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The accountability of financial sector supervisors
Policymakers' uneasiness about granting independence to financial sector regulators stems to a large extent from the lack of familiarity with the concept of accountability. This IMF Working Paper gives operational content to accountability and argues…
Juncker rejects central bank concerns on pact
EU leaders have formally endorsed reforms to the stability and growth pact. Luxembourg Prime Minister Jean-Claude Juncker, current President of the European Council and President of the Eurogroupe, said the agreement was cleared after a "brief debate".
Fed raises rates, retains 'measured' stance
The Federal Open Market Committee decided on Tuesday 22 March to raise its target for the federal funds rate by 25 basis points to 2-3/4 percent. In its statement the FOMC retained its "measured" stance on interest rate increases, adding that "pressures…
Bank of England MPC Minutes, 9 &10 March
The minutes from the 9 &10 March meeting of the Bank of England's Monetary Policy Committee published on Wednesday 23 March showed Paul Tucker voted for the second month in a row to raise interest rates, and was joined by deputy governor Andrew Large,…
HKMA's Yam on the euro: A stabilising factor
In the speech 'The euro: a stabilising factor of the International Monetary System. Can the euro be a benchmark for Asian monetary co-operation?' given on 21, March Joseph Yam of the Hong Kong Monetary Authority said Asian central banks should not rush…
ECB Working Paper on central bank transparency
The ECB Working Paper "Central bank transparency and private information in a dynamic macroeconomic model" published on 15 March, investigates the role of economic transparency within the framework of one of Townsend's models of 'forecasting the…
Deutsche Bundesbank Monthly Report, February 2005
The Deutsche Bundesbank has published the English version of its February 2005 Monthly Report. The report expressed cautious optimism on the outlook for German growth this year, despite the surprise contraction in gross domestic product in the final…
Euro reforms make economic sense - Eichel
German Finance Minister Hans Eichel said in an interview on Tuesday 22 March the deal easing the rules that underpin the euro means the pact can now be used in an economically smart, growth-oriented way.
Fed expected to raise rates Tuesday 22 March
It was widely expected that the Federal Reserve would boost its target for the federal funds rate by another quarter-point at the conclusion of its two-day meeting on Tuesday 22 March.
Singapore plans Islamic banking boost
Singapore's Prime Minister Lee Hsien Loong said that the country plans legal changes to make it easier for banks to offer Islamic banking services.
Russia increases euro weighting
The Russian central bank said on Monday 21 March that it had doubled the weighting of euros used to calculate the nominal exchange rate of the ruble from 10 per cent to 20 per cent at the expense of the dollar.
China yuan move should be 10% - ex-HKMA's Latter
China would need to revalue its currency by at least 10 % in order for such a move to be credible to the markets, according to Tony Latter, former deputy chief executive of the Hong Kong Monetary Authority.
Ecuador's Cordoba on central bank activities
In the speech 'Overview of activities undertaken by the Central Bank of Ecuador' given on 17 February, Polibio Cordoba of the Central Bank of Ecuador said the BCE is somewhat restricted when it comes to using collateral, since, with the official…
Bank of Japan Minutes, 16 and 17 February
The Bank of Japan's minutes from its 16 and 17 February monetary policy meeting published on Tuesday 22 March revealed that the policy board again discussed changing a central plank of its policy - the target for commercial banks' reserve deposits.
RBA Financial Stability Review, March 2005
The Reserve Bank of Australia published the March 2005 edition of its Financial Stability Review on 22 March. The RBA's overall assessment is that the Australian financial system is in sound condition.
Canada's Dodge on inflation targeting
In a speech on 'Inflation targeting: A Canadian perspective' given on 21 March, David Dodge of the Bank of Canada said that Canada's experience under inflation targeting has been "unambiguously positive" since the central bank and federal government…
BoE's Barker on monetary policy in the UK
In a speech on 'Monetary policy in the UK - The framework and current issues' given on 21 March, Kate Barker of the Bank of England said the operational independence of the Bank is crucial, but the need to command wide spread public support for central…
ECB 'seriously concerned' over stability pact
The European Central Bank expressed serious concern on Monday about proposed reforms to the European Union Stability and Growth Pact that were announced over the weekend.
Venezuela's Chavez calls for law on reserves
Venezuelan President Hugo Chavez has called for new legislation to limit the amount of foreign reserves that can be held by the central bank.
Stiglitz warns on World Bank violence
Joseph Stiglitz, the former chief economist of the World Bank, has launched an attack on US plans to appoint Paul Wolfowitz as the World Bank's new president. He suggested the appointment could lead to violent protests.
ECB's Noyer says euro not pressuring markets
Christian Noyer, governor of the Bank of France and member of the ECB's governing council, said at an international conference on Monday 21 March that the euro is not exerting any pressure on global financial markets in spite of its growing influence and…
Zhou says nearly time for interest rate reform
Time is nearly right for market-oriented interest rate reforms and China's banks should learn to set their own interest rates, Xinhua news agency quoted People's Bank of China governor Zhou Xiaochuan as saying.
ECB statement on Stability and Growth Pact
The European Central Bank's Governing Council released a statement on Monday 21 March on the ECOFIN Council's report on Improving the implementation of the Stability and Growth Pact.
Malaysia's Zeti on Bank Negara's LINK
In the speech 'Bank Negara Malaysia LINK' given on 25 February, Dr Zeti Akhtar Aziz of the Central Bank of Malaysia said the establishment of Bank Negara Malaysia LINK takes the central bank's public outreach programme to a higher level.