samchain/econo-pairs-v2 huggingface dataset:
, 0 11, 0 10, 0 iceland 9, 0 8, 0 9, 0 8, 0 norway 7, 0 6, 0 5, 0 7, 0 6, 0 5, 0 denmark 4, 0 3, 0 sweden 2, 0 finland ( emu ) 4, 0 3, 0 2, 0 sg 240802 nominal effective exchange rates january 1990 = 100 appreciation iceland ( january 1997 = 100 ) denmark norway sweden finland depreciation source : bank of england and central bank of iceland sg 240802 norway : effective exchange rate and 12 - month interest rate differential against trading partners 4, 0 3, 5 3, 0 interest rate differential ( 12 months ) ( left - hand scale ) 2, 5 2, 0 effective exchange rate ( right - hand scale ) 1, 5 1, 0 jan. 99 jul. 99 jan. 00 jul. 00 jan. 01 jul. 01 jan. 02 jul. 02 source : norges bank sg 240802 norway : effective exchange rate forward exchange rate ( uip ) source : norges bank sg 240802

fund early recovery and reconstruction in affected areas. the members of the task force appeal to all of you to support this program. together, let us get this program going! marami pong salamat sa inyong lahat.
implemented, covering all credit institutions. it will restore confidence in the banking system. it will re - establish the normal functioning of monetary policy. it will de - segment financial markets and allow for normal private capital flows within the euro area. it will ultimately allow for a disengagement of the euro system from interbank and financial intermediation. moving decisively towards a banking union is one major contributing factor in reducing uncertainty and boosting confidence. conclusion : the ability of monetary policy to fight uncertainty uncertainty is a major cause of the current weak recovery. one may point to the paradox in the present environment characterised by very low interest rates, very large cash reserves in the hands of corporates, but very little investment. the good news is that a small spark could have huge effects. the bad news is that this spark has not occurred. monetary policy cannot by itself remove economic uncertainty. it can contribute to limiting and attenuating its effects. it is also essential that other sources of uncertainty be dealt with, especially when they stem from government policies. in the euro area, fiscal consolidation must continue and crisis management mechanisms must be made operational. in other countries, such as the united states and japan, future fiscal uncertainties must be eliminated. finally, stable regulatory regimes, first and foremost in the financial sector, are also essential. for its part, monetary policy must be predicable, not in the sense that each and every move of the monetary authorities be precisely anticipated, but rather, that their objectives be clear and their actions fully understandable by economic agents. strong, independent and responsible central banks are, more than ever, necessary to price and financial stability. bis central bankers ’ speeches

as much as possible. on the first part, we were clear in riga ; on the second part, let me stress that we cannot fully compensate for the uncertainty created by other policy - makers ; nor can we fully offset their effects. we have shown in the past few years that monetary policy is flexible, and we have been willing to use every instrument within our mandate to respond to too low inflation. we have gone well beyond what people thought possible and we will do whatever is necessary to deliver on our price stability mandate - no more and no less. thank you for your attention
2015, following the full - 2014 trading volume of php4. 40 trillion. to where we need to go our numbers will be rather modest by global standards but it cannot be denied that we have indeed come far in the last 15 years. for that, allow me to congratulate all the stakeholders of the philippine capital market. with the applause, one can almost hear people murmur, so let me say it aloud. yes, ladies and gentlemen, there is a “ but ”. we have come this far but there is much that still lies ahead. our rapidly growing economy needs a deep and active domestic debt market more than ever, both to provide the more stable funding for infrastructure and other long - term needs as bis central bankers ’ speeches well as the investment outlets of a quality and variety that meet the diverse requirements of our savers. but it will not come about of its own without our active collaboration to build a market that inspires trust and confidence. it requires the cooperation and commitment of government as major issuer, of the financial regulators, of the tax authority, and you, the market players. together we must build a public good that advances the welfare of all. at the very core, we need to maintain transparency and adhere to strong standards of governance. we desire prices to be efficiently discovered. as a market, we have experienced the dangers of purely bilateral trades, uncontrolled leverage and inefficient settlement. we need a yield curve that reflects active trade across a broad range of activities to serve as the sensitive and critical reference point to properly price risk and guide the market through changing conditions. we need competent and responsible market intermediaries and reliable and robust infrastructure that can provide the desired efficient access to the markets from wherever they are in our archipelago. changing market incentives ladies and gentlemen, the issues i just raised comprise a long enough list, but as you know, they are not exactly new either. with all the challenges, we remain a bank - based financial market. i believe however that three developments are pushing the pace of real reforms in our capital market. first, banks today face a “ new normal ” - one that demands a “ fresh perspective on risk ”. necessarily, this means banks must define a new strategic path moving forward. although capital adequacy ratios have been kept above the regulatory minimum, capital is as much a scarce resource as any. in this sense, banks may be very liquid but they cannot and should not chase every credit option that

is already in place ; all that needed to be done was minimal reconfiguration of the existing systems to capture these additional types of financial transactions. the bangko sentral ng pilipinas, in fulfilling the third pillar of its mandate, will continue to work to improve the operations of the philpass to better address all the concerns of our stakeholders. we are well aware, however, that we cannot do this alone. we look forward to your continued support and partnership. thank you!
manner that is in the interests of markets, financial institutions, and consumers.

i chaired in june that yielded valuable insight from both the industry and consumer groups, these areas have been highlighted as practices for which there is a potential for abuse. with respect to supervision of consumer protection in subprime lending, i would like to highlight an important collaboration with other federal and state agencies to expand consumer compliance reviews to include selected non - depository mortgage lenders. as i mentioned earlier, the regulatory scheme for the mortgage industry has become extremely complex as the breadth and depth of this market has grown over the past decade and the role of nonbank mortgage lenders, particularly in the subprime market, has increased. in fact, data collected under the home mortgage disclosure act show that independent mortgage companies - - those that are not depository institutions, subsidiaries of depository institutions, or holding company affiliates - - made about 46 percent of higher - priced first - lien mortgages in 2006. 1 in addition, there has been an increased presence of mortgage brokers, often independent entities who take loan applications and shop them to depository institutions or other lenders. the increased fragmentation of the mortgage process, from marketing of products to servicing of loans after origination, has created a number of challenges in monitoring practices of various nonbank market players. these market developments have resulted in the oversight of mortgage lending extending beyond the federal banking agencies, and this underscores the importance of collaborating with the state banking agencies and other organizations to address concerns in the subprime mortgage market. various outreach and research efforts have revealed the value of increasing the scrutiny of these lenders, to deepen our understanding of their policies and practices. to this end - - and to take advantage of the dual - supervisory roles of federal and state agencies - - we have launched a cooperative pilot project to conduct reviews of non - depository lenders with significant subprime mortgage operations. the reviews will evaluate the companies'underwriting standards and senior - management oversight of risk - management strategies for ensuring compliance with consumer protection laws and regulations. our partners in this initiative are the office of thrift supervision, the federal trade commission, and state agencies represented by the conference of state banking supervisors ( csbs ) and the american association of residential mortgage regulators. as part of this project, the federal reserve will review nonbank subsidiaries of bank holding companies for compliance with a number of regulations, including tila, hoepa, the equal credit opportunity act, the real estate settlement procedures act, and the home mortgage disclosure act. the
. january 19, 2018. 4 an important exception to this is that losses on trading book positions and counterparty exposures as a result of the global market shock continue to be based on sensitivities generated by bank models. 5 the clearinghouse. the clearinghouse offers recommendations to improve stress testing transparency, january 22, 2018. 6 til schuermann. “ the fed ’ s stress tests add risk to the financial system. ” wall street journal. march 19, 2013. 7 w. scott frame, kristopher gerardi and paul s. willen. the failure of supervisory stress testing : fannie mae, freddie mac and ofheo, federal reserve bank of atlanta working paper 2015 – 3. march 2015. 8 board of governors of the federal reserve system. federal reserve board requests comment on package of proposals that would increase the transparency of its stress testing program, december 7, 2017. 9 see, for instance, itay goldstein and haresh sapra. “ should banks ’ stress test results be disclosed? an analysis of costs and benefits. ” foundations and trends in finance. vol. 8. march 2014. 6 / 6 bis central bankers'speeches

soundness of community banks while also ensuring that undue burden does not constrain the capacity of these institutions to support the communities they serve. as i previously noted, one of the most important aspects of my job, as i see it, is to have open lines of communication and feedback between regulators and community banks and bankers. as a former community banker and state regulator, i understand how clear communication can help us all do our jobs better. so, i encourage you — and everyone with a stake in this work — to share your thoughts on the impact of regulation on community banks and the communities they serve. this dialogue is especially important as we continue to work to tailor our supervision and regulation to the size and risk profile of the institutions we oversee. although we have different 3 / 4 bis central bankers'speeches responsibilities, i believe we can agree that we must keep our financial system strong, while maintaining the ability of community banks to fulfill their important role in our economy. 1 terrorism risk insurance program reauthorization act of 2015, pub. l. no. 114 – 1, 129 stat. 3. 4 / 4 bis central bankers'speeches
a threat into an opportunity is ours and ours alone.

be tiering in order to gain support for such a measure? we are not the only game in town, and we should not be. let me repeat the need for structural reforms. this is necessary for sustainable growth, and would give a boost to the competitiveness of many countries in the euro area. using fiscal space is another possibility for some countries. rate cuts are part of standard monetary policy tools, so it ’ s something that you should certainly think about before you consider non - standard measures like app. but overall, we have to assess whether these instruments are needed to support the transmission channel and what kind of impact and side effects they would have. 1 / 3 bis central bankers'speeches but first, i would like to see the september data and whether additional measures are needed to maintain price stability in the medium term. i would also like to assess what kind of impact these measures could have. let us not forget that we already have a very accommodative monetary policy. lending to households and firms is still high, according to the july figures ; investments are still ongoing in spite of the uncertainties. do you have a view on how low into negative territory the ecb can go? we need more analysis on what kind of impact and costs and benefits rate cuts would have. we need to look at potential side effects, for instance when would bank customers start to keep cash at home? and you asked about tiering. well, for this we need more analysis too. what is the net burden on banks and are mitigating measures necessary? the banks always bring up the gross burden, but they also benefit from the negative interest rate. so we have to consider all aspects before taking a decision. would you support more closely linking the state - dependent leg of forward guidance to inflation expectations? to plot a more explicit rate path should certain inflation conditions be met at a given point in time. i ’ m sceptical to link forward guidance solely to inflation expectations. could you envisage circumstances in which existing tltros could be repriced, in order to make them more attractive to banks? that might be, yes. we can use different tools : a change in forward guidance, tltro, rate cuts, the mitigating measures for rate cuts, depending on whether the data shows a need for them, their impact, costs and benefits. but overall, i don ’ t see the need for a huge package. recent ecb communications have consistently stressed that
is no longer a complement to our regular tasks, but it is one of them – a separate and important task. thank you. 1 dincer / eichengreen / geraats revised central bank transparency data set for 1998 – 2015, april 2019. 3 / 3 bis central bankers'speeches

available on our website. if analyzed in details, its granularity is very high, offering a great deal of information on the amount of interest on different types of deposit and credit products, which can be helpful for all of us to make a 2 / 3 bis central bankers'speeches personal financial decision based on information. as one of the bearers of our statistical system, we also observe the public ’ s need for new categories of statistical data and within our competencies we try to respond to that need. among other things, we have introduced new data on payment card transactions, the monitoring of which will be discussed today. over the past years, aware that traditional forms of data display are no longer the most appropriate way of disseminating data, with the support of the european union we have created a modern statistical web portal “ nbstat ". according to multiple analyzes conducted in the central banking community, advanced web - based statistical web portals are the most upto - date statistical tool that disseminates data in the simplest, fastest and most detailed way. we now have a web portal that offers such opportunities, identical to the statistical portals of many european union countries. the presentation within the today ’ s workshop is the first since its launching. the national bank ’ s plan of activities we adopted yesterday also includes a project to further improve the availability and understanding of our press releases, information, data. in one of the first phases of the project, we plan to conduct surveys in order to obtain opinion from you, the journalists, as well as from other users of our information and data. but even before we embark on such a project activity, we would greatly value your suggestions and ideas, which will surely be an important road map for us to develop our communication with the public. according to recent releases, we are one of the most transparent central banks in the region and actually very close to the average index of eastern european countries and the ecb. 1 of course, there is room for further improvement to approach more advanced economies, or the euro area as a whole. i believe that you, with your ratings and comments, will help us achieving this goal. a good opportunity for this will be the open discussion that is foreseen in the closing part of today ’ s event. in the end, for modern central banks, the rule “ it would be good to have ” no longer applies, but the rule “ it must have ” good, open communication with the public. it
barriers ahead as the incoming us administration has announced higher tariffs on imports from china among other countries. increased tariffs will likely dampen global growth, but their impact will depend on the scale of potential increases in import tariffs 1 / 2 bis - central bankers'speeches and countervailing measures. the implications for price prospects, and hence for interest rate prospects, in norway are uncertain. domestic conditions may also lead to a different path for the norwegian economy than we now foresee. if the outlook changes, the policy rate path may also be adjusted. let me say a few words about the background for the policy rate decision and the committee's assessment. chart 3 growth in the norwegian economy has picked up slightly growth in the norwegian economy was weak through last year but has picked up slightly this year. activity is primarily being lifted by high public demand and large investments in the petroleum industry. at the same time, construction activity has shown a sharp decline. unemployment has risen somewhat since its lowest level a couple of years ago, but in recent months unemployment has changed little. growth in the norwegian economy is projected to be a little higher in the coming years than in 2024, partly owing to faster growth in private consumption. housing construction is expected to start picking up through spring next year, but it will likely take a long time for construction activity to return to more normal levels. chart 4 : inflation has fallen markedly from its peak inflation among trading partners has moved down towards their inflation targets, and many central banks have cut their policy rates. financial markets expect further rate cuts internationally ahead. inflation in norway has also fallen markedly from its peak and faster than projected. the main factor that has pulled down inflation is the fall in prices for imported goods. the strong krone depreciation up to summer last year has restrained the decline in inflation. inflation is still not right on the target. over the past year, consumer prices have risen by 2. 4 percent. excluding energy prices, which fluctuate widely, inflation stands at around 3 percent. wage growth has accelerated in recent years. wages rose by 5. 2 percent last year and are expected to increase at the same rate this year. wage growth is projected to slow ahead, but will still be high relative to productivity growth, which means continued high growth in business costs. this will restrain further disinflation ahead. chart 5. inflation back to target without a large rise in unemployment given the current projections, there are prospects that wages will rise faster than prices,

and most people will see their budgets stretch further. consumer price inflation is projected to slow in the coming years and run slightly above 2 percent at the end of 2027. unemployment is projected to increase a little, albeit slightly less than we envisaged in september. 2 / 2 bis - central bankers'speeches
##mes in our economic development, issues in their development, policy response and the future agenda. i. significance of the msmes i cannot over - emphasise the importance of msmes. way back in 1973, british economist e. f. schumacher in his award winning book, “ small is beautiful : economics as if people mattered ” advanced the argument that it is the small and appropriate technologies that empower people more. the economic survey, 2011 – 12 has stated “ msme is a dynamic and vibrant sector that nurtures entrepreneurial talent besides meeting social objectives including that of providing employment to millions of people across the country ” ( pp : 217 ). msmes constitute the dominant form of business organization even across the world and are the major providers of employment. in the us, for instance, small businesses employ roughly one - half of all americans and account for about 60 per cent of gross job creation1. in the oecd economies, smes and micro enterprises account for over 95 % of firms, 60 – 70 % of employment, 55 % of gdp and a significant share of new jobs. in india, the msme sector was projected to employ about 732 lakh persons in over 311 lakh enterprises throughout the country in the year 2010 – 11 and is next only to agriculture in employment generation. in terms of output, msmes produce more than 6000 products ranging from machinery and equipment, to apparels to food products to furniture and account for 45 per cent of the manufacturing output and 40 per cent of the total exports of the country. mse ’ s contribution to gdp has been on the increasing trend and was about 8. 7 per cent in 2008 – 09 ( latest available figures ). another remarkable feature of the sector was that it maintained a higher rate of growth vis - a - vis the overall industrial sector, consistently, during the years 2004 – 08. from the inclusive growth perspective, it is to be emphasised that the labour - capital ratio of msmes is much higher compared to the larger industries. ( source : msme annual report 2011 – 12 ) “ restoring the flow of credit to small businesses ” – remarks by ben s bernanke ( jul, 2010 ) bis central bankers ’ speeches another noteworthy feature of msme sector in india is that about 45. 2 per cent of the enterprises are located in rural areas, thus offering a great potential for rural development and for reducing the strain on urban infrastructure. the fact that msmes are widely dispersed across the country also makes

leading the changes needed and in having a sense of your responsibility to the wider economy. yours is a model of engagement for others to emulate. and i look forward to continuing to work together. thank you. bis central bankers ’ speeches