samchain/econo-pairs-v2 huggingface dataset:
diminishing. it may be desirable to encourage research and study on financial literacy in india, which would help customers use transparent information provided by banks in a monitorable manner. business banking code : for smes an area, which needs special attention in india, is related to lending to small & medium enterprises ( smes ) and here, there may be a pointer for further attention. in the u. k., the banking code standards board has evolved a separate business banking code which covers traders, partnerships, companies with a turnover of under £ 1 million and clubs, charities and associations with income of less than £ 1 million. small business customers are, therefore, covered by this business banking code. the sme sector in india needs to be nurtured and i would urge the bcsbi to consider encouraging a code for the smes somewhat on the lines of the u. k. business banking code. fine print and undue enrichment in india it is said that people are reluctant to change their doctor, lawyer and banker. in some cases, the consumer adherence to particular service provider can be attributed to lack of information. many a times, even with alternate services available, clearly at lower price, including the switching cost, customers tend to stay with the same service provider. therefore, customer staying with any specific service provider should not be construed by the service provider as a certificate of good customer service. consumer choice to a great extent depends on the availability of complete information about the product or service being sold. the main issue is whether the bank is genuinely providing information or merely satisfying the requirement of doing so by getting a plethora of signatures over a volume of documents with fine print. often, the customers trust a banker, especially with a standard printed form, assuming rightly that there are no choices to be made and also presuming, unrealistically, that fair treatment is assured. i trust that fairness and ethical conduct to ensure genuine transparency will be ensured by all concerned. banks all over the world have been very active to provide a multitude of products and services by way of value addition. this is no doubt necessary in a competitive market. but earning fee - based income through exorbitant charge, which are not revealed upfront, points to, in some ways, what may be described as ‘ undue enrichment ’. dilution of reputation risk generally, it is assumed that a penalty imposed by regulators would be a source of major reputation risk for the bank concerned

, further structural reforms will be important prerequisites to unlocking the economic growth and development potential of south africa. all of theses reforms will need to be nurtured carefully and it is crucial that they be supported throughout by a stable and transparent macroeconomic policy framework. 10. 4 in conclusion it is reasonable to look forward to the future with confidence : and this we do. references t. mbeki ( 2005 ) “ state of the nation address ” i. plenderleith ( 2004 ) “ always something normal from south africa ”
policies could also help foster a strengthening in the composition of firms ’ liabilities towards a higher share of equity, including the removal of the preferential tax treatment of debt versus equity and progress towards the development of equity markets in europe. thank you for your attention. see special feature a “ financial integration and risk sharing in a monetary union ”, in financial integration in europe, ecb, april 2016 and box 1 “ what could enhance private financial risk sharing in the euro area? ” in financial integration in europe, ecb, may 2018. see also asdrubali, p., sorensen, b. and yosha, o., ( 1996 ) “ channels of interstate risk sharing : united states 1963 - 1990 ”, quarterly journal of economics, 111, 1081 - 1110 ; athanasoulis, s. and van wincoop, e. ( 2001 ) “ risk sharing within the united states : what do financial markets and fiscal federalism accomplish? ”, review of economics and statistics, 83, 688 - 698.

to change the situation in spain it is crucial to make citizens and governments aware that there is a cost to restrictions on access to data by the research community, as they will eventually result in less effective public policies. i trust that discussions of the papers to be presented at the conference over the next two days will bring us up to speed with the most advanced practices across the globe. thank you very much and enjoy the sessions!
, although it remains in negative territory, while the stock of unsold housing remains high. the outlook of progressively improving activity is closely linked to labour market developments, where the benefits of wage moderation and the improved incentives for job creation driven by the recent labour reform are becoming patent. the latest employment figures show a continuation of the positive trend discernible since the second half of 2013. thus, in recent months, social security registrations have continued to increase and the pace of decline of registered unemployment has stepped up. however, on the first - quarter figures for 2014, the unemployment rate remains very high, still close to 26 % of the labour force. the rate of inflation has been posting very moderate figures since autumn last year as a result of the removal from the index of the base effects linked to fiscal consolidation ; certain temporary factors, such as those relating to energy price developments ; and other more durable factors, relating to the economy ’ s excess capacity, the reduction in unit labour costs and the relative sluggishness of spending. for the remainder of the year the inflation rate is expected to hold at low levels, below the euro area average, thereby permitting further headway in gains in competitiveness with which to entrench a stronger recovery. low inflation is conducive to gains in income purchasing power, although the counterpoint to this is the greater difficulty this adds to further progress in household and corporate deleveraging. in the more immediate future, the advances made by the spanish economy augur a firming of the gradual path of recovery, underpinned by greater confidence, a progressive easing in financial tensions and a gradual improvement in the labour market. a crucial role will have to be played here by the re - balancing processes under way in the spanish economy, especially the redressing of the private sector ’ s financial position and fiscal consolidation. the successful culmination of these processes is pivotal for rooting the recovery in domestic and external confidence and for ensuring the external funding flows that are vital for making sustained medium - term growth possible. in sum, for the first time after years of crisis, we can discern the possibility of a gradual and sustainable recovery, the outcome of the progress made in correcting the imbalances that we had built up and of the structural reforms undertaken, whose results we are beginning to see. the task is not complete and much work remains to be done, both in europe and in spain. hopefully, however, the progressive perception of the

improvement achieved will act as a powerful spur for us to persevere on the road we have taken. bis central bankers ’ speeches
jean - pierre roth : inflation and economic activity – are we at a crossroads? summary of a lunchtime discussion by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the “ geneva financial center ” organisation, geneva, 28 august 2006. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * while the world economy is experiencing exceptionally vigorous expansion and inflationary pressure is contained, there is still a certain amount of uncertainty. will the economy turn down again and inflation accelerate? the swiss national bank is not working with a scenario of imminent weakness in the global economy, even if the rate of growth slows somewhat. certainly, the us economy appears to be heading for a soft landing, and economic activity in europe is also likely to increase less rapidly in the second half of the year. on the price front, the recent surge in inflation in the consumer price index was largely attributable to the cost of goods and services directly linked to energy prices, while core inflation remained at a relatively low level. given the slowdown in global spending and the normalisation of monetary conditions, inflationary pressures are likely to remain restrained. this assessment also applies to switzerland. the vitality of the manufacturing, financial and construction sectors, which have fuelled economic growth in our country over the past few quarters, is likely to diminish, particularly in view of the expected slowdown in global demand. growth in swiss gdp will probably amount to a little over 2. 5 % in 2006 ( this is a cautious forecast ), falling back slightly in 2007 yet remaining in the vicinity of 2 %. consumer prices rose 1. 4 % in july, marginally above our figure for core inflation, which at 1. 2 % is the highest since april 2002. however, these rates are well below the level of 2 % that we consider the upper limit for price stability. for 2006 as a whole, we expect the average rate of inflation to remain below 1. 5 %, and this is unlikely to change much in 2007. with respect to monetary policy, the healthy economic outlook in both the world and domestic economies, together with the high level of capacity utilisation in manufacturing, require us to further pursue normalisation of the target range for the three - month libor. this is particularly necessary in view of the significant relaxation in global

monetary conditions – due to the depreciation of the swiss franc against the euro – that has occurred since our last monetary policy assessment in mid - june.
the capital adequacy ratio of banks remained well above the regulatory requirement of 10 per cent. nonetheless, the growing non - performing loans and the concentration of risks in our banking sector continued to raise financial stability concerns. bis central bankers ’ speeches we started work during the year on the introduction of a wide range of macroprudential measures to contain banking sector risks. at the heart of a modern economy is a robust and efficient payments system. the cheque truncation system, introduced the year before, saw the end of physical exchange of cheques on the bank ’ s premises on 31 january 2013. international regional role we continued to participate actively in regional fora organized by sadc, comesa and aacb and brought our contribution to discussions relating to regional issues. the comesa repss went live in october 2012. we were privileged to host in november 2012 the second meeting in africa of omfif, which regroups diverse players from the public and private sector, central banks of developed and developing economies, sovereign wealth funds, and academia. nearly 100 delegates from europe, africa, asia and latin america participated in the meeting. on 30 august 2012, at the conclusion of the 36th assembly of governors of the aacb in algeria, i assumed the vice - chair of the aacb, with governor mohammed laksaci of the bank of algeria in the chair. in august 2013, the bank hosted the 37th assembly of governors of the aacb – the first time in its 45 - year history that the aacb has held its meeting away from continental africa – and i took over the chair for a one - year term. almost simultaneously, i was appointed by the fsb rcg for sub - saharan africa as its non - fsb member co - chair for a two - year term starting 1 july 2013. over and above the governors who participated in omfif and aacb meetings in mauritius during the year, i welcomed ms christine lagarde, managing director of the imf, dr duvvuri subbarao, governor of the reserve bank of india, and mr martin redrado, former governor of the central bank of argentina. monetary policy committee since its inception in april 2007, the monetary policy committee ( mpc ) witnessed several changes. 30 meetings have been held of which 29 were interest - rate - setting meetings. the mpc was reconstituted, for the second time, in december 2012 and the total number of members was reduced from nine

tutte le poesie, mondadori, 1984 meridiani, p. 1, 245 2 translator ’ s note : the connubio ( or “ marriage ” ) refers to the coalition made by cavour between the centre right and the centre left. 3 / 3 bis central bankers'speeches
digital challenges to the international monetary and financial system page 1 of 8 speech digital challenges to the international monetary and financial system panel remarks by benoit cœure, member of the executive board of the ecb, at the banque centrale du luxembourg - toulouse school of economics conference on “ the future of the international monetary system ”, luxembourg, 17 september 2019 luxembourg, 17 september 2019 when the euro was created 20 years ago it was hailed as one of the most important turning points in the history of the international monetary system since the demise of the bretton woods system. [ 2 ] many observers saw the euro as a natural contender to rival the supremacy of the us dollar in the global monetary and financial system. after all, the euro area was ( and remains ) the world ’ s largest trading bloc. the remarkable rise of china in the global economy, its expanding role in international trade, and the inclusion of the renminbi in 2016 in the international monetary fund ’ s special drawing right ( sdr ) valuation basket, were widely heralded as yet another turning point for the international financial system. yet, the us dollar remains the dominant international currency. it has defied all attempts to rival its monopoly position, even going back to the 1980s, when hopes that japan ’ s emergence as global creditor would support the internationalisation of the yen were also disappointed. the us dollar today accounts for around half of global foreign exchange transactions worth 6. 6 trillion dollars per day. it is used to invoice nearly half of global foreign trade, a share far greater than that of the united states in the global economy. [ 7 ] and it is now as widely used as a reference unit for exchange rate arrangements as it was during the bretton woods era. by some measures, it has taken on an even greater role. today, the discussion is about so - called “ stablecoins ” – crypto - assets with value - stabilising characteristics. although private digital forms of money have been around for decades, facebook ’ s large installed customer base suggests that libra could be the first private initiative to have a truly global footprint from day one. facebook has over 2. 4 billion users – more than a quarter of the world population. whatsapp and instagram, both owned by facebook, have 1. 6 billion and 1 billion users each. global “ stablecoin ” initiatives can make international payments cheaper and faster and support financial inclusion. but they raise formidable challenges across a broad range of

sustainable investing, 2017, why millennial investors are different. 10 mckinsey, 2020, climate risk and response in asia. 11 asian development bank, 2017, meeting asia ’ s infrastructure needs. 12 morningstar, 2021, global sustainable fund flows : q4 2020 in review. 13 the business times, 2021, esg magnates pour money into china and its asian peers. 7 / 7 bis central bankers'speeches
subject requires separate attention. i have already tackled it in a number of public addresses, as for instance on the occasion of the european courts of auditors meeting in estoril this year. it must be understood, however, that the political pillar, although going hand in hand with the pillars of greater financial, fiscal and economic integration, has its own different timeframe. the construction of the other pillars cannot be delayed for the launch of the work on the strengthening and reconstruction of the political pillar. the time criticality of the problems requires prompt responses to the economic and monetary union ’ s flaws. these are likely to be a catalyst for responses of political organisation and legitimacy that are less grandiose, but certainly more efficient, as they are based on the resolution of actual problems ( as may be expected from an evolutionary / gradualist model, such as has been the case in europe, as opposed to the institutional / constitutional model, which is a federal integration - like model ). by way of conclusion, i would like to stress once again that european development is very important for the success of portugal ’ s adjustment. determined domestic policy action is essential but not enough. the european context must validate the credibility of the adjustment in every euro area economy. the level of certainty, quality and vigour of the new euro area mechanisms and institutions are key to strengthening market confidence and are therefore an indispensible complement to national adjustment effects. this means that there is a virtuous relationship between the so - called frontloading of national adjustment processes and the frontloading of the european integration process. for this reason, the governing council of the ecb has repeatedly advocated that the response to the sovereign debt crisis should be the responsibility of the european council and that the costs and depth of the crisis were inversely related to the celerity and forcefulness of the response. the portuguese and the citizens of other member states must understand this : the regulations and mechanisms under development in europe are not the result of some external imposition, but are rather inherent to the integration stage representing a successful economic and monetary union and are therefore essential for the prosperity of europe and each of its member states. bis central bankers ’ speeches

a reality. this concludes the conference. thank you all. 3 / 4 bis central bankers'speeches 1 cf. luis maximo dos santos, “ a estreia do euro ”, in a uniao europeia e portugal : a atualidade e o futuro, almedina, 2005, p. 96. 4 / 4 bis central bankers'speeches
of developments in household debt and credit conditions. bis central bankers ’ speeches

to 16 weeks recently. nonetheless, as of january there were still about 3. 2 million fewer jobs than at the end of 2007. the unemployment rate remains elevated, despite a significant decline of the labor force participation rate. and the ratio of employment to population in january was lower than it was at the end of the recession, indicating that employment growth has not kept pace with population growth. since the end of the great recession, overall inflation has averaged near the 2 percent longer - run objective of the fomc. the rate of overall inflation in each of the past few years has been somewhat variable, reflecting sharp swings in energy and commodity prices that largely have been driven by conditions outside of the united states. while swings in commodity prices can cause fluctuations in expenditures for consumers that can be difficult for them to manage, these swings tend to be transitory and self - correcting. for these reasons, most economists prefer to gauge underlying inflation pressures by monitoring movements in prices that are less transitory. these include, but are not limited to, the core measures of inflation that exclude food and energy components. based on the personal consumption expenditures deflator, or pce, measure of consumer price inflation, which is more comprehensive than the more widely known consumer price index, or cpi measure, bis central bankers ’ speeches the core inflation rate was 1. 4 percent over the 12 months through december, below the 2 percent level that the federal open market committee ( fomc ) has stated as its inflation objective, consistent with its mandate of price stability. the latest cpi indicates that inflation remained similarly subdued in january. measures of longer - term inflation expectations have remained stable. sluggish improvement in labor market conditions, subdued inflation, and well - anchored inflation expectations, were noted as the primary factors underlying the fomc ’ s decision, at its january meeting, to continue to pursue a “ highly accommodative ” policy stance. that stance combines an exceptionally low policy interest rate – the federal funds rate in a range of 0 to 25 basis points – with forward guidance indicating that this range would be appropriate at least as long as the unemployment rate remains above 6½ percent, inflation is projected to be no more than 2½ percent between one and two years in the future, and inflation expectations remain well anchored. moreover, to support a stronger economic recovery, the fomc is purchasing treasury securities at a rate of $ 45 billion per month and agency mortgage - backed securities ( mbs ) at a rate
a national and an international level. this includes, as mentioned earlier, supporting risk capital markets and securitisation. 5. concluding remarks in conclusion, it is generally accepted that efficient financial structures contribute to increasing the potential for stronger non - inflationary economic growth. therefore, the promotion of european financial integration and modernisation is highly relevant when aiming to strengthen economic growth in the european union. financial integration and modernisation are, first and foremost, market - driven processes. policymakers should support them by providing an effective legislative and regulatory framework, but should not intervene with market characteristics. the eurosystem attaches great importance to furthering progress in integration and modernisation by acting as a catalyst for market - led initiatives like step, providing central banking services ( target2, target2 - securities ), providing advice on the legislative and regulatory framework for the european financial system and monitoring progress and raising awareness – not least by hosting this conference. hopefully, the past two days will foster an ongoing and productive debate that will take us forward in gaining a better understanding of the growth implications of financial modernisation. thank you for your attention.

- 2019 – 01? barrier = accesspaylog, 9 january 2019. 13 european central bank ( 2017 ), low inflation in the euro area : causes and consequences, ecb occasional paper, no 181, box 3. 14 bank of canada, digitalization and inflation : a review of the literature, staff analytical note, 2017 – 20. 7 / 8 bis central bankers'speeches 15 wissenschaftlicher beirat beim bundesministerium der finanzen ( scientific advisory board at the federal ministry of finance ), us - steuerreform 2018 – steuerpolitische folgerungen fur deutschland, commentary 01 / 2019. 16 for the bundesbank ’ s stance on the solidarity surcharge, see deutsche bundesbank, public finances, monthly report, november 2018, p. 60. 17 m. draghi, monetary policy in the euro area, speech delivered on 27 march 2019. 18 r. g. anderson and y. liu, on the road to recovery, soft patches turn up often, the regional economist, federal reserve bank of st. louis, january 2012. 19 r. banerjee and b. hoffmann, the rise of zombie firms : causes and consequences, bis quarterly review, september 2018, pp. 67 – 77. 20 s. chatterjee and b. eyigungor, the firm size and leverage relationship and its implications for entry and concentration in a low interest rate world, federal reserve bank of philadelphia, working paper 19 – 18, march 2019. 21 f. a. von hayek, competition as a discovery procedure, 1968. 8 / 8 bis central bankers'speeches