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Bank of Canada appoints Desjardins to board
Jean-Guy Desjardins has been appointed to the board of directors of the Bank of Canada and will take up the position immediately, according to a report in the Toronto Star
EC to consider war when evaluating Pact
Romano Prodi has indicated that war in Iraq will be taken into account when the European Commission assesses member countries' deficits under the stability and growth pact, according to a BizWorld report.
Duisenberg to stay on at ECB?
Luxembourg's prime minister Jean-Claude Juncker said on his way to the EU Brussels summit starting on Friday night, March 21,that Wim Duisenberg could stay on, in his view, while uncertainty over his successor remains. Online reported him as saying that…
Polish central bank may use reserves to repay debt
It is reported by the PAP news agency that, after first denying the suggestion, the Polish central bank will hold talks with the finance ministry on using central bank reserves to repay foreign debt.
US plans to seize Iraqi assets worldwide
Funds held worldwide by the Iraqi government will be seized and transferred to the New York Federal Reserve for holding, according to a BBC report. This includes money held under the names of the Central Bank of Iraq and the State Organization for…
G7 deputies may meet at Financial Stability Forum
G7 central bankers may separate from their ministry colleagues at the meeting in Berlin on Monday March 24 of the Financial Stability Forum (FSF). Reuters reports that the meeting will include an evaluation of the impact of recent financial market…
Asia prepares for impact of Iraqi war on markets
Contingency plans are being made for Asian markets to maintain normal functioning during the Iraqi conflict, according to a report in the Wall Street Journal.
BoE: deflation spiral 'unlikely to hit Britain'
The Bank of England's quarterly bulletin published on Friday March 21 suggested that Britain was likely to avoid a deflationary cycle and that the zero bound for interest rates would not be tested, noted the Financial Times
Crockett- Central banking, fin stability, Basel II
SPEECH - In a speech on 'Central banking, financial stability and Basel II' Andrew Crockett of the BIS said restoring financial stability has been at the core of the efforts to revive economic performance. Promoting financial health, however, is not just…
Bank of Canada confident inflation will edge down
The Bank of Canada published its annual report for 2002 on Thursday 20 March and struck a confident note on inflation. Within a year the rate is expected to fall back to around two percent, the report said. Governor Dodge reflected on the Canadian…
Bank of Canada - Annual Report 2002
ANNUAL REPORT - The Bank of Canada has published its Annual Report for the year ended 2002.
Bank of England Quarterly Bulletin, Spring 2003
REPORT - The Bank of England released its Quarterly Bulletin, Spring 2003, on 21 March. The Bulletin includes an article on "Monetary policy and the zero bound to nominal interest rates" which suggests that a deflation situation is highly unlikely to…
ECB sees profits slide by 0.6 bn euros for 2002
On Thursday the European Central Bank revealed that profits fell by 33% in the year ended 2002. In a press release the ECB blamed the reduction on the fall in both the US dollar and euro interest rates during the year. The accounts also show that the ECB…
Interview - President of Central Bank of Ecuador
INTERVIEW - In a recent interview Mauricio Yepez, president of Ecuador's central bank, spoke of the technical missions to Ecuador by the IMF and other institutions. He said Ecuador expects to get 100m US dollars from the IADB later this year and a first…
Ignatyev - Reserves to prevent ruble fluctuation
During a working meeting with the President of Russia, central bank chairman Sergei Ignatyev said that the Bank's foreign currency reserves will make it possible to prevent major fluctuations in the ruble exchange rate in the near future.
ECB Press Release on the war in Iraq, 20 March
Statement of the ECB's Governing Council following the start of military action in Iraq, 20 March.
Can Fukui pull isolated BOJ in from the cold?
ARTICLE - This article asks whether Fukui will tread his own monetary policy path in an effort to rid Japan of deflation and adopt unorthodox measures which Masaru Hayami steadfastly resisted.
Israel's Treasury blasts central bank policy
A brochure published by Israel's Finance Ministry blames the central bank for much of the malaise dogging the country's economy. The brochure also described the Bank of Israel's monetary policy as "too restrictive".
Fukui taking charge
ARTICLE - This article looks at some of the pressures that will face the new governor of the Bank of Japan as he begins his term. As Toshihiko Fukui takes the BOJ helm, he faces an even more difficult economic situation than that confronted by Hayami,…
Deutsche Bundesbank Monthly Report, February 2003
REPORT - The Bundesbank said in its February 2003 monthly report the recovery of the world economy slowed down noticeably in autumn 2002 even grinding to a halt in industrial countries. The report says this picture has changed little since the turn of…
BoJ statement on the military action against Iraq
Statement made Thursday by the governor of the Bank of Japan at the onset of war hostilities.
ECB ready to react to disturbances
The ECB reassured on Thursday that it was ready to react in the event of financial market disturbances after the start of military action against Iraq.
BoJ takes emergency stability measures
The Bank of Japan has taken emergency measures to shore up the financial system as the US led war on Iraq begins. Toshihiko Fukui began his first day as the governor of the BOJ saying on Thursday "The Bank of Japan closely monitors associated economic…
MPC voted 8 to 1 to keep UK rates on hold
Minutes of the Bank of England's last meeting of its interest rate setting MPC showed that the Committee saw growth slightly below trend in the short term. The Committee also felt exchange rate depreciation was likely to put upward pressure on inflation…