samchain/econo-pairs-v2 huggingface dataset:
that ’ s for banks to prepare for themselves. 2 / 3 bis central bankers'speeches but if they repay, that would tighten financial conditions? well, that ’ s part of many business decisions that banks are taking. our job is to look at the outcome in terms of financial conditions and to see if it ’ s proper in terms of the monetary conditions that we want to see. so it ’ s one issue. but it ’ s only one argument among many others. are you talking to the banks to have an idea of what they ’ ll do so that you can prepare yourself also for the balance sheet? yes, we are, of course. and we are talking to our supervisory colleagues because that ’ s what they do : talk to banks. benoit cœure, how much does the personality of the president actually influence the decision of the governing council? well, that ’ s an interesting question. the governing council is a collegial body ; the president has to be in a position to filter information out of the diversity of the governing council and to build consensus, which the presidents so far have been able to do and have done very well. it is important to be in a position to build consensus. how can you see the dynamics of the council changing once president draghi leaves? i don ’ t see the dynamic of the council changing very much. we have a diversity of individuals and that ’ s why we have a governing council. it ’ s right because we need to filter out the diversity of views in europe. that ’ s what the governing council is there for. benoit cœure, you said that you will continue to work for europe and you don ’ t exclude any possibility. if you were offered the top job – president of the ecb – would you accept? yes, who wouldn ’ t? but it ’ s really not for me to decide, it ’ s not for me to reflect on. i want to continue to be useful. there are many opportunities. i have a job at the ecb until the end of the year, so it ’ s really not for me to have that discussion. benoit cœure, thank you so much for joining us right here at of course davos, world economic forum 2019. 3 / 3 bis central bankers'speeches

christine lagarde : ecb press conference - introductory statement introductory statement by ms christine lagarde, president of the european central bank, and mr luis de guindos, vice - president of the european central bank, frankfurt am main, 27 october 2022. * * * 1 / 1 bis - central bankers'speeches
”, temi di discussione, 700, banca d ’ italia, january. reinhart, c., m. k. rogoff and m. s. savastano ( 2003 ), “ debt intolerance ”, brookings papers on economic activity, 1. savona, p. ( 2010 ), “ un parcheggio per i debiti pubblici del mondo ”, il messaggero, 18 febbraio. visco, v. ( 2010 ), “ come salvarsi dalla deflazione ”, il corriere della sera, 13 luglio. wyplosz, c. ( 2010 ), “ eurozone reform : not yet fiscal discipline but a good start ”, vox, 4 october.

monetary policy but all available measures. iv. concluding remarks i would like to conclude this speech by briefly touching on the economy of gunma prefecture. the pick - up in the prefecture ’ s economic activity has come to a pause, and its economy remains more or less unchanged, owing to the prolonged deceleration in overseas economies. compared with other prefectures in japan, however, economic conditions in the prefecture are favorable on the whole, led by a healthy transportation equipment industry. as for the outlook, gunma prefecture ’ s economy is likely to pick up moderately again as overseas economies start recovering and as exports increase. the prefecture enjoys a strong industrial foundation, with regional characteristics such as a very low vulnerability to natural disasters including earthquakes, bountiful water resources, and good access to the tokyo metropolitan area. due mainly to vigorous promotion by the prefectural government and cities of the advantages of gunma prefecture as a convenient site for corporate back - up facilities, the number and area size of new factories in the prefecture have reached the highest levels in japan for the past several years. furthermore, gunma prefecture has great potential in the area of tourism. the prefecture enjoys ample resources including rich natural surroundings such as the famous oze marsh, historic and cultural assets such as the tomioka silk mill – which has applied to join the world heritage list – and the major hot spring resorts of kusatsu, minakami, ikaho, and shima. regional efforts have been made to attract more tourists to the prefecture from all over japan and abroad. i hope that these and other efforts will promote even further the development of tourism in gunma prefecture. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
in our decision - making what should constitute responsible and efficient management of private and public matters : accumulating buffers in good times so they can be used in hard times. and this applies not only to lenders, but also to borrowers and, above all, to those responsible for managing economic policies, including myself. contributing transparency and rigour to the establishment of this culture of stability is part of the mission entrusted to the banco de espana as an independent institution at the service of the community. thank you for your attention. 17 / 17

much during demand slowdowns as it did not, for example, right after the financial crisis, so that an expansive fiscal policy together with accommodative monetary policy can achieve macroeconomic stability more effectively. macroprudential policy is crucial as well. in a low - growth low - inflation environment, financial imbalances are likely to build up as the monetary policy tends to mainly aim at economic recovery. to secure financial stability － another important goal of monetary policy － it is indispensable to coordinate monetary policy with macroprudential policy. honored guests, ladies and gentlemen! due to the recent changes in economic structures and financial environment, our monetary policy is facing new challenges never experienced before. i look forward to seeing here － through the active exchange of your views for two days － many policy options proposed to help overcome the challenges that monetary policy is facing. and i hope that all of us, at the end of the conference, will have gained some profound insights about how central banks will continue to evolve into the future. thank you. 2 / 2 bis central bankers'speeches
francois villeroy de galhau : new year wishes 2023 new year wishes to the paris financial centre by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), paris, 5 january 2023. * * * allow me to extend my warmest wishes for 2023 on behalf of the banque de france and the acpr. i don't know if i dare wish you, or wish us, a year free of shocks after those of 2020, 2021 and 2022. this past year has been marked by a climate of uncertainty, exacerbated by russia's war in ukraine and the energy crisis. it has also seen increased financial market volatility, compounded by the turmoil in the cryptoasset universe. in this unstable environment, i would like to make two double wishes for 2023 : 1 ) less inflation and more stabilisation. activity has, until now, proved more resilient than expected, which is good news ; however, inflation must not become entrenched. it is the number one concern for french people, and defeating it is our number one mission. it fell in december to 6. 7 %, which is encouraging but still not enough. it should peak in the first half, before declining towards 4 % by the end of this year. but our forecast, and our commitment, is that inflation should be brought down towards 2 % by end - 2024 to end - 2025. to achieve this, after raising interest rates to close to the " neutral interest rate " of 2 % in december, we are now embarking on the second phase towards monetary stabilisation : ideally, it would be good to reach the right " terminal rate " by next summer, but it is still too early to say what that level will be. we need to remain pragmatic and to be guided by observed data, including on core inflation, without getting fixated on overly mechanical rate hikes. we will then be prepared to remain at this terminal rate for as long as necessary : the sprint to raise interest rates in 2022 is now becoming more of a long - distance race, and the duration will count at least as much as the level. in parallel, we shall continue to focus on maintaining financial stability, helped by the strong resilience of french banks and insurers. in europe, 2023

develop a robust and resilient european ecosystem, capable of ensuring the continued sovereignty of our monetary and financial system. to achieve this, we will not hesitate to deploy our full range of actions and expertise, a range that we have enriched by recognising the importance of experimenting with the ecosystem. 4 / 4 bis central bankers'speeches
##point of the government ’ s target range. this is consistent with our expectation that inflation will settle within the target range of 2 – 4 percent in 2017 and 2018. this environment gives us a sound basis to be optimistic about the philippine economic outlook. we believe that the economy can attain its gdp growth target of 6. 5 - 7. 5 percent for the year, and remain a source of strength for the asean region. moving forward, our fundamentals will serve as the spring of resilience in the economy amidst the external headwinds. in addition, our young and dynamic work force is teeming with potential as a source of labor productivity and quality. both our fiscal and monetary sectors also have ample policy space to respond to the materialization of exogenous shocks. we have room to accelerate government spending to build needed infrastructure, generate jobs and support economic growth. at the same time, the monetary authorities have the flexibility to adjust policy, if needed, to sustain price and financial stability without sacrificing economic activity. in other words, investors can expect not only sources of value but also anchors of stability in investing in the philippines. thus, our country will continue to provide a conducive business environment and outstanding value to investors. conclusion ladies and gentlemen, in this time of uncertainty, better and stronger global cooperation is the best way forward. it is up to us to calibrate, adjust and evolve the means by which we connect our shores and advance our exchanges. i hope therefore that through this summit, the partnership between the eu and asean will work toward achieving collective resilience and renewed growth, amidst diversity and asymmetry in economic conditions. i wish you all a successful and productive summit. thank you and mabuhay! 2 / 2 bis central bankers'speeches

2024 [ that ] it is poised to have the slowest growth in global trade of any fiveyear period since the 1990s. the trade disruptions have caused the kind of supply shocks across the world that have led to the highest global inflation rates in decades. 2 / 3 bis - central bankers'speeches in the case of the philippines, our inflation rate rose to 8. 7 percent in january 2023. to tame this inflation, central banks around the world, including the bsp, have had to raise interest rates. we hope that diplomatic channels can help prevent further economic fragmentation and maybe even repair the existing one. let me close by restating the obvious. the consular corps of the philippines is an important partner in building economic bridges that connect the philippines to the nations that you represent. we need to continue to build bridges for both trade and finance. together, let us continue to nurture our bond of friendship. let us keep the bayanihan spirit alive as we move towards a more resilient and inclusive philippine and international financial system. thank you very much. maraming salamat po. 3 / 3 bis - central bankers'speeches
the first step of understanding the nature of organizational culture. these three concepts — “ connect, ” “ convene, ” and “ catalyze ” — will continue to be our guiding principles on the issue of culture as we build on our current work and explore new initiatives. like addressing cyber risks and climate change, the journey toward reforming culture in the banking and financial services industry is a long one. and there ’ s no single action that a regulator or a bank can take to make it happen. getting it right is going to require the will and expertise of regulators, financial services firms, academics, and practitioners. and while changing organizational culture is a long - term, complex, and challenging task, i ’ m optimistic that we can and we will make progress. and the federal reserve bank of new york is committed to being a partner on that journey. thank you. 3 / 3 bis central bankers'speeches

its power and means ) to contribute to financial stability, without interfering with the performance of its monetary policy tasks. third, the new body responsible for macro - prudential supervision in the eu should be independent in carrying out its tasks and pursuing its objective of assessing and regulating systemic risk. the fact that the esrb will be responsible for the assessment of systemic risks and the formulation of pertinent policy recommendations, and that it will not be involved in the implementation of these recommendations strengthens the argument for its policy independence. fourth, the effective performance of macro - prudential supervision in the eu will require addressing a number of legal, institutional and governance issues. there are two key requirements for the successful functioning of the esrb : the first is the establishment of a comprehensive and relevant information base as well as effective information - sharing and cooperation between the esrb and the european supervisory authorities. the second is that suitable and sufficient mechanisms are in place in order to ensure the implementation of the macro - prudential recommendations. finally, i should emphasise that the ecb is actively preparing, in collaboration with the national central banks, in order to provide the appropriate analytical statistical and administrative support to the esrb.
##ize. the financial landscape will change, and we cannot know how. while i have outlined some things to expect and some not to expect, uncertainty will persist for quite some time. the task for financial institutions is to deal with the uncertainty 4 / 5 bis central bankers'speeches surrounding brexit as efficiently as possible. as regards the course of the negotiations, we should bear in mind that economic rationale might not be the main guiding principle – and will certainly not be the only one. this means that companies have to factor in the possibility that the final deal will not prioritise the economy – or that, in a negative scenario, both sides might not agree on any deal at all. but whatever happens in terms of our future relations, it is vital to remember that lax financial rules have often paved the route to failure. the outcome became painfully apparent in the financial crisis that erupted just under a decade ago, and its costs are still being felt. none of us wants to see such events again any time soon. and preserving the progress we have made in increasing the resilience of financial institutions is the only way to ensure this. thank you for your attention. 5 / 5 bis central bankers'speeches

of the social security system be safeguarded on a permanent basis. summary generally speaking, major reforms were initiated last year to counteract the weak economic growth in germany. however, i think they are not sufficient. in my opinion, what is now important is to avoid being lulled into a feeling of security through the emerging cyclical revival. there is still considerable need for action and reform to improve long - term growth perspectives.
build awareness and education of fintech in seychelles. i look forward to the diversity of thought and richness of the debate on the topic and wish you all fruitful deliberations. to the international guests, it is a pleasure to have you with us, and i hope that you also have the opportunity to explore our beautiful country. thank you. 3 / 3 bis central bankers'speeches

solutions. similarly, our current financial landscape is also having to change to accommodate the opportunities brought about by the advances in technology and rise of the digital era. the use of 1 / 3 bis central bankers'speeches innovative technology in the design and delivery of financial services and products is transforming the way we transact and most importantly, the way money is presented. in seychelles however, there is still some level of reticence among much of our population to move towards newer technologies. a tour of town at 7. 30 in the morning on any given day will show long queues outside the banks, of clients waiting for bank opening hours to either withdraw or deposit cash, although there are atm facilities and an increasing number of merchants avail their customers the use of pos machines for instant payment. although the level of fintech in seychelles still has some way to go to get to the highest possible level, there is no mistaking the growing interest in harnessing the possibilities. in 2014, the central bank of seychelles issued a telecom provider, airtel seychelles, with a license to offer mobile money transfers – the first license issued by the institution to a payment service provider offering a service based on a fintech solution. since then, the central bank has initiated a number of projects as part of efforts to encourage innovation in the payments sphere. these would include : the drafting of the e - money regulations which will set the licensing framework to introduce emoney issuers. an amendment to the foreign exchange act which will enable entities licensed under the national payment systems act and the e - money regulations ( once in effect ), to conduct cross border transactions and engage in the selling and buying of foreign exchange. the reformation of the national payments council so as to act as a conduit to promote innovation in the payments sphere. as the sole institution with the mandate of ensuring financial stability, the central bank of seychelles has, for some time, realised that it needs to further understand the dynamics of the phenomenon, which has given rise to technological innovation such as biometric authentication, mobile money and wallets, cloud computing, cross border remittances, blockchain technology, big data, to name but a few. most importantly, it is imperative that the bank understands the impacts that fintech has on the financial institutions falling under its regulatory purview and subsequently, on the stability of the financial system. fintech is challenging what had become a slow paced and conventional industry, transforming it into a dynamic and vibrant ecosystem.
radovan jelasic : payment card business in serbia speech by mr radovan jelasic, governor of the national bank of serbia, at the round table discussion on payment card business, belgrade, 17 september 2008. * * * distinguished members of the press, colleague bankers and hosts to this event, i would like first of all to warmly thank the organizers of this round table on payment card business for the invitation to give introductory speech and to take part in the discussions during this event. payment card business, together with the overall system of payment operations, represents the backbone of a stable and efficient financial industry of any market. supervision of these operations in serbia, however, is under the remit of the national bank. recently, we have been witnessing major, both technological and regulatory changes in the domain of payment card business equally in europe and worldwide. its significance in some economies has met and even exceeded that of payments in cash and has consequently grabbed the attention of financial market regulatory authorities and central banks. perhaps the most significant decision in this domain is the one taken by the master card ( under supervision, not to say pressure, of the european antimonopoly commission ) to cut down cross - border interchange fees down to the zero level, and hence open up a new era in the relations between payment card systems, financial market regulatory authorities, banks and traders in europe and worldwide. besides, the initiative of the european commission and the european central bank to develop a new european payment card system within the implementation of the sepa agreement ( if you ’ ll permit me to boast a bit, following in the footsteps of our “ dina card ” ) and to do so now when visa and master card have already established strong positions for themselves, shows how important payment cards have become for the stability of payments systems, not only from the financial, but also from the social point of view. today, we shall also attempt to discuss current issues prevailing in our economy. one of the topics of discussion ( and often a bone of contention ) between the nbs and commercial banks in the course of several recent years has been the treatment of payment cards and debit card overdrafts. i sincerely hope we shall see further discussions on this matter as they strongly contribute to the improvement of the quality of the system. on our part, i wish to reaffirm the position of the nbs to continue its best efforts begun six years ago to promote further intense development of the card business in serbia.

for banks in the medium and long run.