README.md

metadata

tags:
  - sentence-transformers
  - sentence-similarity
  - feature-extraction
  - generated_from_trainer
  - dataset_size:45044
  - loss:CoSENTLoss
  - economics
  - finance
base_model: samchain/EconoBert
widget:
  - source_sentence: >-
      a consumer protection point of view, including through remuneration
      arrangements. failure to manage conduct risks can expose a financial
      institution to a variety of other risks which, if not managed properly,
      can threaten its solvency and sustainability. the regulatory regime for
      market conduct therefore provides a framework for the identification and
      management of conduct risk as a complementary framework to prudential
      regulation. this is part of the motivation for rigorous coordination and
      cooperation arrangements between the pa and the fsca envisaged by the
      financial sector regulation bill aimed at ensuring that all risks are
      holistically managed within an overarching financial stability policy
      framework. strengthening conduct in wholesale otc markets another
      initiative has been the development of a code of conduct for south african
      wholesale over - the - counter ( otc ) financial markets in a
      collaborative effort between regulators and key market participants. i
      will return to this aspect later. against the background of various
      investigations undertaken in many foreign jurisdictions in relation to
      foreign exchange market manipulation, the sarb and the fsb launched a
      review bis central bankers ’ speeches of the foreign exchange trading
      operations of south african authorised dealers in october 2014. as the
      rand is a globally traded currency, the aim of the review was to establish
      whether there may have been any spillover into our markets in relation to
      any misconduct or malpractice. it is important to note that, unlike in
      other jurisdictions, the south african review was not informed by whistle
      - blowing or any allegations – or indeed concrete evidence – of any
      misconduct. we had no evidence of widespread malpractice in the south
      african foreign exchange market but felt that, given the broad - based
      nature of investigations in other jurisdictions ( which also involved
      trading in emerging market currencies ), it would be prudent to obtain
      comfort that our foreign exchange trading practices were in line with best
      practice. it was therefore a proactive step on the part of south african
      regulators. the foreign exchange review committee established for this
      purpose – chaired by former senior deputy governor james cross, who is
      with us today – released its report in october 2015. the committee
      reported that it had found no evidence of manipulation or serious
      misconduct in the domestic foreign exchange market during the period
      covered by the review, but that there was scope for improvement in
      relation to governance and conduct. the committee also recommended that
      legislation be enhanced to give market conduct regulators wider powers to
      strengthen enforcement. south african regulators are in conversation with
      each other on how best to give effect to the implementation of the
      recommendations. there was also the recommendation
    sentences:
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        luigi federico signorini : g20 sustainable finance working group private
        sector roundtable welcome address by mr luigi federico signorini, senior
        deputy governor of the bank of italy, at the g20 sustainable finance
        working group private sector roundtable, online event, 17 may 2021. * *
        * welcome, and a good day to you all. i am happy to open the private
        sector roundtable, an event promoted by the g20 presidency and by the
        chinese and american co - chairs of the sustainable finance working
        group. the roundtable will focus on the role of finance in helping fight
        climate change and promoting lowcarbon transition. the g20 finance
        ministers and central bank governors recently recognised the need to ‘
        shape the current economic recovery by investing in innovative
        technologies and promoting just transitions toward more sustainable
        economies and societies ’. low - carbon transition is urgent and must be
        accelerated : the later we act, the greater the costs. it requires an
        unprecedented and unremitting effort. while quantitative estimates vary,
        the investments needed for transition are certainly huge ; they need to
        be sustained for a long time. governments have a central role in that
        they need to point the way by adopting an appropriate policy framework.
        a clear and credible path for government regulatory and fiscal action is
        also a prerequisite for efficient choices on the part of private
        finance. indeed, while many governments will directly invest their own
        money in many countries and mdbs will play their part, it is likely that
        the private sector will be called upon to finance most transition
        investment. there will be no transition without a general awareness of
        the need for it and a willingness, even a desire, to finance it. there
        are in fact quite a few encouraging signs. since last year, we have seen
        an explosion of ‘ net - zero commitments ’ in the private sector —
        though such commitments ( i am told ) are still confined to one sixth of
        publicly listed companies globally. at the same time, the appetite of
        ultimate investors and asset managers for ‘ green ’ investment is
        growing fast. i am sure many in the audience will have a clear
        perception of this fact. however, the path is still fraught with
        difficulties. on the market side, while sustainable finance is
        increasingly popular, it suffers from a lack of clear definitions and
        standards. ‘ greenwashing ’ is a danger ; good data, an agreed taxonomy,
        and adequate company disclosure are necessary. global consistency is
        important, as fragmentation of standards across jurisdictions is
        confusing for investors and costly for companies. standards are
        currently being drafted
      - >-
        later, by more. so we raised interest rates through the second half of
        last year - and again in june - trying, as best we could through our
        tactics, to minimise any further unwanted upward pressure on sterling.
        but things have now clearly moved on. the outlook for the world economy
        deteriorated further through the summer under the impact of a series of
        new shocks. japan, the world ’ s second largest economy, slipped further
        into recession. russia - which had only weeks earlier embarked on an imf
        program - saw the collapse of the rouble and default on its debt. and
        acute nervousness spread through many of the world ’ s financial
        markets. although there has been some improvement in sentiment over the
        past month or two, and although the us and european economies continue
        to expand, the likelihood remains that world economic growth will be
        significantly slower than had been expected earlier in the summer.
        slower growth of world activity is bound to prolong the restraining
        external effect on growth and inflation in the uk, even though the
        exchange rate has now started to weaken. at the same time there are also
        now clearer signs of overall slowdown in our own economy. the evidence
        for this is less obvious in the backwards - looking economic and
        monetary data than it is in the forward - looking surveys, but even so
        the data suggest that we are beginning to see an easing of pressure,
        including an easing of pressure in the labour market. and the surveys
        themselves now point to a slowdown in service sector growth, including
        retail distribution, as well as a sharper decline in manufacturing
        output. this prospect is consistent with the reports which we receive
        directly from the bank ’ s network of regional agents and their 7000 -
        odd industrial and commercial contacts around the country. of course we
        pay very careful attention to this forward - looking evidence of
        developments in the economy alongside the data, and, like others, we
        have revised down our forecasts for output growth and inflation. and we
        have eased monetary policy quite sharply in the past two months, in the
        light of that evidence. our current best guess - published in last week
        ’ s inflation report is that, after the interest rate cuts, the growth
        of overall output next year will be around 1 %, picking up through the
        millennium to around trend in the second half of the year 2000.
        meanwhile, we expect underlying inflation to remain close to the target
        rate of 21 / 2 % - though perhaps a little above that rate during the
        course of next year. now no - one likes to see the
      - >-
        daniel mminele : conduct and culture in the banking and financial
        sectors opening address by mr daniel mminele, deputy governor of the
        south african reserve bank, at the g - 30 forum on banking conduct and
        culture, pretoria, 18 february 2016. * * * governor kganyago ( sarb ),
        governor sithole ( central bank of swaziland ), deputy governor mlambo (
        reserve bank of zimbabwe ), deputy governors, groepe and naidoo ( sarb
        ), second deputy governor sullivan ( central bank of seychelles ), sir
        david walker ( vice chair of the group of thirty steering committee ),
        dr stuart mackintosh ( executive director of the g30 ), ms maria ramos (
        chief executive officer of barclays africa ), the leadership of banks
        and other financial institutions, panel members, and esteemed delegates.
        it is a privilege and an honour for me to welcome you, on behalf of
        south african reserve bank ( sarb ), to this forum on banking conduct
        and culture, which we are co - hosting with the g30 and barclays africa.
        the g - 30 has, over the years, played a significant role in bringing
        together members of the banking, financial and regulatory community to
        discuss issues of common concern and examine the choices available to
        market practitioners and policymakers. given the enormous trust deficit
        that has built up since the global financial crisis, the topic of
        conduct and culture is of great importance and highly relevant to the
        global banking and financial sector. bankers have always had a delicate
        relationship with the societies they serve. it would appear that, at any
        point in time, it is almost a national sport across the globe to take a
        swipe at bankers. mark twain famously said : “ a banker is a fellow who
        lends you his umbrella when the sun is shining and wants it back the
        minute it begins to rain. ” and j m keynes asked : “ how long will it
        take to pay city men so entirely out of proportion to what other
        servants of society commonly received for performing social services not
        less useful or difficult? ” we would be terribly misguided to treat the
        current wave of discontent and deep mistrust as just another wave that
        will eventually subside. the most recent global financial crisis, from
        which almost nine years later we are still struggling to recover, shook
        the very foundations of our financial system and almost caused its total
        meltdown. in a nutshell, the crisis was about failures in conduct,
        culture, and supervisory practices. the consequences
  - source_sentence: >-
      of our central bank distribution scheme have grown in number to embrace
      the physical quality of notes in circulation and the denominational mix.
      the last of these – denominational mix – poses the biggest challenge, but
      in the uk i believe we now have evidence to support the business case for
      atm and retailer dispense of £5s. and, finally, i am sometimes asked why
      this matters to the bank of england? after all, i can assure you that in
      the current financial conditions we are not short of difficult challenges.
      the answer is simple. we should not forget that our job is to ensure that
      confidence in our currency is maintained – and crucial to that is
      satisfying the public ’ s demand for our notes.
    sentences:
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        ##factory ". but the two clouds are moving towards us. so let us examine
        them. the outlook for the world economy has deteriorated markedly in
        recent months as a result of the sudden slowdown in the united states
        and signs of renewed stagnation in japan. the speed of the deterioration
        was a surprise, but not the fact of a slowdown. last year saw the
        fastest growth rate of the world economy for twelve years. growth in the
        us reached an annual rate of 6 % in the second quarter of last year,
        well above even optimistic estimates of sustainable growth rates. a
        slowdown was not only inevitable ; it was desirable. the main surprise
        in the us was the sharp and sudden break in both business and consumer
        confidence. us manufacturers'optimism is now almost as low as it was in
        1991 - the last time the us economy experienced a recession. consumer
        confidence also fell sharply in january, driven by marked pessimism over
        the short - term future. quite why this break in confidence should have
        been so rapid is not easy to understand. and its origins will largely
        determine the nature of the us downturn. on the one hand, greater use of
        information technology to economise on inventories may have led to
        shorter lags between changes in final demand and changes in output. if
        so, then it is possible that the speed of the downturn will be matched
        by the speed of the recovery, leading to a short - lived episode of
        output growth close to zero as the result of an inventory correction. on
        the other hand, the slowdown could be much more protracted if the
        imbalances in the us economy which have built up in recent years start
        to unwind, leading to a reduction in spending as both households and
        businesses seek to reduce the amount of outstanding debt on their
        balance sheets. the key to the nature of the us downturn is what will
        happen to productivity growth. over the past five years there has been
        accumulating evidence that the application of information technology has
        raised productivity growth in the us economy - the " new economy ".
        expectations of higher productivity growth increased demand by more than
        it raised supply initially, as firms invested in new technology and
        households anticipated higher future incomes. as a result, spending grew
        rapidly, outstripping supply and large imbalances emerged. the current
        account deficit in the us is now close to 5 % of gdp, a post - war
        record. it is sustainable as long as foreigners are prepared to finance
        it. so far, the profitability of
      - >-
        83 6. 06 27. 05 39. 42 37. 59 kccs ( no. in lakh ) 243. 07 271. 12 302.
        35 337. 87 82. 43 gcc ( no. in lakh ) 13. 87 16. 99 21. 08 36. 29 22. 28
        bc - ict accounts ( no. in lakh ) 132. 65 316. 30 573. 01 810. 38 677.
        73 ict accounts - bc - total transactions ( no. in lakh ) 265. 15 841.
        64 1410. 93 2546. 51 4799. 08 bis central bankers ’ speeches
      - >-
        core business and therefore set out to develop the expertise required to
        finance the smes successfully. fairly often the discussion on sme
        financing is reduced to two diametrically opposed positions. on one
        hand, smes are considered by banks as representing a high risk and
        therefore, should be avoided or only dealt with cautiously and at a
        premium price. on the other hand, banks are accused of being inflexible
        and risk averse and consequently irrelevant to the sector. it is
        important to understand where the truth lies in these two statements in
        order to advance the cause of sme financing. firstly, it is a fact that
        smes present higher credit risk than well - structured corporate
        entities. smes may not have proper accounting records, may have severe
        governance issues which undermine accountability, have poor access to
        markets, poor skill levels including financial illiteracy by promoters,
        lack collateral which the lender can rely on in the event of failure,
        may not even exist in an appropriate legal form and even the assessment
        of the viability of a project might be difficult. lending to smes can be
        a lenders nightmare for bankers. but it is also true that banks which
        are structured to deal with corporates are risk averse and inflexible
        when they deal with smes. often when they bring inappropriate risk
        assessment tools, they may focus too much on collateral rather than
        project viability. they may even regard sme financing as peripheral to
        their business. because of their limited knowledge of smes, they
        experience failure which itself reinforces the notion that smes are
        risky. what we want are financing institutions that are structured to
        respond to the unique characteristics of smes. specialised sme lending
        institutions are more likely to handle the risk problem presented by
        smes as a challenge to be overcome with appropriate products and credit
        risk management strategies and not as a basis for inaction or avoiding
        the sector altogether. in short, lending strategies which ensure success
        with corporates do not necessarily ensure similar success with smes.
        appropriate sme financing institutions must at the very least make
        lending to smes the core business. the second area of reflection that i
        would urge this meeting to consider is that of building appropriate
        financing models that have been shown to work in africa or other
        developing countries so that we all benefit from the best practices
        available. in south africa, for instance, franchising which allows the
        use of brand names and building capacity have been an bis central
        bankers ’ speeches important driver of sme financing since it reduces
        the perceived
  - source_sentence: >-
      and non - financial sectors take hold. these concerns are heightened by
      the recent upward shift in bond yields owing to the global " higher - for
      - longer " narrative and the flare - up of tensions in the middle east,
      which have added to the uncertainty surrounding the outlook. after a
      period of lower market volatility until august, the rising prospect of
      higher - forlonger rates has started to weigh on riskier asset valuations
      in recent months. risk sentiment in markets remains highly sensitive to
      further surprises in inflation and economic growth. higher than expected
      inflation or lower growth could trigger a rise in market volatility and
      risk premia, increasing the likelihood of credit events materialising.
      this brings me to the vulnerabilities in the non - bank financial sector.
      as regards credit risk, some non - banks remain heavily exposed to
      interest rate - sensitive sectors, such as highly indebted corporates and
      real estate. deteriorating corporate fundamentals and the ongoing
      correction in real estate markets could expose non - banks that have 2 / 4
      bis - central bankers'speeches invested in these sectors to revaluation
      losses and investor outflows. furthermore, low levels of liquidity could
      expose investment funds to the potential risk of forced asset sales if
      macro - financial outcomes deteriorate. corporate profitability in the
      euro area has held up well, but higher interest rates are weighing on the
      debt servicing capacity of more vulnerable firms. a weakening economy
      could prove challenging for firms with high debt levels, subdued earnings
      and low interest coverage ratios. real estate firms are particularly
      vulnerable to losses stemming from the ongoing downturn in euro area
      commercial real estate markets. in an environment of tighter financing
      conditions and elevated uncertainty, real estate prices have declined
      markedly. the effects of higher interest rates have been compounded by
      structurally lower demand for some real estate assets following the
      pandemic. although banks'exposure to these markets is comparatively low,
      losses in this segment could act as an amplifying factor in the event of a
      wider shock. euro area households, especially those with lower incomes and
      in countries with mainly floatingrate mortgages, are being increasingly
      squeezed by the higher interest rates. tighter financing conditions have
      reduced the demand for housing, putting downward pressure on prices. on a
      more positive note, robust labour markets have so far supported household
      balance sheets, thereby mitigating the credit risk to banks. spreads in
      government bond markets have remained contained as many governments
      managed to secure cheap financing at longer maturities during the period
      of low interest rates.
    sentences:
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        market. and if we are to raise our national economic vantage point and
        take advantage of the momentum coming into 2013, thrift banks need to
        consider lending more to this economic segment. i say this because msmes
        provide great employment opportunities. a healthier msme sector will
        help ensure our economic growth is broad - based and inclusive. thrift
        banks, however, must not just lend more in terms of nominal amounts. the
        challenge to the industry really is to ensure that such lending
        continuously creates further opportunities. in this way, msmes can be
        assured of viability, regardless of mandated credit programs. final
        thoughts friends, you want this convention to be a discussion on
        broadening your horizon, our horizon. in trying to look ahead, i took us
        through the more scenic route of our recent past. the numbers tell us an
        encouraging story of growth and consistency of economic and financial
        stability. however, the paradox of financial stability is that we may
        just be at our weakest when we believe we are at our strongest position.
        complacency often sets in when positive news is continuous and this is
        reinforced by encouraging market parameters. if we fall into this trap
        of complacency, we risk losing our focus. for the thrift banking
        industry, the growth trajectory that many are anticipating suggests even
        better times ahead. it is therefore in our collective interest, if we
        wish to truly broaden our horizon, to agree on a common vision where
        thrift banks have a definitive role to play. bis central bankers ’
        speeches in my remarks, i have suggested specific action points you may
        consider in order to accomplish just that, and over time broaden your
        horizon. i challenge the industry to 1 ) further improve credit
        underwriting standards for real estate and consumer loans and raise your
        vantage point by looking at your processes with the lens of financial
        stability, 2 ) interact with your clients and raise your vantage point
        by enhancing your practices with the heart of consumer protection and
        financial education, and 3 ) increase lending to msmes and raise your
        vantage point by lending with the mind to create greater value. but much
        more can be done. as the old board takes its place in ctb lore, your new
        board is now at the helm to guide the industry forward. it is never an
        easy task to move forward but rest assured that the bangko sentral ng
        pilipinas will be with you as we take that journey together into broader
        horizons. thank you very much and good day to all of you. bis central
        bankers ’ speeches
      - >-
        prices, which may also come under upward pressure owing to adverse
        weather events and the unfolding climate crisis more broadly. most
        measures of underlying inflation continue to decline. the eurostat's
        flash estimate for inflation excluding energy and food points to a
        further decline to 4. 2 % in october, supported by improving supply
        conditions, the pass - through of previous declines in energy prices, as
        well as the impact of tighter monetary policy on demand and corporate
        pricing power. at the same time, domestic price pressures are still
        strong and 1 / 4 bis - central bankers'speeches are being increasingly
        driven by wage pressures and the evolution of profit margins. while most
        measures of longer - term inflation expectations stand around 2 %, some
        indicators remain elevated and need to be monitored closely. the
        resilience of the labour market has been a bright spot for the euro area
        economy, but there are signs that the labour market is beginning to
        weaken. fewer new jobs are being created and, according to the latest
        flash estimate, employment expectations have continued to decline in
        october for both services and manufacturing. monetary policy based on
        our assessment of the inflation outlook, the dynamics of underlying
        inflation and the strength of monetary policy transmission, the
        governing council decided to keep the three key ecb interest rates
        unchanged at its october meeting. the incoming information has broadly
        confirmed our previous assessment of the medium - term inflation
        outlook. our past interest rate increases continue to be transmitted
        forcefully into financial and monetary conditions. banks'funding costs
        have continued to rise and are being passed on to businesses and
        households. the combination of higher borrowing rates and weakening
        activity led to a further sharp drop in credit demand in the third
        quarter of this year. and credit standards have tightened again. we are
        also seeing increasing signs of the impact of our policy decisions on
        the real economy. further tightening is still in the pipeline from the
        current policy stance, and it is set to further dampen demand and help
        push down inflation. we are determined to ensure that inflation returns
        to our 2 % medium - term target in a timely manner. based on our current
        assessment, we consider that the key ecb interest rates are at levels
        that, maintained for a sufficiently long duration, will make a
        substantial contribution to this goal. we will continue to follow a data
        - dependent approach to determining the appropriate level and duration
        of restriction. financial stability let me now turn to financial
        stability. in our upcoming financial stability review, we highlight that
        the financial stability outlook remains fragile as the gradual effects
        of tighter financial conditions on both the financial
      - >-
        the conservation of natural resources. it was only in the fitness of
        things that he delivered the inaugural address today. sir, we are
        overwhelmed by your insightful address and i am sure all of us have
        immensely benefited listening to his valuable views on a subject which
        is not only very dear to you but also so vital for the country ’ s
        economic growth. 4. i also note that the seminar includes several
        eminent speakers with vast experience on the subject. there are sessions
        on agricultural productivity, role of research and technology in
        improving agricultural productivity, linkages between productivity and
        farm income, incentivizing productivity enhancing investments, relation
        between credit growth and productivity growth and mitigation of risks in
        agriculture. in my address today, coming as do from the rbi, i would
        broadly focus on major trends / issues in agricultural productivity and
        credit, and the role of agricultural credit in improving agricultural
        productivity. i would also touch upon some of the steps that can yield
        results in the short - term. importance of agriculture 5. as you are
        aware, the recent indian growth story has been service - led. services
        sector has completely replaced agriculture, which was traditionally the
        largest contributor to india ’ s gdp. however, the fact that agriculture
        has the smallest share in gdp of only about 14 per cent today from a
        high of more than 50 per cent, does not belittle its importance for bis
        central bankers ’ speeches the indian economy. this is because first, as
        we all know, agriculture remains the largest employer having a share of
        around 60 per cent. secondly, it holds the key to creation of demand in
        other sectors and remains by far an important indirect contributor to
        india ’ s gdp growth. the agriculture sector needs to grow at least by 4
        per cent for the economy to grow at 9 per cent. thus, though having a
        small share, the fluctuations in agricultural production can have large
        and significant impact on overall gdp growth. thirdly, since food is an
        important component in basket of commodities used for measuring consumer
        price indices, it is necessary that food prices are maintained at
        reasonable levels to ensure food security, especially for the deprived
        sections of our society. in fact, food security is emerging as an
        important policy concern, and the role of agriculture in ensuring
        equitable access to food has added a new perspective for policy makers.
        trends in agricultural productivity 6. i would like to discuss certain
        trends in agricultural productivity in india. as is wellknown, the year
        1968 marked the beginning of a turning point in indian agriculture. the
        country
  - source_sentence: >-
      having a reserve currency may also be desirable for other reasons. first,
      with more reserve currencies available, portfolio diversification
      opportunities are enhanced. this is desirable because, all else equal, it
      would allow investors to move further out on the risk / return frontier.
      second, more currencies are likely to be close substitutes, which could
      dampen currency volatility. with many viable reserve currencies available,
      no particular one would necessarily have to bear the bulk of any
      adjustment. the dollar ’ s dominant reserve currency status has sometimes
      been referred to as the united states ’ “ exorbitant privilege, ” implying
      that the u. s. benefits extraordinarily from this privileged status. i ’ d
      argue that the situation is much more nuanced. yes, this status does allow
      the u. s. to benefit from seigniorage. more than half of all u. s.
      currency outstanding is held abroad. but, there are also costs of being
      the dominant reserve currency. for example, this can lead to shifts in the
      valuation of the dollar that are due primarily to developments abroad that
      affect risk appetites and international capital flows. in such cases, the
      dollar ’ s valuation can be pushed to levels inconsistent with u. s.
      economic fundamentals. for the united states, i believe that the most
      important goal must be to keep our own house in order. if we do this, then
      i expect that the u. s. dollar will earn the right to remain the most
      important reserve currency in the world. the united states has a number of
      advantages in sustaining the dominant reserve currency status of the u. s.
      dollar. first, there is a first - mover advantage. as the leading reserve
      currency in the world, there is no strong incentive for countries to move
      to other currencies as long as the dollar continues to have the attributes
      i discussed earlier. the history of reserve currency usage is
      characterized by considerable inertia. the u. s. dollar emerged as the
      leading reserve currency quite a bit after it became the world ’ s largest
      economy. typically, the loss of dominant reserve currency status requires
      either substantial economic decline or political instability that
      motivates foreign counterparties to shift to a new reserve currency.
      second, the u. s. has the deepest and most liquid capital markets in the
      world. this is important in making u. s. treasuries and agency mortgage -
      backed securities attractive holdings as part of countries ’ foreign
      exchange reserve portfolio
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        as those on student visas, are assumed to begin arriving early next
        year, subject to appropriate quarantine restrictions. but tourists and
        other short - term visitors will not be able to return until later. in
        the baseline and upside scenarios, we assume that the borders reopen in
        mid 2021. in the downside scenario, where the global spread of the virus
        does not subside as quickly, we assume the borders are closed for all of
        2021. it is always possible to construct other scenarios. the near term
        would be stronger if there were a major medical breakthrough on
        treatments soon. an effective vaccine would take a bit longer to be
        distributed, so it would mainly affect outcomes next year and the year
        after. but it could also result in a stronger recovery than we have
        assumed even in the upside scenario presented here. a worse outcome than
        our downside could be conceivable if the virus cannot be contained and
        further waves of infection occur around the world for some years yet.
        there are also plenty of other risks that can be contemplated ; we
        discuss some of these in the statement. geopolitical tensions were an
        issue even before the coronavirus outbreak, and could escalate further.
        the pandemic has also in some places exacerbated domestic political
        tensions. it is hard to know how these tensions will play out over the
        next couple of years. if they escalate, it is possible that some
        countries'recoveries will be derailed. domestically, there are also a
        number of uncertainties that go beyond the direct effects of the virus
        and associated activity restrictions. for example, we have assumed that
        households and businesses are quite cautious in their use of the fiscal
        and other cash flow support they have been receiving. it is possible
        that people spend more out of that support than we are assuming. it is
        even possible that some people do more to make up for the consumption
        opportunities that were not available during periods of lockdown and
        other activity restrictions. on the downside, the longer the economy
        remains weak, the more the recovery will be impeded by scarring effects
        on workers, the destruction of business supply networks and other
        lingering damage. what has changed in the past three months the
        scenarios presented in the past few months. statement incorporate
        several lessons from the experience of the first, the economic
        contractions induced by health - related restrictions on activity in the
        june quarter were very large. however, they were not quite as severe as
        initially expected. the peak - to - trough declines in output and hours
        worked
      - >-
        . norway was hit by oil price shocks in the following years and economic
        reforms were implemented in several areas. after a period it became
        clear that the central government budget would be in surplus and that
        transfers would be made to the fund. norway ’ s experience from its
        first 30 years as an oil - producing nation led to the introduction of
        the fiscal rule, which has been a key element of norwegian economic
        policy for the past decade. report no. 29 to the storting of 2001 laid
        down guidelines for the phasing - in of petroleum revenues into the
        norwegian economy, establishing two main principles : economic policy
        must contribute to stable economic developments and be sustainable over
        time. by linking petroleum revenue spending to the expected real return
        on the fund – and not to current petroleum revenues – the fiscal rule
        provided for a gradual and sustainable phasingin of the revenues. if we
        can restrict spending to the return, the fund will never shrink. norway
        will also be less vulnerable to fluctuations in current petroleum
        revenues. ( chart 8 : effect on the size of gpfg of change in oil price
        and return ) in the first ten years after the establishment of the
        fiscal rule, the pace of the fund ’ s growth was determined by oil
        prices. prospects in 2001 indicated that a 25 percent higher oil price
        over a 10 - year period would increase the size of the fund by almost
        nok 800 billion. uncertainty with regard to the return on the fund was
        far less important for growth. this situation will change as the fund
        grows and oil and gas production declines. from 2020 to 2030, the oil
        price will play a less prominent role for the size of the fund, while
        the return on the fund will be all the more important. in the initial
        years, the actual return, adjusted for inflation and costs, was close to
        4 percent. in recent years, with the financial crisis and the sovereign
        debt crisis, the real return has been lower, averaging about 2½ percent
        since 1998. source : lie, e. and c. venneslan : over evne.
        finansdepartementet 1965 – 1992 [ beyond our power. ministry of finance
        1965 – 1992 ]. pax forlag, 2010. see report no. 25 to the storting (
        1973 - 74 ) : “ petroleumsvirksomhetens plass i det norske samfunn ” [
        the role of petroleum activity in norwegian society ]. bis central
        bankers ’ speeches we should be careful about taking a rear -
      - >-
        , increasingly relies on price signals generated by trading activity
        that takes place daily in these markets. the reliance on secondary
        market trading for price discovery constitutes the fundamental
        difference between funds from securities markets and loans from banks.
        let me be a bit more specific. in securities markets, investment
        decisions are driven by prices that arise from a trading process that
        reconciles differential information from a diverse group of investors.
        in bank loans, investment decisions are based on the bank ’ s private
        information about specific borrowers. while a bank makes its own
        investment decisions, securities markets rely on the consensus of a
        multitude of investors. when securities markets work well, they provide
        efficient ways of aggregating information and allocating risks among a
        wide range of investors. in order to function well, however, these
        markets require a trading infrastructure. this infrastructure may
        consist of an exchange, a network of brokers and dealers, and a clearing
        system. these markets also rely on a cadre of relatively well - informed
        investors, who confidently judge asset prices and take positions on the
        – 2 – strength of their judgments. if the trading infrastructure fails
        or investors lose confidence, trading will grind to a halt. the global
        fixed - income markets are unlike equity markets. in equity markets,
        everyone knows something about the trading infrastructure, which is
        centralized in exchanges. thus, there is no question as to the focal
        point of trading information. but the importance of fixed - income
        markets, which are multiple - dealer, over - the - counter markets, is
        sometimes hard to appreciate because they are so decentralized. in the
        united states, the bond market is where companies have been raising most
        of their funds in recent years. during the last ten years, for example,
        u. s. nonfinancial corporations borrowed a net amount of $ 785 billion
        in the form of bonds, three times the net amount they borrowed from
        banks. over this same period, these companies as a group spent $ 600
        billion more to retire stock – through buybacks and mergers – than they
        raised in new offerings. accompanying these increased levels of debt
        market activity has been a continuous process of financial innovation.
        this innovation has served to unbundle different kinds of risk and,
        thereby, to enlarge the menu of risks that investors may choose to bear.
        for example, interest - rate swaps, futures and options help reconfigure
        various interest - rate risks. total return swaps and creditspread
        options are tools for reallocating the payment risks primarily of
        emerging market
  - source_sentence: >-
      education shocks arising from the pandemic could signify the largest
      reversal in human development on record, equivalent to erasing all the
      progress in human development of the past six years4. the risk of
      reversing progress in achieving financial inclusion is accentuating why
      financial inclusion matters now more than ever. optimising islamic finance
      for inclusive economic recovery policy and regulatory responses across the
      globe, and likewise in malaysia, have been focused on safeguarding
      economic resilience, managing risks to financial stability and minimising
      repercussions to society. this is done in tandem with the different stages
      of the pandemic – namely, containment, stabilisation and recovery. at the
      onset of the crisis, governments along with financial regulators have
      deployed sizeable stimulus packages and various assistance programmes in
      order to contain the crisis and stabilise the economy. this includes
      addressing demand and supply disruptions, maintaining cash flows and
      keeping workers employed. in malaysia, the total stimulus package amounted
      to usd 73. 55 billion ( rm3056 billion ) with an additional fiscal
      injection by the government totalling 1 / 4 bis central bankers'speeches
      rm45 billion. as at september 2020, a total of 2. 63 million workers and
      321, 000 employers had benefitted from the wage subsidy programme,
      involving an expenditure of rm10. 4 billion. to provide further stimulus
      to the economy, the bank has reduced the overnight policy rate ( opr ) by
      a cumulative 125 basis points ( from 3. 00 % to 1. 75 % ) this year,
      alongside reduction in the statutory reserve requirement by 100 basis
      points ( from 3. 00 % to 2. 00 % ). the reduction in the opr is intended
      to provide additional policy stimulus to accelerate the pace of economic
      recovery. the financial industry, including islamic financial
      institutions, also lent support to their borrowers and customers. in the
      first half of 2020, a total of rm120 billion7 was disbursed in lending /
      financing to smes, with more accounts being approved8 in aggregate in 2020
      compared to the same period in previous years. islamic financial
      institutions and related associations have been actively educating and
      reaching out to affected borrowers about the financial assistance
      programmes available in response to the pandemic. the takaful and
      insurance industry also facilitated affected certificate holders by
      offering temporary deferment of contribution and premium to promote
      continuity of takaful protection coverage. more than 1. 1 million9
      certificate and policyholders have benefited from this relief measure.
      while the
    sentences:
      - >-
        education at an early age. a credit union is similar to a commercial
        bank, it can provide the same products and services like a commercial
        bank, but what is different is that the credit union is owned by members
        who are the shareholders and at the same time are customers to the
        credit union. credit unions can provide different saving accounts to
        suit the needs of their members. they can create saving products such as
        junior saving accounts for the children. credit unions provide lending
        products for their members. and credit unions can provide insurance
        coverage for their members as well. one of the reasons people explain
        why they don ’ t want to open an account with a commercial bank is that
        because banks charge fees to keep their accounts. while paying fees is
        something that we all cannot avoid because provision of banking services
        costs money, in a credit union the interests, fees and charges that are
        paid by members is distributed back to the members as net interest
        income. i say this because i am also member of our staff credit union
        called bokolo credit union limited day one when i join the central bank
        of solomon islands and know the benefit credit unions can give members.
        as the registrar for credit unions, i take note of the progress in the
        growth of the assets of both the soltuna employees credit union limited
        and the tuna trust credit union limited. if the board and management of
        these credit unions continue to manage these credit unions
        professionally, they will both be the vehicle to encourage our children
        and youth here in noro and munda community to learn how to save and earn
        and become good financial and economic citizens of our country. finally,
        let me take this opportunity to thank the many people who made this
        global money week celebration possible. to the board of directors of
        both tuna trust credit union limited and soltuna employees credit union
        limited. i salute you for accepting our request to work together to host
        this global money week. i would like to thank selwyn talasasa, one of
        the long serving credit union promoters who has been a credit union
        person since day one of his career. he has been very helpful in
        organizing our global money week. thank you selwyn. i also thank the
        global money week committee for their assistance in organising this
        global money week. and thanks to the management of both national
        fisheries development limited and soltuna limited for your support in
        hosting this global money week. thank you nfd and soltuna, you made us
        all proud as good cooperate citizens. to our noro town clerk for your
        support.
      - >-
        in tandem, the policy rate of this central bank would have to be changed
        frequently and forcefully in the same direction to offset the shock. but
        what would happen in the other economy, if it – unlike the first – were
        more prone to supply shocks? experience suggests that supply shocks
        yield sharp transitory increases in inflation, possibly followed by
        smaller, more permanent “ secondround ” effects, though the longer - run
        impact on inflation is obviously significantly determined by the
        response of monetary policy. given the transitory nature of the initial
        inflation bursts, the simple hypothetical rule – which incorporates the
        reaction to expected inflation – would advise the central bank to “ look
        through ” the immediate disturbance and change policy only to the extent
        needed to offset the anticipated more permanent effects of the shock on
        inflation in subsequent quarters. its policy rate, again, would be
        observed to be less variable. what is important to note is that the same
        rule – equally active strategies – would support two different patterns
        of observed policy behaviour in different economic environments. the
        third case is perhaps the most interesting of all. here exogenous shocks
        are identical, but economic structures differ. different transmission
        mechanisms therefore propagate the same shocks with lags that vary
        between the two economies. the first economy has more rigid adjustment
        mechanisms : price - setters and wage - negotiators are more sluggish
        than those in the other economy in processing economic news – including
        changes in the stance of monetary policy – and bringing them to bear on
        their decisions. what is the source of those rigidities in the first
        economy? there can be many reasons for rigidity. perhaps labour
        practices and contractual institutions – dating from the early post -
        war decades when the economy was heavily regulated – induce distortions
        in large a similar interpretation of “ interest rate inertia ” – the
        tendency of central banks to adjust rates in the same direction and in
        small steps – can be found in g. rudebusch, “ term structure evidence on
        interest rate smoothing and monetary policy inertia ”, journal of
        monetary economics, vol. 49 ( pp. 1161 - 1187 ), 2002. segments of the
        labour market. this stands in the way of an efficient matching of skills
        and productive capabilities. perhaps tight regulatory restraint on
        business and statutory inhibitions discourage innovation and impede a
        faster response to new shocks and new opportunities. whatever the source
        of rigidity, the observational result is that prices and wages in the
        first economy reflect changes in fundamentals with considerable lags.
        how should
      - >-
        fund ( uncdf ) are also actively developing financial inclusion
        knowledge, and supporting countries in implementing financial inclusion
        strategies globally. over the years, we have since witnessed the rapid
        deployment of innovative financial inclusion solutions that have changed
        the lives of many. since the introduction of the mpesa mobile banking
        service in kenya, the number of adults with access to financial services
        has increased from 42 % in 2011 to 75 % today. agent banking in malaysia
        has provided consumers with an innovative and alternative channel to
        access financial services, resulting in the percentage of sub -
        districts served by financial services access point to increase from 46
        % in 2011 to 96 % in 2014. this has enabled 99 % of malaysians,
        particularly those in rural areas, to conveniently access and benefit
        from financial services. the microfinance “ global financial development
        report 2014 ”, world bank, 2014. discussion note “ redistribution,
        inequality, and growth ”, imf, 2014. bis central bankers ’ speeches
        institution grameen bank in bangladesh has extended credit through its
        2, 500 branches to almost 8 million people, with 60 % of them lifted
        from poverty. the loan recovery rate is higher than 98 percent. the
        experience in bangladesh, in particular, dispels the myth that the poor
        is not bankable. of proportionate regulation and the global standards
        the proportionate application of global standards for financial
        regulation is a critical factor in enabling innovative financial
        inclusion solutions, ensuring its delivery in a safe and sound manner.
        my remarks today will touch on the following topics : recent
        developments in global standards and financial inclusion ; focus areas
        to advance proportionality in practice ; and the importance of the
        global symposium to galvanise action. recent developments in global
        standards and financial inclusion global standards developed after the
        global financial crisis were designed to address the financial stability
        and integrity issues that came to the fore in developed countries. many
        of these issues involved the activities of global systemically important
        financial institutions. the effects of these standards on financial
        inclusion, such as the impact on smaller financial institutions in
        developing countries most likely were not taken into consideration.
        fortunately, standard - setting bodies have now recognised the principle
        of proportionality, emphasising on the balance between objectives of
        financial stability, integrity and inclusion. however, the real
        challenge lies in implementing proportionality in practice. if
        principles are not implemented in a proportionate manner, there could be
        unintended consequences for financial inclusion. for example, despite
        the financial action task force ’ s guidance on the implementation of a
        risk - based approach to anti money laundering /
pipeline_tag: sentence-similarity
library_name: sentence-transformers
metrics:
  - pearson_cosine
  - spearman_cosine
model-index:
  - name: SentenceTransformer based on samchain/EconoBert
    results:
      - task:
          type: semantic-similarity
          name: Semantic Similarity
        dataset:
          name: econosentencev2
          type: econosentencev2
        metrics:
          - type: pearson_cosine
            value: 0.8556254615515724
            name: Pearson Cosine
          - type: spearman_cosine
            value: 0.8619885397301873
            name: Spearman Cosine
      - task:
          type: semantic-similarity
          name: Semantic Similarity
        dataset:
          name: econosentence prior df
          type: econosentence-prior_df
        metrics:
          - type: pearson_cosine
            value: 0.8373175950726144
            name: Pearson Cosine
          - type: spearman_cosine
            value: 0.8294930387036759
            name: Spearman Cosine
license: apache-2.0
datasets:
  - samchain/econo-pairs-v2
language:
  - en

SentenceTransformer based on samchain/EconoBert

This is a sentence-transformers model finetuned from samchain/EconoBert. It maps sentences & paragraphs to a 768-dimensional dense vector space and can be used for semantic textual similarity, semantic search, paraphrase mining, text classification, clustering, and more. This model is the second version of the previous samchain/econo-sentence-v1. They both used the same base model but have been trained on different datasets.

The model has been evaluated both on the newest dataset and its precedent version:

• econo-pairs-v2 is the newest dataset. Check its card here
• econo-pairs-v1is the oldest version. Check its card here

Model Details

Model Description

• Model Type: Sentence Transformer
• Base model: samchain/EconoBert
• Maximum Sequence Length: 512 tokens
• Output Dimensionality: 768 dimensions
• Similarity Function: Cosine Similarity

Model Sources

• Documentation: Sentence Transformers Documentation
• Repository: Sentence Transformers on GitHub
• Hugging Face: Sentence Transformers on Hugging Face

Full Model Architecture

SentenceTransformer(
  (0): Transformer({'max_seq_length': 512, 'do_lower_case': False}) with Transformer model: BertModel 
  (1): Pooling({'word_embedding_dimension': 768, 'pooling_mode_cls_token': False, 'pooling_mode_mean_tokens': True, 'pooling_mode_max_tokens': False, 'pooling_mode_mean_sqrt_len_tokens': False, 'pooling_mode_weightedmean_tokens': False, 'pooling_mode_lasttoken': False, 'include_prompt': True})
)

Usage

Direct Usage (Sentence Transformers)

First install the Sentence Transformers library:

pip install -U sentence-transformers

Then you can load this model and run inference.

from sentence_transformers import SentenceTransformer

# Download from the 🤗 Hub
model = SentenceTransformer("samchain/econosentence-v2")
# Run inference
sentences = [
    "education shocks arising from the pandemic could signify the largest reversal in human development on record, equivalent to erasing all the progress in human development of the past six years4. the risk of reversing progress in achieving financial inclusion is accentuating why financial inclusion matters now more than ever. optimising islamic finance for inclusive economic recovery policy and regulatory responses across the globe, and likewise in malaysia, have been focused on safeguarding economic resilience, managing risks to financial stability and minimising repercussions to society. this is done in tandem with the different stages of the pandemic – namely, containment, stabilisation and recovery. at the onset of the crisis, governments along with financial regulators have deployed sizeable stimulus packages and various assistance programmes in order to contain the crisis and stabilise the economy. this includes addressing demand and supply disruptions, maintaining cash flows and keeping workers employed. in malaysia, the total stimulus package amounted to usd 73. 55 billion ( rm3056 billion ) with an additional fiscal injection by the government totalling 1 / 4 bis central bankers'speeches rm45 billion. as at september 2020, a total of 2. 63 million workers and 321, 000 employers had benefitted from the wage subsidy programme, involving an expenditure of rm10. 4 billion. to provide further stimulus to the economy, the bank has reduced the overnight policy rate ( opr ) by a cumulative 125 basis points ( from 3. 00 % to 1. 75 % ) this year, alongside reduction in the statutory reserve requirement by 100 basis points ( from 3. 00 % to 2. 00 % ). the reduction in the opr is intended to provide additional policy stimulus to accelerate the pace of economic recovery. the financial industry, including islamic financial institutions, also lent support to their borrowers and customers. in the first half of 2020, a total of rm120 billion7 was disbursed in lending / financing to smes, with more accounts being approved8 in aggregate in 2020 compared to the same period in previous years. islamic financial institutions and related associations have been actively educating and reaching out to affected borrowers about the financial assistance programmes available in response to the pandemic. the takaful and insurance industry also facilitated affected certificate holders by offering temporary deferment of contribution and premium to promote continuity of takaful protection coverage. more than 1. 1 million9 certificate and policyholders have benefited from this relief measure. while the",
    'education at an early age. a credit union is similar to a commercial bank, it can provide the same products and services like a commercial bank, but what is different is that the credit union is owned by members who are the shareholders and at the same time are customers to the credit union. credit unions can provide different saving accounts to suit the needs of their members. they can create saving products such as junior saving accounts for the children. credit unions provide lending products for their members. and credit unions can provide insurance coverage for their members as well. one of the reasons people explain why they don ’ t want to open an account with a commercial bank is that because banks charge fees to keep their accounts. while paying fees is something that we all cannot avoid because provision of banking services costs money, in a credit union the interests, fees and charges that are paid by members is distributed back to the members as net interest income. i say this because i am also member of our staff credit union called bokolo credit union limited day one when i join the central bank of solomon islands and know the benefit credit unions can give members. as the registrar for credit unions, i take note of the progress in the growth of the assets of both the soltuna employees credit union limited and the tuna trust credit union limited. if the board and management of these credit unions continue to manage these credit unions professionally, they will both be the vehicle to encourage our children and youth here in noro and munda community to learn how to save and earn and become good financial and economic citizens of our country. finally, let me take this opportunity to thank the many people who made this global money week celebration possible. to the board of directors of both tuna trust credit union limited and soltuna employees credit union limited. i salute you for accepting our request to work together to host this global money week. i would like to thank selwyn talasasa, one of the long serving credit union promoters who has been a credit union person since day one of his career. he has been very helpful in organizing our global money week. thank you selwyn. i also thank the global money week committee for their assistance in organising this global money week. and thanks to the management of both national fisheries development limited and soltuna limited for your support in hosting this global money week. thank you nfd and soltuna, you made us all proud as good cooperate citizens. to our noro town clerk for your support.',
    'fund ( uncdf ) are also actively developing financial inclusion knowledge, and supporting countries in implementing financial inclusion strategies globally. over the years, we have since witnessed the rapid deployment of innovative financial inclusion solutions that have changed the lives of many. since the introduction of the mpesa mobile banking service in kenya, the number of adults with access to financial services has increased from 42 % in 2011 to 75 % today. agent banking in malaysia has provided consumers with an innovative and alternative channel to access financial services, resulting in the percentage of sub - districts served by financial services access point to increase from 46 % in 2011 to 96 % in 2014. this has enabled 99 % of malaysians, particularly those in rural areas, to conveniently access and benefit from financial services. the microfinance “ global financial development report 2014 ”, world bank, 2014. discussion note “ redistribution, inequality, and growth ”, imf, 2014. bis central bankers ’ speeches institution grameen bank in bangladesh has extended credit through its 2, 500 branches to almost 8 million people, with 60 % of them lifted from poverty. the loan recovery rate is higher than 98 percent. the experience in bangladesh, in particular, dispels the myth that the poor is not bankable. of proportionate regulation and the global standards the proportionate application of global standards for financial regulation is a critical factor in enabling innovative financial inclusion solutions, ensuring its delivery in a safe and sound manner. my remarks today will touch on the following topics : recent developments in global standards and financial inclusion ; focus areas to advance proportionality in practice ; and the importance of the global symposium to galvanise action. recent developments in global standards and financial inclusion global standards developed after the global financial crisis were designed to address the financial stability and integrity issues that came to the fore in developed countries. many of these issues involved the activities of global systemically important financial institutions. the effects of these standards on financial inclusion, such as the impact on smaller financial institutions in developing countries most likely were not taken into consideration. fortunately, standard - setting bodies have now recognised the principle of proportionality, emphasising on the balance between objectives of financial stability, integrity and inclusion. however, the real challenge lies in implementing proportionality in practice. if principles are not implemented in a proportionate manner, there could be unintended consequences for financial inclusion. for example, despite the financial action task force ’ s guidance on the implementation of a risk - based approach to anti money laundering /',
]
embeddings = model.encode(sentences)
print(embeddings.shape)
# [3, 768]

# Get the similarity scores for the embeddings
similarities = model.similarity(embeddings, embeddings)
print(similarities.shape)
# [3, 3]

Evaluation

Metrics

Semantic Similarity

• Datasets: econo-pairs-v2 and econo-pairs-v1
• Evaluated with EmbeddingSimilarityEvaluator

Econo-sentence-v2 evaluation results:

Metric	econo-pairs-v2	econo-pairs-v1
pearson_cosine	0.8556	0.8373
spearman_cosine	0.862	0.8295

Econo-sentence-v1 evaluation results:

Metric	econo-pairs-v2	econo-pairs-v1
pearson_cosine	0.7642	0.8999
spearman_cosine	0.758	0.8358

The v2 and v1 differs in terms of training as the v2 has been train on 0.5 labels, while the v1 is only trained on 1 and 0. The results show that the v2 still performs on par with its predecessor on the prior dataset while improving the performance by 10 points on the latest.

Training Details

Training Dataset

Train set of econo-pairs-v2

• Size: 45,044 training samples
• Columns: text1, text2, and label
• Approximate statistics based on the first 1000 samples:

  	text1	text2	label
  type	string	string	float
  details	min: 3 tokens mean: 454.6 tokens max: 505 tokens	min: 6 tokens mean: 458.88 tokens max: 505 tokens	min: 0.0 mean: 0.49 max: 1.0

• Samples:

  text1	text2	label
  in credit intermediation is not disrupted. i hope the analysis and observations i have shared today can assist with a process of learning, evolving, and improving that will prevent future disruptions. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches	richard byles : update and outlook for the jamaican economy monetary policy press statement by mr richard byles, governor of the bank of jamaica, at the quarterly monetary policy report press conference, kingston, 21 february 2024. * * * introduction good morning and welcome to our first quarterly monetary policy report press conference for 2024. the year has started with inflation being above the bank's inflation target. statin reported last week that headline inflation at january 2024 was 7. 4 per cent, which is higher than the outturns for the previous three months, and above the bank's target of 4 to 6 per cent. core inflation, however, which excludes food and fuel prices from the consumer price index, was 5. 9 per cent, which is lower than the 7. 1 per cent recorded in january 2023. the inflation outturn at january is higher than the bank had projected in november 2023. as we communicated then, in the wake of the announcement by the minister of finance and the public service of th...	0.0
  european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, frankfurt am main, 4 may 2006. * * * ladies and gentlemen, let me welcome you to our press conference and report on the outcome of today ’ s meeting of the ecb ’ s governing council. the meeting was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we have decided to leave the key ecb interest rates unchanged. overall, the information which has become available since our last meeting broadly confirms our earlier assessment of the outlook for price developments and economic activity in the euro area, and that monetary and credit growth remains very dynamic. against this background, the governing council will exercise strong vigilance in order to ensure that risks to price stability over the medium term do not materialise. such vigilance is particularly warranted in a context of ample...	vitor constancio : strengthening european economic governance – surveillance of fiscal and macroeconomic imbalances speech by mr vitor constancio, vice - president of the european central bank, at the brussels economic forum, brussels, 18 may 2011. * * * thank you very much for the invitation to participate in this panel today. the session is intended to focus on “ surveillance of fiscal and macroeconomic imbalances ”, which arguably is the most important strand of the economic governance package. but one should consider that this package – beyond the 6 legislative acts – also contains three other strands : the euro plus pact, the creation of the european stability mechanism and the setting - up of the european system of financial supervision. a fundamental strengthening of economic governance in the euro area requires simultaneous progress in all three areas. the first strand is necessary to prevent and correct imbalances ; the second to ensure the conditions for future growth and com...	0.5
  . innovation is already altering the power source of motor vehicles, and much research is directed at reducing gasoline requirements. at present, gasoline consumption in the united states alone accounts for 11 percent of world oil production. moreover, new technologies to preserve existing conventional oil reserves and to stabilize oil prices will emerge in the years ahead. we will begin the transition to the next major sources of energy perhaps before midcentury as production from conventional oil reservoirs, according to central tendency scenarios of the energy information administration, is projected to peak. in fact, the development and application of new sources of energy, especially nonconventional oil, is already in train. nonetheless, it will take time. we, and the rest of the world, doubtless will have to live with the uncertainties of the oil markets for some time to come.	oil industry to build inventories, demand from investors who have accumulated large net long positions in distant oil futures and options is expanding once again. such speculative positions are claims against future oil holdings of oil firms. currently, strained capacity has limited the ability of oil producers to quickly satisfy this markedly increased demand for inventory. adding to the difficulties is the rising consumption of oil, especially in china and india, both of which are expanding economically in ways that are relatively energy intensive. even the recent notable pickup in opec output, by exhausting most of its remaining excess capacity, has only modestly satisfied overall demand. output from producers outside opec has also increased materially, but investment in new producing wells has lagged, limiting growth of production in the near term. crude oil prices are also being distorted by shortages of capacity to upgrade the higher sulphur content and heavier grades of crude oi...	1.0

• Loss: CoSENTLoss with these parameters:

  {
      "scale": 20.0,
      "similarity_fct": "pairwise_cos_sim"
  }
  

Evaluation Dataset

Test set of econo-pairs-v2

• Size: 11,261 evaluation samples
• Columns: text1, text2, and label
• Approximate statistics based on the first 1000 samples:

  	text1	text2	label
  type	string	string	float
  details	min: 4 tokens mean: 451.65 tokens max: 505 tokens	min: 6 tokens mean: 457.79 tokens max: 505 tokens	min: 0.0 mean: 0.5 max: 1.0

• Samples:

  text1	text2	label
  the drying up of the unsecured interbank market a price worth paying for lower interest rate volatility and tighter interest rate control in the money markets? at present, it is difficult to envisage how the unsecured interbank money market could be revived in full in the near future, reaching the pre - global financial crisis levels. this is due both to regulatory reasons and to fragmentation. post - crisis, banks appear reluctant to lend each other in the unsecured interbank market, pricing such lending at levels that are sufficient to compensate for counterparty credit risk. at the same time, short - term ( below 6 months ) interbank funding does not contribute towards satisfying the nsfr requirements. as a result, the unsecured segment of the interbank market is unattractive for prospective borrowers and is not expected to regain importance. furthermore, heterogeneity within and across the banking systems of euro area countries impedes the efficient redistribution of reserves acros...	##obalisation, artificial intelligence, as well as the green transition and climate change adaptation policies. 1 / 7 bis - central bankers'speeches given the uncertain overall impact of these effects and the significant unknowns and ambiguity surrounding the computation of natural interest rates, their prospective level and evolution are not easily determined. turning now to the lessons learnt, experience gained during the past crises has been extremely valuable. first, monetary policy needs to remain flexible so that it can accommodate potential future shocks to price stability, of any nature and direction. second, financial stability considerations need to be taken into account in the decision making of monetary policymakers, in their pursuit of price stability. the past decade provided us with new insights into what monetary policy can do. we are now better prepared to implement the appropriate monetary policy mix, with standard and non - standard tools, if we were to face new chal...	1.0
  therefore worries me that greece might go backwards in terms of its reform agenda. suffice to say, it is not enough to correct misalignments solely at the national level. we also need structural reforms at the european level. and here, a lot has been done since the crisis broke out. first, the rules of the stability and growth pact were tightened and a fiscal compact was adopted in order to restore confidence in public finances. second, a procedure for identifying macroeconomic imbalances at an early stage was established. and third, a crisis mechanism was set up to serve as a “ firewall ”, safeguarding the stability of the financial system in the euro area. in addition to these measures, the euro area took a major step toward deeper financial integration. on 4 november 2014, the first pillar of a european banking union was put in place. on that day, the ecb assumed responsibility for supervising the 123 largest banks in the euro area. together, the banks concerned account for more tha...	andreas dombret : the euro area – where do we stand? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the german - turkish chamber of trade and commerce, istanbul, 10 february 2015. * 1. * * introduction ladies and gentlemen thank you for inviting me to speak here at the german - turkish chamber of industry and commerce in istanbul. isaac newton once observed that “ we build too many walls and not enough bridges ”. istanbul has for centuries been a bridge between two continents – asia and europe. it seems to me that istanbul is therefore an excellent place to hold this year ’ s g20 meetings. after all, the purpose of these meetings is to build bridges between nations by fostering dialogue and the mutual exchange of information. and this objective is of course also pursued by the german - turkish chamber of trade and commerce. moreover, mutual exchange is essential in a globalised world where countries are no longer isolated islands but part of ...	1.0
  for vital issues regarding the agenda. i desire you all success with the materialization and accomplishment of your present and future projects and i conclude by wishing all the foreign guests at this conference a good stay in romania. i am now giving the floor to mr kurt puchinger, coordinator of the eu strategy for the danube region and chair of the first session, to start the conference. thank you. bis central bankers ’ speeches	national bank of romania, as they capture appropriately the opinions of the real sector on some key issues, such as : ( i ) the most pressing problems that firms are facing in their activity ; ( ii ) the investment needs and priorities ; ( iii ) challenges raised by climate change and energy efficiency. the survey shows that firms in romania have become less optimistic regarding investment conditions for the year ahead. while this is a worrying trend, we are rather positive that romania will be able to overcome the main problem identified, the energy costs, in the near future. i would add here that the government has implemented several measures in this respect, such as electricity and natural gas price capping schemes, the compensation of the price of motor fuel / liter and caps on the firewood price. also, we are aware that the war in ukraine and the related sanctions will continue to generate considerable uncertainties and risks to the outlook for economic activity, through possibly...	0.5

• Loss: CoSENTLoss with these parameters:

  {
      "scale": 20.0,
      "similarity_fct": "pairwise_cos_sim"
  }
  

Training Hyperparameters

Non-Default Hyperparameters

• eval_strategy: steps
• per_device_train_batch_size: 16
• per_device_eval_batch_size: 16
• learning_rate: 2e-05
• num_train_epochs: 2
• warmup_ratio: 0.1
• fp16: True
• batch_sampler: no_duplicates

All Hyperparameters

Click to expand

• overwrite_output_dir: False
• do_predict: False
• eval_strategy: steps
• prediction_loss_only: True
• per_device_train_batch_size: 16
• per_device_eval_batch_size: 16
• per_gpu_train_batch_size: None
• per_gpu_eval_batch_size: None
• gradient_accumulation_steps: 1
• eval_accumulation_steps: None
• torch_empty_cache_steps: None
• learning_rate: 2e-05
• weight_decay: 0.0
• adam_beta1: 0.9
• adam_beta2: 0.999
• adam_epsilon: 1e-08
• max_grad_norm: 1.0
• num_train_epochs: 2
• max_steps: -1
• lr_scheduler_type: linear
• lr_scheduler_kwargs: {}
• warmup_ratio: 0.1
• warmup_steps: 0
• log_level: passive
• log_level_replica: warning
• log_on_each_node: True
• logging_nan_inf_filter: True
• save_safetensors: True
• save_on_each_node: False
• save_only_model: False
• restore_callback_states_from_checkpoint: False
• no_cuda: False
• use_cpu: False
• use_mps_device: False
• seed: 42
• data_seed: None
• jit_mode_eval: False
• use_ipex: False
• bf16: False
• fp16: True
• fp16_opt_level: O1
• half_precision_backend: auto
• bf16_full_eval: False
• fp16_full_eval: False
• tf32: None
• local_rank: 0
• ddp_backend: None
• tpu_num_cores: None
• tpu_metrics_debug: False
• debug: []
• dataloader_drop_last: False
• dataloader_num_workers: 0
• dataloader_prefetch_factor: None
• past_index: -1
• disable_tqdm: False
• remove_unused_columns: True
• label_names: None
• load_best_model_at_end: False
• ignore_data_skip: False
• fsdp: []
• fsdp_min_num_params: 0
• fsdp_config: {'min_num_params': 0, 'xla': False, 'xla_fsdp_v2': False, 'xla_fsdp_grad_ckpt': False}
• fsdp_transformer_layer_cls_to_wrap: None
• accelerator_config: {'split_batches': False, 'dispatch_batches': None, 'even_batches': True, 'use_seedable_sampler': True, 'non_blocking': False, 'gradient_accumulation_kwargs': None}
• deepspeed: None
• label_smoothing_factor: 0.0
• optim: adamw_torch
• optim_args: None
• adafactor: False
• group_by_length: False
• length_column_name: length
• ddp_find_unused_parameters: None
• ddp_bucket_cap_mb: None
• ddp_broadcast_buffers: False
• dataloader_pin_memory: True
• dataloader_persistent_workers: False
• skip_memory_metrics: True
• use_legacy_prediction_loop: False
• push_to_hub: False
• resume_from_checkpoint: None
• hub_model_id: None
• hub_strategy: every_save
• hub_private_repo: None
• hub_always_push: False
• gradient_checkpointing: False
• gradient_checkpointing_kwargs: None
• include_inputs_for_metrics: False
• include_for_metrics: []
• eval_do_concat_batches: True
• fp16_backend: auto
• push_to_hub_model_id: None
• push_to_hub_organization: None
• mp_parameters:
• auto_find_batch_size: False
• full_determinism: False
• torchdynamo: None
• ray_scope: last
• ddp_timeout: 1800
• torch_compile: False
• torch_compile_backend: None
• torch_compile_mode: None
• dispatch_batches: None
• split_batches: None
• include_tokens_per_second: False
• include_num_input_tokens_seen: False
• neftune_noise_alpha: None
• optim_target_modules: None
• batch_eval_metrics: False
• eval_on_start: False
• use_liger_kernel: False
• eval_use_gather_object: False
• average_tokens_across_devices: False
• prompts: None
• batch_sampler: no_duplicates
• multi_dataset_batch_sampler: proportional

Training Logs

Epoch	Step	Training Loss	Validation Loss	econosentencev2_spearman_cosine
0.0888	250	4.2245	-	-
0.1776	500	3.6201	3.5284	0.7812
0.2663	750	3.5093	-	-
0.3551	1000	3.4858	3.4938	0.8177
0.4439	1250	3.5671	-	-
0.5327	1500	3.3165	3.2432	0.8302
0.6214	1750	3.2781	-	-
0.7102	2000	3.2901	3.1754	0.8355
0.7990	2250	3.2053	-	-
0.8878	2500	3.1673	3.1109	0.8422
0.9766	2750	3.0844	-	-
1.0653	3000	2.7478	3.1557	0.8483
1.1541	3250	2.7042	-	-
1.2429	3500	2.6291	3.1707	0.8541
1.3317	3750	2.6193	-	-
1.4205	4000	2.6128	3.1136	0.8546
1.5092	4250	2.5762	-	-
1.5980	4500	2.5992	3.0960	0.8579
1.6868	4750	2.4983	-	-
1.7756	5000	2.3061	3.1615	0.8608
1.8643	5250	2.3459	-	-
1.9531	5500	2.418	3.1436	0.8617

Framework Versions

• Python: 3.10.12
• Sentence Transformers: 3.4.1
• Transformers: 4.49.0
• PyTorch: 2.1.0+cu118
• Accelerate: 1.4.0
• Datasets: 3.3.1
• Tokenizers: 0.21.0

Citation

Samuel Chaineau

BibTeX

Sentence Transformers

@inproceedings{reimers-2019-sentence-bert,
    title = "Sentence-BERT: Sentence Embeddings using Siamese BERT-Networks",
    author = "Reimers, Nils and Gurevych, Iryna",
    booktitle = "Proceedings of the 2019 Conference on Empirical Methods in Natural Language Processing",
    month = "11",
    year = "2019",
    publisher = "Association for Computational Linguistics",
    url = "https://arxiv.org/abs/1908.10084",
}

CoSENTLoss

@online{kexuefm-8847,
    title={CoSENT: A more efficient sentence vector scheme than Sentence-BERT},
    author={Su Jianlin},
    year={2022},
    month={Jan},
    url={https://kexue.fm/archives/8847},
}