samchain/econo-pairs-v2 huggingface dataset:
has been important in financing the irish boom. inward direct investment nearly tripled between 1998 and 2000. the major part originated outside the eu ; the us alone contributed three - quarters. ireland is now a favourite location for enterprises trying to gain a foothold in the eu. these impressive developments have improved living standards considerably, gdp per capita in ireland is 117 per cent of the eu average. as productivity increases, however, the need for subsidisation should decrease in step. the irish boom owes much to funds allocated by the european union. for the period 2000 - 2006, ireland will be granted a total of 4. 2 billion euros via both the structural funds and the cohesion fund. well, i just mentioned this fact to complete the picture. the flip side of the impressive catching - up process in europe can be seen in what is recognised as a lack of economic convergence. and, most often in view of the national inflation rate, ireland is being cited as an example. well, then, what exactly is meant by “ convergence ”? the term is one with many facets. the treaty of maastricht set out to measure nominal convergence. you remember the fiscal and monetary criteria : inflation rate, capital - market rates, sustainable fiscal policy and exchange - rate stability. the maastricht criteria were subject to heated debate in academia, as well as in policy circles. by no means are they mere history. on the contrary, they are very much alive. they are to be applied when further countries join the euro - currency area, be it the pre - ins like the uk or the accession countries. the maastricht criteria, however, are in a way both “ stability criteria ” and “ convergence criteria ”. they ensure that a country is not pursuing policies that might impinge adversely on the stability of the common currency. in the longer run, such stability must be built on economic integration. an extensive body of theory has evolved on the characteristics of optimum currency areas. central criteria are flexibility for wages and prices as well as mobility for goods, labour and capital. most of these criteria call for a high degree of structural convergence. market integration is crucial in this respect. under the common currency framework, market integration is deepening. it is already well advanced in trade in goods and services, and in financial markets. the labour market is lagging somewhat behind. in this respect, ireland looks like being in a somewhat difficult situation. labour mobility is hampered by being

you will then use the same notes and coins as will people in greece. this is globalisation on a european scale. as economic and political integration deepens, europe can, europe wishes to and europe will increasingly assume responsibility on a global scale.
, a successful market - based, case - by - case approach also needs to be principled. i would suggest that the essence of an effective case - by - case approach is the development of viable plans that link broad, generally acceptable principles to the particulars of a given situation. g to achieve this, a clearer and more transparent articulation of the public sector ’ s objectives is necessary. greater emphasis and clarity are needed as to the purposes and limits of public intervention, and the extent to which those interests warrant different degrees, modes, and timing of public and private sector involvement, depending on the particular country and circumstances. in this way all parties will be better placed to understand current developments and how the international community might react to future strains. • there are, of course, other points of view. in particular, it has been suggested that an early recourse to broad suspensions of debt service, perhaps amplified or reinforced by capital controls, would increase the manageability of crises and enhance predictability. • my reading of the record convinces me that trying to preemptively override market processes would do the opposite. let me share a few thoughts with you on this point. g the desire for certainty and control which seems to underlie such proposals is understandable, as it appears to offer the promise of using less public money, and seemingly entails less risk that creditors will be bailed out for poor credit decisions. but the control and manageability that might result may be more seeming than real. g for one, a perceived disposition to preemptively lock the door seems likely to send investors heading for the exits all that much sooner. as a result, many avoidable crises soon may become inevitable. and the problem of contagion, whereby difficulties in one case spread to many, would seem likely to worsen. g moreover, a perceived weakening of the international community ’ s commitment to voluntary, market - oriented approaches and its support for honoring contractual commitments would likely create deep distrust, making it harder to encourage cooperation between debtors and creditors in ultimately resolving the crisis. g an overly quick recourse to payment suspensions also risks discouraging precisely the types of flows that we should wish to encourage, that is, longer maturities with better risk - sharing characteristics, such as long - term bonds and equities. in a crisis, the hottest money leaves first - - by definition. it seems counterproductive to seek to penalize those who stay.

” the role of the nbs, therefore, is not to promote profits, but efficiency of the payment system. in the future, the nbs will continue to actively cooperate with mobile telephony operators, and will support them in the development of new services, including payment system services! i wish you all success in your future work in the hope that today ’ s meeting will contribute to a still faster development of the card business in serbia!
pleased that you are able to be here today and look forward to hearing what you have to say. 3 / 3 bis central bankers'speeches

transparent and more tangible for many tens of thousands of visitors. the new euro20 + event format was also important to you as a way of reaching out to a younger generation. you are therefore leaving the house in good order. i would like to express my heartfelt thanks to you for that, on behalf of all colleagues ; on behalf of the executive board ; and i would like to extend my own sincere gratitude for the excellent working relationship we have enjoyed. we wish you all the best for the future! at the same time, we are all pleased that the bank will be led by a highly esteemed and experienced colleague in future, too. joachim nagel is still very familiar to many at the bank : joachim, you already worked at the bank from 1999 to 2016 – at almost every level, most recently, for six years as a member of the executive board. on the executive board, we always had a very close and trusting working relationship. for some years, you were responsible for the 2 / 3 bis central bankers'speeches directorate general markets and as a member of the executive board, also for the directorates general controlling and it. so it is fair to say : you know the bank like the back of your hand! you, too, joachim, are perfectly equipped for the post of president. we will benefit a great deal from the rich body of experience you also gathered outside the bundesbank over the past few years : as a member of the executive board of kfw group and in a managerial role at the bank for international settlements. but you always nurtured your links to the world of academia. in karlsruhe, where you completed your phd, you regularly lectured. you also demonstrated that you are a good crisis manager during the global financial crisis when you were responsible for the directorate general markets. quick and difficult decisions were often necessary. we very much hope that we will not need these special crisis management skills too often in the coming years! many tasks lie ahead of us. we constantly have to explain the role of the bundesbank and, where necessary, justify difficult decisions, too. we will master these tasks at the bank together. the bank – that is 10, 000 employees who give their all every day for the common good and our tasks. on behalf of all colleagues, i can therefore only say : welcome back, joachim – we look forward to working with you! i would now like to hand over to the federal finance minister. mr lindner, we are
##m, gcsk, frcp, our prime minister, for entrusting me with the responsibility of leading the central bank at this fraught period of its history, and for giving me his support all through. i have had very cordial relations with honourable charles gaetan xavier - luc duval, gcsk, vice - prime minister and minister of finance and economic development, and we have been able to join our efforts to keep the economy on an even keel. my appreciation goes to the honourable minister and his team. i thank the chairmen and the chief executive of the mauritius bankers association, the chief executives of banks, and all the stakeholders for their active involvement and participation in meetings which helped us develop a fruitful collaboration and mutual understanding on the direction that our financial sector and economy need to take. i thank my close collaborators, particularly my two deputy governors, the head of the governor ’ s office, and the staff of my policy unit, for their support all the year through. last but not least, i thank the staff of the bank for their support and dedication, particularly those who have been behind the scene. without their unflinching support and commitment, i would not have been able to function. to all of them, i dedicate the award of central banker of the year 2012 – africa, bestowed upon me by the banker magazine, of the british financial times newspaper group, at the beginning of the year. looking ahead looking ahead, we need to be vigilant against inflation – which is our overriding objective. but the challenging environment compels the bank to continuously change the way in which it functions. monetary policy has played its role and will continue to do so. but it has its limitations, and expectations are sometimes beyond what it can possibly achieve. we will pursue on our path of innovative policies. we view our mandate in a wider perspective in which other considerations such as protection of consumer interests, governance, transparency, competition and communication are assuming greater importance. this broader macroprudential focus will enable us to stabilize the economy. bis central bankers ’ speeches my final message to my compatriots : the time has come for us to change our mindset. as i have said before, a crisis is too good to waste. our country should dare measure up to more advanced economies. i am pleased to note that the views expressed lately by the bank on the need for structural reforms has gained consensus. all stakeholders — public, private sector,

civil society — should collaborate to move the country forward to new levels of development through more equitable and inclusive growth. bis central bankers ’ speeches
authority, it is also my pleasure to invite the governor of the ncdc, hon. powes parkop, mp and the chairman of nationwide microbank limited, mr. ray clark to join me in opening the port moresby branch of nationwide microbank limited. it gives us great pleasure in declaring that the nationwide microbank limited is now open for business. thank you, ladies and gentlemen.

##s were taken on by the central bank due to the experiences of poor supervision and regulatory oversight leading to mismanagement of these industries. these are the superannuation ( general provisions ) act and life insurance act. the new central banking act and bank and financial institutions act have enabled the central bank to undertake major initiatives in the financial sector. these included preparing the then pngbc for privatization, dealing with fast - money schemes, and enforcement actions against non - compliant institutions such as the workers mutual insurance ( png ) limited. we have introduced a number of new prudential standards for banks and supported the microfinance industry. we continue to work closely with all these financial institutions to ensure our people receive a safe and reliable financial service. 3. recent economic developments let me now briefly discuss the positive economic developments we have experienced since 2002. png is currently enjoying the most favorable and stable macroeconomic climate since gaining independence in 1975. throughout 2006, png continued to experience improved economic activity with increased confidence by the business community in the government ’ s macroeconomic management. strong economic performance is reflected by the major macroeconomic indicators, which include rising employment levels, increased exports, higher credit growth from the banking system, and prudent fiscal management. these developments have enabled us at the bank of png to maintain a neutral monetary policy stance, which has laid the foundation for economic growth. we have achieved and maintain low inflation, a stable exchange rate and low interest rates. these achievements are consistent with the bank of png ’ s objective of achieving and maintaining price stability. our foreign reserves reached a historical level of us $ 1497. 5 million ( equal to approx. k4. 5 billion ) on 10 november 2006 and is still around this level today. the west new britain province is a significant provider of non - mineral foreign exchange reserves, through the exports of palm oil, cocoa and forestry, combined with tourism. between 2000 and 2003, the province exported on average k256 million or 18 percent of total log exports and k1, 408 million or 62 percent of total palm oil exports from png. the government presented its 2007 national budget last week, continuing the prudent fiscal stance it has adopted and in line with the medium term development strategy. with windfall tax revenue from the high international commodity prices, and improved economic activity, the government plans to increase its development expenditure and reduce public debt. the imf has just completed its annual article iv mission to png
##ence to exogenous shocks, of the type we are facing currently. i therefore welcome you all to the seminar and invite you to contribute to meaningful discussions which will further the development of our sme sector and redound to benefit our economy over the medium and long term. i thank you very much for your participation and i again thank the various sponsors, speakers and all those who have contributed to make this seminar possible. i wish you a most productive seminar.

ksenia yudaeva : the policy of the bank of russia for ensuring financial stability in an environment of economic recovery speech by ms ksenia yudaeva, deputy governor of the bank of russia, at the forum on financial stability " the policy of the bank of russia for ensuring financial stability in an environment of economic recovery ", moscow, 13 april 2017. * * * dear colleagues, it is my pleasure to welcome you all to the forum on financial stability, which has by now become a tradition. in the last few quarters we have witnessed the beginnings of fundamental change in both the economy and financial markets. the economy has adapted to balance of payments shocks and started on a path of recovery, and the level of volatility in financial markets has gone down significantly. the relatively calm climate we now find ourselves has led to a decrease in risks that had been building up, but such a climate could nevertheless bring in new risks and lead to the creation of so - called bubbles in certain markets. the bank of russia must continue to be on the alert, and ready to adopt the necessary measures as they are called for. and so, through our analysis of the potential for implementing macroprudential instruments and macroprudential stress testing, that is exactly what we are doing now. myself and a number of my colleagues will be delving deeper into these issues, and i would like to take this opportunity to highlight a few myself. i will be talking about issues like the present state of the russian economy and the impact this has on financial stability ; key challenges facing the world today ; the current situation in the banking sector ; and finally i would like to go into more detail on some policy measures undertaken by the bank of russia for the express purpose of mitigating risks in the russian financial system as a whole. 1 ) on key risks and the current state of the russian economy first of all i would like to draw your attention to a number of improvements in the russian economy that began to take place in 2016. gdp moved into growth from the third quarter of 2016, and we expect that the positive effects of this change will continue to be felt. according to our assessment, the gdp will see growth of 1 - 1. 5 % in 2017, and 1 - 2 % in 2018 – 19. it is worth noting that in recent years indices of business activity have grown considerably and now sit at the highest levels of the last 9 years : in industry the pmi rose from 49. 8 points in
disposal for questions.

. over a longer horizon, we remain concerned about the sustainability of global economic growth being undermined by persisting imbalances. this relates, in particular, to the sustainability of public finances and to external imbalances in some regions of the world. recent inflation rates, measured by the hicp, developed broadly as anticipated. the annual rate of inflation was 2. 1 % in october, according to eurostat ’ s flash estimate. it thus remained unchanged from august and september. when looking ahead over the shorter term, it appears that inflation rates may continue to hover around this level for several months to come and, hence, may not fall as quickly and strongly as had been expected up to the summer. three factors can be identified as contributing to this stickiness of inflation rates. first, in the remainder of 2003 and early 2004, unprocessed food prices could imply some limited upward pressure as a consequence of this summer ’ s heat wave. second, oil prices remain higher than expected, owing to political uncertainties in the middle east. last but not least, in the course of 2004, planned increases in indirect taxes and administered prices in some euro area countries will have an upward impact on inflation. however, when taking into account more lasting factors, we continue to expect inflation rates to moderate over the medium term and to develop in line with price stability. this expectation is based on the assumption that wage developments will not be affected by the current inertia of inflation rates, and will remain moderate in the context of a gradual economic recovery. moreover, the past appreciation of the euro should continue to dampen price pressures. these views are also reflected in recently released forecasts. at the same time, inflation expectations warrant close monitoring. turning to the monetary analysis, after an extended period of strong m3 growth, liquidity in the euro area remains ample, despite a certain slowdown in monetary expansion over recent months. this situation of persistently more liquidity than is needed to finance non - inflationary economic growth reflects past portfolio shifts, precautionary savings and the low level of interest rates. the low level of interest rates also supported the annual growth of loans to the private sector, which fluctuated between 4½ % and 5 % in recent months. at the current juncture, the accumulation of excess liquidity is not of concern for price stability, given the economic outlook. however, if it were to continue in conjunction with a significant strengthening of economic activity, it could lead to
and gentlemen, we are living in difficult times that are marked by a big shift in the structure of the world economy. this shift harbours the potential for further prosperity but countries have to adapt to the new environment. and here it seems that many advanced economies are lagging behind. this is especially true for europe. policy makers have to come up with a credible solution to address the sovereign debt crisis and its underlying structural deficiencies. the experience of germany and a number of emerging economies shows that reforms pay off in the end. bis central bankers ’ speeches

to draw new insights, consider relevant initiatives and emulate best practices in your respective jurisdictions. i also note that a diverse mix of participants including from the private sector has registered for the workshop which no doubt will enrich the discourse this week. having both the public and 2 / 3 bis central bankers'speeches private sectors on the same platform would help to cement the shared responsibility mindset and synergise our efforts in addressing the ml / tf / pf risks. finally, let me thank the apg secretariat for coordinating this workshop. special thanks as well to all speakers, moderators, and participants that took their time to be with us for the next three days. with that, i wish all of you a successful and productive workshop ahead. 1 rusi, 5 years of growth of public - private partnership to fight financial crime, august 2020 2 fatf guidance on pf risk assessment and mitigation 3 uk national risk assessment of proliferation financing 4 mitigating the unintended consequences of the fatf standards 3 / 3 bis central bankers'speeches
do we foresee? are our frameworks helping us to manage climate, demographic or technological change? are we strengthening our stocks of economic capital? are we building economic resilience and helping communities to manage economic transitions ahead? there will of course be debate about priorities and choices but we need to make sure we are making decisions in the best possible way, and that we are analysing the options through the most effective lens. these questions are not only relevant to ireland nor only to the eu. they ’ re relevant to anyone who is interested in good public policy and good economics. they are questions that economists and policymakers need to address. they do not diminish the importance of macroeconomic stability and sound public finances, nor the fact that the composition of expenditure and investment matters, that properly functioning markets matter, that a well - regulated financial system matters, that price signals matter and that incentives matter. in fact they emphasise that it all matters. 1 in my view, the raison d'etre of economics is good public policy. as nobel prize winner jean tirole wrote in economics for the common good, “ economics not only documents and analyses individual and collective behaviour ; it also aspires to recommend better public policy ”. economics is one of the most important tools in a policy adviser ’ s tool kit. 2 see for example why nations fail : the origins of power, prosperity and poverty by daron acemoglu and james robinson and the wealth and poverty of nations by david landes. 3 to highlight just a few, a contribution from a group of french and german economists in 2018, reconciling risk sharing with market discipline : a constructive approach to euro area reform, a martin, pisani - ferry and ragot paper from last month, reforming the european fiscal framework, another recent paper from blanchard, leandro and zettelmeyer, redesigning eu fiscal rules : from rules to standards and the return of fiscal policy and the euro area fiscal rule from vitor constancio in 2020. 4 the european fiscal board has argued along similar lines. see, for example, thygesen et al. ( 2020 ) : “ growth - enhancing expenditure needs to be protected. the crisis underlined how certain items of government expenditure that are essential to support growth, such as investment, have declined over time, especially during periods of fiscal consolidation. this expenditure therefore needs an effective shield in the future, notably by allowing certain increases in investment when assessing compliance

with the expenditure rule ”. the european commission made similar points in its own review ( eu commission, 2020 ). 3 / 3 bis central bankers'speeches