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Euro central rates & compulsory intervention rates
Further to the decisions taken on 27 June 2004 on the euro central rates in ERM II for the Estonian kroon, the Lithuanian litas and the Slovenian tolar, the compulsory intervention rates for these currencies have been established with effect from 28 June…
Czech National Bank - Annual Report 2003
The Czech National Bank has published its Annual Report for the year ended 2003. Analyses revealed that the extraordinarily low inflation rate was due not to the CNB's monetary policy, but mainly to a combination of several unusual and difficult-to…
Canada's Dodge on the changing world economy
In a speech on 'The Changing World Economy: What It Means for Canada' given on 16 June, David Dodge of the Bank of Canada said the Canadian economy is well placed to adjust to the major changes underway in the world economy. While Canada has adopted the…
St Louis Fed's Central Banker, Summer 2004
The Summer 2004 edition of the St. Louis Fed's Central Banker magazine has been published. The latest issue carries an article "The FACT Act Helps Bankers Mitigate Risks" which says approximately half of all identity-theft claims in the Eighth District…
Banks taking on 'tenuous' risks - BIS
Banks worldwide may be taking on risks they will regret later if an economic upturn proves short-lived, the Bank for International Settlements (BIS) said on Monday.
Buenaventura: Politics putting pressure on peso
The Philippine currency is two to three pesos lower in value against the US dollar than it should be due to political uncertainty, central bank chief Rafael Buenaventura said Monday.
ECB's Garganas: Eurozone recovery continuing
The euro zone economy is recovering as expected and the drop in German June business sentiment is not a concern, European Central Bank Governing Council Member Nicolas Garganas said on Sunday.
PBOC's Zhou says China managing to slow economy
China's central bank Governor Zhou Xiaochuan said Sunday that progress in efforts to cool the country's booming economy has been satisfactory but he could take additional measures if they yielded few results.
Bank of England Financial Stability Review, Jun 04
The Bank of England published its latest Financial Stability Review for June 2004 on Monday 28 June. It contains the Bank's regular half-yearly review of risks to financial stability and measures taken to strengthen the financial infrastructure, together…
Evolution and procedures in central banking
The papers in this volume "Evolution and Procedures in Central Banking" were presented at the Cleveland Fed Central Bank Institute's first conference. The articles and discussants' comments in this volume largely focus on two questions: the need for…
Knight: Activities of the BIS- 2003-2004 in review
In a speech on the occasion of the BIS Annual General Meeting on 28 June Malcolm Knight of the BIS said the implementation of Basel II will start in the member countries of the Basel Committee as from the end of 2006, with the most advanced measurement…
BIS - Annual Report 2003/ 2004
The Bank for International Settlements has published its Annual Report for the year ended April 2003 - March 2004. The recovery in the advanced industrial countries firmed in 2003, with the support of substantial policy stimulus in the United States and…
G10 central bank governors endorse Basel II
Central bank governors and the heads of bank supervisory authorities in the Group of Ten (G10) countries met on 26 June and endorsed the publication of the International Convergence of Capital Measurement and Capital Standards: a Revised Framework, the…
RBI's Reddy on capital account liberalisation
In the speech 'Remarks on capital account liberalisation and capital controls' given at the Central Bank Governors Symposium convened by the Bank of England on 25 June Dr YV Reddy of the Reserve Bank of India said caution is needed in moving forward with…
Safety features for credit derivatives
Alan Greenspan is right (and Warren Buffett wrong) about the benefits of credit derivatives. However, argue Ian Marsh and Wolf Wagner, certain safety features need to be in place.
EU proposes easing of stability pact
At its regular meeting on Thursday 24 June, the European Commission recommended that a country's economic situation should be taken into account when applying the stability and growth pact, Deutsche Welle reported.
BoJ's Fukui says too soon to end easy money policy
Bank of Japan chief Toshihiko Fukui said on Friday 25 June that it is too early to discuss ending the central bank's ultra-loose credit policy.
Four CIS countries consider single currency
Belarus, Kazakhstan, Russia and Ukraine are pondering the possibility of a single currency that will be legal tender on the territory of the Common Economic Area they are creating, a senior official at the Belarussian National Bank told a news conference…
Ecofin unlikely to press Hungary on deficit
The council of European Union finance ministers (Ecofin) is scheduled to evaluate Hungary's convergence program on July 5, and preliminary consultations do not indicate that the council will urge Hungary to speed up its budget deficit reduction plans,…
Gerashchenko chosen as new Yukos chairman
Former chairman of the Central Bank of Russia Viktor Gerashchenko was elected chairman of Yukos, the Russian oil giant, on Thursday 24 June.
Caruana on 60 years after Bretton Woods
In a speech on '60 years after Bretton Woods - a central banker's view' given on 10 June, Jaime Caruana of the Bank of Spain said central banks have also undergone changes similar to those at the IMF. Developments in macroeconomic theory and the…
France's Noyer on indexed bonds, inflation
In a speech on 'The role of inflation - indexed bonds in the process of setting monetary policy: a central banker's perspective' given on 9 June, Christian Noyer of the Bank of France said central banks have to make use of the widest possible set of…
Taiwan appoints new regulator chief
Taiwan has appointed Jaw Sheng Kong as chairman of the newly formed Financial Supervisory Commission. Kong, 48, is currently chairman of state-owned Taiwan Sugar Corp, said the Executive Yuan, the island's Cabinet.
Zimbabwe's Gono ducks missiles on SA trip
Reserve Bank of Zimbabwe governor Gideon Gono was in South Africa this week to launch Homelink, a plan to encourage Zimbabweans living abroad to send home money through government channels. But the trip descended into chaos when Gono was booed by crowds…