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Japan's Koizumi: Need deflation-fighter at BOJ
INTERVIEW - Japanese Prime Minister Junichiro Koizumi said Wednesday the nation needs a bold deflation-fighter to lead the central bank when the current governor's term ends in March, underscoring the concerns falling prices continue to eat away at the…
Australian credit-card case clears first hurdle
The potential complexity of Visa and MasterCard's landmark legal action against the Reserve Bank of Australia over credit-card reforms was underscored on Wednesday when the parties spent the day resolving how confidential information from 50 third…
Russian Duma approves monetary policy guidelines
The State Duma, Russia's lower house of parliament, approved the 2003 monetary policy guidelines at its plenary session on Wednesday.
Sweden's former central bank chiefs oppose euro
Following Swedish prime minister Goran Persson's decision to set a date last month for Swedes to vote on the euro, two former central bank governors have come out in opposition to membership of the single currency.
Growth fears push Norway to cut interest rates
Norway's central bank surprised economists and cut interest rates on Wednesday as growth concerns outweighed stubborn wage inflation. Business leaders had called for a cut to kickstart the economy. The Bank's accompanying press release appeared to…
Ukrainian central banker speaks on dismissal plan
INTERVIEW - Last week, parliament refused to dismiss Ukraine's central bank head, Volodymyr Stelmakh, in spite of a request to do so by President Leonid Kuchma. Parliament is expected to vote on Stelmakh's fate again on 12 December. In an interview…
Poland's central bank pushing for euro adoption
Central bank president Leszek Balcerowicz has said that the adoption of the euro by Poland in the years 2006-2007 would be beneficial, but only if the budget deficit is tackled. The European Commission is apparently discouraging the move in a new, still…
ECB agrees three-speed voting model
The ECB has addressed the problem of how votes will be allocated in an enlarged euro-zone. Their choice of model has been described as the "least worst" option and will limit the number of voting members to 21.
Bank of England has doubts on eurozone convergence
With the appointment of a widely seen 'eurosceptic' as the new governor of the Bank of England, the current incumbent Sir Edward George has raised doubts about Britain's economic convergence with the eurozone but stressed the comments were based on …
Argentina's new central bank chief
Since the announcement on Monday that Alfonso Prat-Gay will take the helm as Argentina's central bank governor, CentralBankNet has found some little known facts about this new central banker.
Concluding Statement of the IMF Mission to Norway
REPORT - Each year, the International Monetary Fund (IMF) assesses the Norwegian economy. During the last few days, a delegation from the IMF has visited Norway to gather information about the economic and financial situation and to discuss economic…
Federal Reserve leaves interest rates unchanged
As expected the Federal Reserve left interest rates unchanged on Tuesday at the FOMC's last meeting of 2002. The press release said the risks are balanced with respect to the prospects for both goals (price stability and sustainable economic growth) for…
Federal Reserve Press Release
PRESS RELEASE - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-1/4 percent, 10 December.
Edward George at European Finance Convention
SPEECH - In a speech to the 16th European Finance Convention Edward George of the Bank of England welcomed the idea of the increasing evolution of the European Union, but with a more "gradual and incremental" approach to integration. He cautioned that…
Issing on monetary policy in world of uncertainty
SPEECH - In the speech 'Issing on monetary policy in a world of uncertainty' Otmar Issing of the ECB said that central bankers have to make decisions in a world of uncertainty. But, while the academic profession has made tremendous progress in analysing…
Thinking about life after Greenspan
ARTICLE - America's interest rates came under the spotlight again on December 10th, when the Federal Reserve met for the last time this year. At the Fed, as well as at the Treasury department, attention is turning to regime change. This article…
Japan revises growth up but recovery wanes
The Japanese government on Monday marginally revised third-quarter gross domestic product upwards, but a deluge of weak economic indicators released concurrently added to the mounting evidence that Japan's shallow recovery has started to wane.
Hayami - Toward further capital market development
SPEECH - In the speech 'Toward Further Development of Capital Markets To Support Smooth Corporate Finance' Masaru Hayami of the Bank of Japan said he was concerned that healthy firms may be starved of funds as banks respond to a new government drive to…
Wall Street veteran tops SEC list as new chief
President Bush has chosen investment banker William H. Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt who resigned under pressure amid a spate of corporate scandals, Republican officials said Tuesday.
Bernankeian Economics
ARTICLE - This article looks at Fed Governor Ben Bernanke's recent speech "Deflation: Making Sure "It" Doesn't Happen Here" and says it is one of most important speeches on Federal Reserve and monetary policy in the past fifteen years. The article…
Sri Lanka finalising scripless settlement system
The Central Bank of Sri Lanka is in the process of finalising the details of a scripless securities settlement system to be implemented next September, a central bank official said Tuesday.
ECB's Issing warns of limits to transparency
There are limits to the degree of transparency that central banks are able to supply, European Central Bank chief economist and executive board member Otmar Issing said on Monday. He also noted that the introduction of the euro had raised peoples…
Argentina names new central bank chief
Argentine President Eduardo Duhalde has selected economist Alfonso Prat Gay, a former adviser to the US bank JP Morgan, to head the country's central bank, according to the presidential chief of staff.