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Klein won't bow to PM's 'whims' confidantes say
Bank of Israel governor David Klein does not intend to step down from his post even if Prime Minister Ariel Sharon asks him to do so Ha'aratz news in Israel said. Ha'aratz reported sources close to the governor said Wednesday in the wake of a barrage of…
Russia posts another rise in gold reserves
Russia's gold and foreign currency reserves were at 51.4bn dollars on 14 February, up from 50.2bn dollars on 7 February, the Central Bank of Russia said in a press release on Thursday.
Rates on the rise, Canadian central banker says
Canadian monetary conditions remain stimulative enough to require future interest-rate increases, Bank of Canada deputy governor Sheryl Kennedy said Wednesday in the latest reiteration of the central bank's recent hawkish line.
EU's Solbes: ECB reform proposals not ideal
The European Central Bank's proposals to change the voting system for its governing council have not been received warmly. The Economic and Monetary Affairs Commissioner Pedro Solbes has described the proposals as "not the ideal solution".
Japan's Ito repeats call for BOJ inflation target
An academic linked to the race for top spot at Japan's central bank reiterated on Thursday his view that the bank should adopt a controversial policy targeting inflation to reverse Japan's steadily falling prices.
Choosing the new Bank of Japan governor
ARTICLE - Japanese Prime Minister Junichiro Koizumi is due to announce by the end of this month his choice for governor of the Bank of Japan, the central bank of the world's second-largest economy. He will also pick two deputy governors. The article…
Norges Bank's accounts for 2002
PRESS RELEASE - Norges Bank's annual accounts for 2002, released 20 February, show a deficit of NOK 24.1 billion, compared with a deficit of NOK 4.7 billion in 2001. No transfer will be made to the Treasury from the Transfer Fund.
The Art of Targeting Inflation
RESEARCH - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the paper "The Art of Inflation Targeting" by Lars Heikensten and Anders Vredin. The paper describes the Riksbank's transition to inflation targeting and explains how…
Origin and Procedures of Central Banking
BOOK - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the introduction to a new book called "Origin and Procedures of Central Banking". The papers in the accompanying volume were first presented at the Institute's first…
War is no excuse for European profligacy
ARTICLE - Bundesbank vice-president, Jurgen Stark, says the "never ending" debate over the stability and growth pact has damaged its credibility but the rules of the Pact must not be relaxed. Such a relaxation, called for by the UK and Germany, would,…
Fixing a forecasting model that ain't broke
ARTICLE - The Bank of England is due to start using a new forecasting model from June this year onwards. This article suggests that while it is good to keep up with the latest developments in economics, the new model has not been fully tested and that…
Hurley on monetary policy in the Eurosystem
SPEECH - In the speech 'The monetary policy and operational framework of the Eurosystem' John Hurley of the Central Bank of Ireland said as regards the conduct of monetary policy, the Governing Council has a good record in maintaining price stability…
Bank of Canada Review, Winter 2002-2003
REPORT - The Bank of Canada published its Review for Winter 2002-2003 on 19 February. The Review contains articles titled Recent Changes to Canada's Financial Sector Legislation, Exchange Rate Regimes in Emerging Markets, Transparency and the Response of…
Bank of Canada Working Paper, February 2003
RESEARCH - In the Working Paper "Managing Operational Risk in Payment, Clearing, and Settlement Systems" Kim McPhail describes the key features of systemically important PCSS in Canada and the oversight role of the Bank of Canada with respect to those…
Kennedy on restoring confidence - post bubble
SPEECH - In the speech 'Restoring Investor Confidence After the Bubble Bursts' Sheryl Kennedy of the Bank of Canada talks about asset price "bubbles" in the economy and the efforts underway to restore investor confidence following the collapse of…
Garganas on the International role of the euro
SPEECH - In the speech 'International role of the euro' Nicholas Garganas of the Bank of Greece said the euro has emerged as the world's second most important international currency. But the evidence also confirms that the dollar is still far ahead of…
Special judge probes Chile central bank case
A Chilean court assigned a special judge Tuesday to probe the theft of confidential economic data from the central bank in a scandal that has shocked the financial community.
Ukraine: Security Service may join c bank's board
The chairman of the National Bank of Ukraine, Serhiy Tyhypko, has said he is not opposed to including members of Ukraine's uniformed ministries on the bank's board.
Bank of Finland Discussion Paper
RESEARCH - Central bank spending on the operation of inter-bank funds transfer systems may range from below one million to nearly a billion US dollars annually. The paper "Payment systems efficiency, policy approaches, and the role of the central bank"…
ECB Press Release
PRESS RELEASE - Financing and financial investment in the euro area in the third quarter of 2002, 19 February.
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 21 and 22 January 2003, released 19 February. One member pointed out that inflation targeting had never been adopted for the purpose of overcoming deflation by any central bank overseas,…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 19 February for the meeting of 5 and 6 February 2003. The minutes show seven members of the Committee (the Governor, Mervyn King, Christopher Allsopp, Kate Barker,…
Barker on adjusting to low inflation
SPEECH - In the speech 'Adjusting to low inflation - Issues for policy' Kate Barker of the Bank of England said that if the Bank tried to control the build-up of house-hold debt, it might restrain growth in the economy, making people worse off and…
Fed Reserve Bank of St Louis Review, Jan/ Feb 2003
PUBLICATION - The latest edition of the St Louis Fed's Review for January-February 2003 includes articles titled "The Impact of Changes in FOMC Disclosure Practices on the Transparency of Monetary Policy: Are Markets and the FOMC Better "Synched"?" and …