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Electrician short circuits NY Fed computers
An electrician who was fired after he was caught using a home made electrical testing device on the computer circuit breakers at the Federal Reserve Bank of New York then took the NY Fed to court claiming his sacking was a set up.
EU, ECB hail Japan's progress on bad loans
The European Union and the European Central Bank on Thursday 11 November celebrated the progress made by Japan's banking sector in reducing its bad loans, which have conspired to keep Japan in an economic downturn following the early 1990s asset price…
Gonzalez-Paramo says ex rate volatility excessive
Jose Gonzalez-Paramo, a member of the European Central Bank's governing council, said the ECB sees the volatility of the euro/dollar exchange rate as "excessive" after the euro broke the psychologically important 1.3 dollar threshold.
Report says Taiwan concerned on hot money
Taiwan's central bank has indicated concerns over hot money inflows to Asia and the impact of an appreciation of currencies in the region, the Economic Daily News reported.
Korea cuts interest rates to record low
The Bank of Korea unexpectedly cut interest rates to a record low of 3.25 per cent on Thursday 11 November, moving its policy focus to growth from inflation.
The leak in China's banking system
The People's Bank of China's surprise decision to raise interest rates for the first time in nine years on 28 October prompted much speculation on the reason for the move. Some commentators said it marks the beginning of a liberalized interest-rate…
Riksbank's Srejber on the power of transparency
In a speech on 'The power of transparency for macroeconomic discipline' given on 11 November, Eva Srejber of the Sveriges Riksbank said the experience of central banks is that transparency and goals help form expectations and behaviour, enlisting the…
ECB's Papademos on the euro: five years on
In a speech on 'The euro: five years on - Implications for Asia' given on 12 November, Lucas Papademos of the ECB said five years after its introduction, the euro is a solid, stable currency in which the markets and the public have confidence.
Fukui on the Euro-Dollar regime and the Yen
In the speech 'The Euro-Dollar Regime and the Role of the Yen: Their Impact on Asia' given on 12 November, Toshihiko Fukui of the Bank of Japan said a common currency in Asia similar to the euro in Europe is possible within five decades.
Bumpy road seen for next Fed chief
Newly re-elected George W. Bush is likely to pick from five "qualified" successors to fill Federal Reserve chairman Alan Greenspan's shoes, this article says, with the real issue being their ability to match chairman Greenspan's deft touch in the conduct…
Wellink to continue as Chairman and BIS President
The Board of Directors of the Bank for International Settlements (BIS) announced on Monday 8 November the re-election of Nout Wellink, President of the Netherlands Bank, for a second three-year term as Chairman of the Board and President of the BIS.
BIS appoints Peter Dittus as Secretary General
The Board of Directors of the Bank for International Settlements (BIS) announced on Monday 8 November the appointment of Peter Dittus as Secretary General for a five-year term.
ECB mourns death of Eugenio Domingo Solans
Former member of the Executive Board of the European Central Bank Eugenio Domingo Solans died earlier this week after a long illness. In a message from the President on behalf of the ECB, Jean-Claude Trichet said the ECB was mourning a very dear…
RBA appoints head of economic research
The Reserve Bank of Australia announced on Monday 8 November the appointment of Dr Christopher Kent to the position of Head of Economic Research.
Jarai says Hungary could miss 2010 euro target
The head of the National Bank of Hungary Zsigmond Jarai said stricter economic policies need to be introduced or Hungary won't be able to adopt the euro at its current target date of 2010.
HKMA's Yam says yuan likely fixed for long time
Joseph Yam, chief executive of the Hong Kong Monetary Authority, said in a speech that China is unlikely to relax controls that keep its currency tied closely to the US dollar until after it manages a soft landing for its overheated economy.
Fukui unsure when BoJ can change monetary policy
Governor of the Bank of Japan Toshihiko Fukui said that although the Japanese economy continues to recover, various factors cloud the outlook as to when Japan may emerge from deflation and allow the BoJ to abandon its current ultra-easy monetary policy.
Italy suggests joint action to stabilise euro
Domenico Siniscalco, Italy's economy minister, was quoted by several news agencies on Wednesday 10 November as saying of the euro that "a co-ordinated intervention is being talked about again, not a unilateral intervention. That would not help."
IMF's Rato to make first visit to Moscow
IMF director general Rodrigo Rato is set to visit Moscow November 16-18 on his first trip there since taking the helm of the Fund in June, his spokesman said.
ECB's Papademos on the economic outlook
In a speech on 'The economic outlook and the ECB's monetary policy: some key issues' given on 11 November, Lucas Papademos of the ECB said higher oil prices are having a noticeable affect on inflation in the euro zone countries and growth will be hurt if…
Trichet on the ECB's use of statistics
In a speech on 'The ECB's use of statistics and other information for monetary policy' given on 11 November, Jean-Claude Trichet of the ECB said the ECB has to avoid overreacting to short-term movements in economic data.
ECB Monthly Bulletin, November 2004
The European Central Bank published its November 2004 Monthly Bulletin on Thursday 11 November, saying in its regular quarterly 'Survey of Professional Forecasters', that the experts had revised downward their growth forecast for 2005 to 2% from 2.1%…
Federal Reserve raises rates to 2%
The Federal Open Market Committee decided on Wednesday 10 November to raise its target for the federal funds rate by 25 basis points to 2 per cent. The FOMC said "Output appears to be growing at a moderate pace despite the rise in energy prices, and…
Changes to New Zealand's `silver' coins?
The Reserve Bank of New Zealand announced on 11 November details of proposals to modernise New Zealand's `silver' coloured coins. The Reserve Bank emphasised that no decisions have been made, and is now seeking feedback from the public.