be a major driver of growth once again. as per the plans, the seb losses are being cut by power tariff revisions. investment revival is possible big steps for reforming power sector are now being taken and can pave the way for revival of investment. the debt restructuring of discoms is being done in an incentive - compatible manner and may not encourage moral hazard or regulatory forbearance. the scheme contains various measures required to be taken by state discoms and state governments for achieving the financial turnaround of the discoms. the restructuring / reschedulement of loan are to be accompanied by concrete and measurable action by the discoms / states to improve the operational performance of the distribution utilities. there may not be an immediate fiscal impact for the centre, given that its obligations under the scheme are medium - term in nature, the fiscal impact for the states in the near - term would be the interest outgo on 50 per cent of outstanding short - term loans which are to be taken over by them in a phased manner. while, a great deal of ground would still need to be covered for operational effectiveness of the scheme, it does have the capacity to reverse the falling fortunes of power sector investments. one hopes that the ticking clock of the potential time bomb of the power sector can now be defused. it is worth noting that the accumulated losses of the state power distribution companies ( discoms ) are estimated to be about ₹1. 9 trillion as on 31st march, 2011. financial sector can remain robust with efforts to contain newer fragilities india has stood out amongst its peers with an enviable record on financial stability. india ’ s gross

build upon them and implement our plans in the right earnest. the door of opportunity is again knocking at us. these silver linings lifting the dark clouds are, however, not something as part of our destiny but they are within our reach, if we work hard on them with all sincerity to convert them to our long term advantages thank you all for giving me this opportunity to share some of my thoughts with you. bis central bankers ’ speeches
. central banks, regulators and policymakers can – and indeed must – play an active role in shaping a potential move to dlt - based markets through playing with purpose, playing in a collaborative way, pondering the implications of innovation, promoting responsible innovation for the public good, and informing an appropriate policy and regulatory response. thank you. page 6 of 6

daniel mminele : south africa ’ s monetary policy, developments, challenges and the road ahead address by mr daniel mminele, deputy governor of the south african reserve bank, at the south africa tomorrow investor conference, new york city, 8 october 2014. * * * introduction good morning honourable minister nene, ambassador rasool, the sa consul - general in new york, mr monyemangene, ladies and gentlemen. thank you to the johannesburg stock exchange, ubs and standard bank, and the south african national treasury for organising this second south africa tomorrow investor conference and creating an opportunity for us to interact as policy makers, business leaders and investors. we meet at a time when global financial markets are increasingly focusing on the consequences of eventual monetary policy normalisation in the world ’ s major economies, and emerging countries with large and liquid financial markets, like south africa, come under the spotlight once again. at the inaugural south africa tomorrow conference last year, i was able to take stock of the major economic and financial market developments that had occurred in south africa in the twenty years since the advent of democracy. in particular, i focused on the recovery in economic growth in the decade leading up to the 2008 financial crisis, the structural changes the economy has undergone, and the growth and deepening sophistication of our financial markets. despite the challenges which the country is currently facing, these achievements, among which was the early establishment of macro - economic policy credibility, are still being built upon, and the national development plan ( ndp ) which minister nene has just talked about in detail, provides a framework for ensuring further progress towards a more successful and fair economy. yet at present, a lot of questions are being asked of policy in general and monetary policy in particular, and it is mostly on this latter point that i will focus my remarks today. sa ’ s monetary policy framework and post - crisis developments last year i pointed out that the flexible inflation - targeting framework which the country adopted back in 2000 had delivered clear benefits, contributing to a decline in the level and volatility of both inflation and nominal interest rates. these benefits remain visible today. in particular, measures of inflation expectations – for example, as computed every quarter by the bureau of economic research from the views of businesses, labour unions and financial analysts – appear more strongly anchored than they did in the past. whereas these expectations used to be adaptive, responding with a lag to the actual inflation cycle, they now display a greater degree
average people's daily life as well as social and economic activities. in terms of style, this booklet uses concise and simple language and illustrations, as well as household stories and cases, to explain financial terminologies and concepts, complex economic and financial phenomena, and issues of everyone's interest. we have noticed that in recent years relevant agencies and peoples have made much contribution to popularizing financial knowledge, and achieved significant results. yet, so far, there is no publication in our country dedicated to spreading financial knowledge to the average people. by compiling this booklet, we hope to help the readers gain finance knowledge, understand how the finance industry works, and how to use financial knowledge in their daily life, study and work. to make this booklet available to more people, the pbc decides to donate free copies to the national project of 10, 000 libraries in 10, 000 counties, colleges and universities, and public libraries for the convenience of farmers, students and general public. it is a systematic social project to popularize financial knowledge and enhance people's capability in managing financial affairs. the pbc will spare no effort to work this front. also, we hope other parties in the society will pay greater attention to and participate actively in this cause. let's join hands to contribute to the enhancement of people's capability in financial knowledge utilization and a bright future of the financial industry. thank you.

9 20. 0 36. 9 ( 9th general review ) 135. 2 62. 0 48. 0 20. 0 38. 0 ( 11th general review ) 212. 0 61. 6 46. 0 17. 4 38. 4 year quota number of share of developing developing countries countries data from silent revolution ( boughton ), ifs. year in which the quota review was completed, i. e., when the board of governors ’ resolution on quota increases was approved. the tenth review in 1995 and the twelfth in 2003 did not provide developing countries include transition economies. for an increase in quotas. chart 1 note : data from ifs.