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Snow says U.S. economic growth accelerating
US Treasury Secretary John Snow said on Tuesday 22 July that we are seeing good signs that the US economy is beginning to take off, Reuters reports. Snow said the pace of expansion should pick up substantially in the second half of this year and during…
Bundesbank: No hurry for candidates to adopt ERMII
The Bundesbank said in a report that no relaxation should be made of the Maastricht criteria for the new member states, noting that Hungary's budget deficit for 2002 was over 9% of GDP. The report, according to Interfax-Europe, said that most accession…
RBI asks Indian banks to be ready with RTGS
A meeting held at the Reserve Bank of India urged banks to be ready for the introduction of India's Real Time Gross Settlement, which is expected to begin simulated tests before the year end, according to a report by The Hindu. Deputy governor Vepa…
Greenspan proves fallible
An article in American Outlook Today, "Greenspan proves fallible", describes the pedestal upon which Alan Greenspan has been perched as "a bit shaky" saying he disappointed the expectations of the bond market with the FOMC's with only a quarter point…
Ueda on Japan's deflation and policy response
In a speech on 'Japan's Deflation and Policy Response' Kazuo Ueda of the Bank of Japan said the deflation of general prices has not been the major problem in Japan. Instead, asset price deflation and its interaction with the financial system and the…
MPC's Lomax was only dissenter in UK rates cut
The Bank of England's nine member Monetary Policy Committee voted 8-1 for a cut in interest rates at their July meeting, minutes showed on Wednesday 23 July. The Financial Times reported that Rachel Lomax, the new deputy governor, attending her first…
Bank of England MPC Minutes 9/10 July 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 23 July for the meeting of 9 and 10 July 2003. The MPC acknowledged that it now seemed likely that UK growth in 2003 Q2 had been weaker than the Committee had assumed in…
Bundesbank sees no signs of economic rebound
The Bundesbank published its July monthly report on Monday saying there was no immediate improvement in sight in the near future and that output is unlikely to break out of its current trend of stagnation, AFP reported.
Cuban central bank rules against US dollar transac
Cuba's central bank has said that state companies will no longer be allowed to undertake transactions in US dollars, VOA News said.
BOJ's Fukui says Japan export outlook is improving
Speaking at the Bank of Japan's quarterly branch managers' meeting in Tokyo, Toshihiko Fukui said that although the economy remains "flat" and the financial system remains in a "severe state" the outlook for exports is improving somewhat, a report from…
Cash riots feared as Zimbabwe runs out of banknote
Business leaders have warned of cash riots in Zimbabwe if the continued banknote shortage pushes black market prices up any higher, the Cape Times said. Finance Minister Herbert Murerwa announced the introduction of a Z$1 000 note, just days after…
Trichet plays down deflation fears
Bank of France Governor Jean-Claude Trichet, currently on a visit to Poland, said Tuesday "to talk of a danger of deflation, for the time being unreal, is against Europe's interests" an AFP report said.
Hans Tietmeyer joins Lazard as a Senior Advisor
Hans Tietmeyer, who was president of the Bundesbank for six years, has been appointed a Senior Analyst with Lazard, reports PR Newswire. The Chairman of Lazard Germany said he was delighted Prof. Tietmeyer has joined the company.
Barbados - CSME is important 'launching pad'
The governor of the central bank of Barbados, Marion Williams, has said the Caribbean must use the Caricom Single Market and Economy as a "launching pad" for international negotiations with the Free Trade Area of the Americas (FTAA) and World Trade…
Brazil's Congress to quiz former c bank president
Brazil's Congress was due to question former president of the central bank of Brazil, Gustavo Franco, on Tuesday as part of a congressional inquiry into illegal money transfers, according to a report by BN Americas.
Bank of Japan Monthly Report, July 2003
The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, July 2003, on 17 July. The Report said business fixed investment is on a gradual recovery and while it reiterated that economic activity remains "virtually flat…
RBNZ Deputy Governor Adrian Orr appointed
The Reserve Bank of New Zealand announced on Tuesday 22 July that Adrian Orr has been appointed the Bank's Deputy Governor and Deputy Chief Executive.
Nickell on employment and taxes
In a speech on 'Employment and Taxes' given on 21 July Stephen Nickell of the Bank of England's MPC concluded that tax rates are a significant factor in explaining differences in the amount of market work undertaken by the working age population in…
Ueda on credit risk transfers and central banks
In a speech on 'On Credit Risk Transfer Instruments and Central Banks' Kazuo Ueda of the Bank of Japan said the Bank has been massively increasing the supply of liquidity. The monetary base has risen by 50% and bank reserves have quadrupled during the…
McTeer commencement address to economics graduates
In his 'Commencement Address to Economics Graduates' Bob McTeer of the Federal Reserve Bank of Dallas said Alan Greenspan is an excellent example of someone making a big difference by applying good economics. I'll just remind you how much the inflation/…
Korean deal on monetary board seats criticised
Two organisations that control two seats of the Bank of Korea's seven-member monetary-policy board, have criticized recent moves by the Ministry of Finance and Economy and the BOK to take over their rights to appoint board members, according to the Korea…
ECB's Welteke sees no reason to cut rates
In a television interview European Central Bank council member Ernst Welteke said "I see no need to act at the moment" on interest rates, theoretically we have room for manoeuvre", according to Bloomberg. He also said "there are a few signs of…
Managing recovery on agenda at BoT seminar
The Bank of Thailand will hold its annual economic seminar on 20-21 August, the Bangkok Post reports. Assistant governor for the Monetary Policy Group Bandid Nijathaworn said the central bank expected the seminar to draw 500 people.
Commission divided on relaxing pact rules: Solbes
Pedro Solbes said on Friday 18 July that fiscal deficit limits should remain a "key element" of the stability and growth pact but conceded there were different opinions with the European Commission, Reuters reports.