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Preparing for cross-border bank failures
Increasingly, small countries will not supervise their systemically importantbanks. They will still have to pick up the pieces in a crisis though. ProfessorDavid Mayes, special adviser to the Bank of Finland, examines how they canrespond.
Welteke's parting words
Here we republish Ernst Welteke's personal statement on his resignation from the Bundesbank. In the statement Welteke said the Bundesbank's independence continued to be flouted and that the trust between himself and the Ministry of Finance had been …
Constancio: EU's 10 new members must curb deficits
Vitor Constancio, the governor of the central bank of Portugal, said Friday that the 10 countries set to join the European Union on May 1 should remain outside the eurozone until their public deficits are well below the EU's three percent limit.
Kansas Fed's Hoenig expects US growth this year
The president of the Kansas Fed said Thursday night that he expects a 4 1/2 percent to 5 percent increase in U.S. gross domestic product this year.
Trichet defends ECB stance on rates
ECB president Jean-Claude Trichet said in an interview that the bank is "neutral" on interest rates but insisted any changes in the economic outlook will be considered. He also said the sharp rise in oil prices poses a risk to the global economy unless…
Fed's Ferguson: no threat from current account gap
Speaking on Friday April 23, Roger Ferguson, Vice Chairman of the Federal Reserve, said that there was no reason to fear that the process of reining in big US trade deficits would disrupt global economic activity.
Meirelles: Brazil's inflation target won't change
Brazilian Central Bank President Henrique Meirelles said on Thursday 22 April that the strict inflation targets set for 2004 and 2005 would not budge despite investor fears they may hinder badly needed growth.
Interview with ECB president Jean-Claude Trichet
In an interview published on Friday 23 April, Jean-Claude Trichet said the European Central Bank is proud to be a central bank with one of the highest levels of predictability. He also said he was struck by the pessimism shown by many on the potential…
Volcker to probe Iraq oil for food program
Paul Volcker, the former chairman of the Federal Reserve, began a high-level investigation on Wednesday 21 April into allegations of kickbacks and bribes in the UN-run oil-for-food program for Iraq.
Fed Reserve Bank of Cleveland - Annual Report 2003
The Fed Reserve Bank of Cleveland has published its Annual Report for the year ended 2003. Concerns about jobs and the economy top the national agenda and have fueled the debate among academics and policymakers regarding the source of economic prosperity…
The new Bank of England quarterly model
The Bank issued an article entitled "The New Bank of England Quarterly Model" on 22 April, describing a new macroeconomic model used to help prepare the Monetary Policy Committee's Quarterly economic projections.
Solans on statistics & their use by central banks
In a speech on 'Statistics and their use by central banks' given on 23 April, Eugenio Domingo Solans of the ECB said the business area in charge of statistics in the central bank should have an appropriate organisational level in order to fulfil the…
Bernanke on US economic outlook & monetary policy
In a speech on 'The economic outlook and monetary policy' given on 22 April, Ben Bernanke of the Federal Reserve said there are no signs of overheating in the U.S. economy, so inflationary pressures are likely to remain subdued. He said he was "sanguine"…
Focus on Weber, the Bundesbank's surprise choice
Little was known about economics professor Axel Weber, the German government's surprise choice to head the Bundesbank this week, who told a news conference on Wednesday 21 April that he jogs to relax.
Liikanen appointed Bank of Finland governor
Erkki Liikanen was appointed Governor of the Bank of Finland today (23 April) by the President of Finland. He will take up his duties from 12 July.
EU Parliament approves Gonzalez-Paramo to ECB
The European Parliament on Monday 19 April endorsed Spain's Jose Manuel Gonzalez-Paramo to succeed ECB board member Eugenio Domingo Solans next month.
Rato set to be next IMF chief
Former Spanish finance minister Rodrigo Rato looks certain to become the International Monetary Fund's new chief after the United States threw its support behind his candidacy this week.
Interview with former Fed governor Larry Meyer
In an interview with BusinessWeek published this week former Federal Reserve governor Laurence Meyer said he still isn't convinced the inflation evidence is strong enough for the Fed to rush through a rate hike, but he does believe that it could well…
Korea recommends three for monetary board
The government and the Bank of Korea this week recommended three prominent financial experts as new members of the central bank's interest rate-setting board.
BOJ to open vault to public in summer
The Bank of Japan said on Tuesday 20 April that the central bank will open its main vault to the public during the summer time.
Welteke won't get full salary to 2007
Former Bundesbank President Ernst Welteke won't draw his full salary as German central bank chief over the next three years after quitting last week, denying a report in the Financial Times Deutschland newspaper.
Russia appoints new first deputy chairman
Russia's first deputy finance minister, Alexei Ulyukayev, is moving to the central bank to oversee monetary policy as first deputy chairman.
Report says China to move towards floating rates
A senior Chinese official told the UK Financial Times that Beijing no longer favours a fixed exchange rate and will move toward a floating system as part of reforms to loosen capital controls and give market forces more scope, the newspaper reported…
IMF upgrades outlook for world economic growth
The International Monetary Fund said in its twice-yearly World Economic Outlook report that it was lowering its 2004 eurozone growth estimate by a tenth of a point from its forecast last September, to 1.7 percent.