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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.
ECB wants all euro aspirants to join ERM
The European Central Bank (ECB) has recommended that all countries seeking to join the euro must first spend at least two years in the exchange rate mechanism (ERM). This contrasts with comments from Swedish politicians who recently said they would try…
Snow nominated as new US Treasury secretary
Following Paul O'Neill's forced resignation on Friday the Bush administration signalled that boosting US jobs growth with tax cuts was at the top of its agenda for next year as it nominated John Snow as O'Neill's replacement as Treasury secretary.
BIS Quarterly Review December 2002
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, December 2002. In the report the BIS said that confidence began to return to markets at the end of October after six months of mounting pessimism. But the report also…
ECB Press Release
PRESS RELEASE - Review of the quantitative reference value for monetary growth, 5 December.
Nickell on the picture of european unemployment
SPEECH - In the speech 'A Picture of European Unemployment: Success and Failure' Stephen Nickell of the Bank of England said that although average unemployment in Europe is relatively high compared to OECD countries outside Europe, very high unemployment…
Bell on six months on the MPC
SPEECH - In the speech 'Six Months on the MPC: A Reflection on Monetary Policy' Marian Bell of the Bank of England said Bell described the job of the MPC as a narrow and technical one limited to controlling changes in the overall price level. She said…
Why not a female Governor of the Bank of England?
ARTICLE - An interesting article looks at women in central banks and why so few make it to the top position. The article suggests central bankers like the power of knowing things which they can keep from the public but that women don't like playing that…
BoE's Bell - UK house prices may pose problems
Bank of England Monetary Policy Committee member, Marian Bell cautioned on Monday that rising house prices may be a problem for interest rate policy for some time yet but said the MPC can not address sectoral differences without jeopardising the…
ECB suggests relaxation of 3 pct deficit limit
With regular criticisms of the EU's stability and growth pact deficit ceiling of 3 pct of GDP, which several countries have exceeded the ECB is floating the idea of giving more leeway for EU candidate countries struggling to meet the targets so as not to…
ECB rate cut will boost confidence: Welteke
Following the ECB's half point interest rate cut to 2.75 percent last week, ECB council member Ernst Welteke has said the move should boost confidence and bring long term improvement in euro zone economies.
BOJ's Hayami wants increased securitisation
Bank of Japan Governor Masaru Hayami repeated Monday that policy in Japan should be focused on structural reform of the country's fragile financial sector, which he said is muting the impact of easy monetary policy.
BIS report says stock markets on uptrend
The world's financial and equities markets are heading higher, but the outlook for recovery remains uncertain with disturbing corporate and macroeconomic data, according to a Bank for International Settlements report released Monday.
ECB may redefine monetary strategy, price target
The European Central Bank is to re-assess its "two-pillar" monetary strategy next year amid signs that it is edging towards a more flexible approach to its price-stability mandate.
Ukraine president wants central bank chief sacking
After the recent failed efforts of Ukraine's president Leonid Kuchma to have the national bank governor dismissed from his job, we understand that he has again urged the Supreme Council (parliament) to relieve Volodymyr Stelmakh from his duties in order…
Central banks must be radical in post-bubble world
ARTICLE - An article asks how conservative central bankers can be turned into radical policy makers, suggesting the problem lies in persuading the public that central bankers really can change their spots.
Macfarlane - Statement to House of Representatives
SPEECH - In his opening Statement to House of Representatives Standing Committee on Economics Ian Macfarlane of the Reserve Bank of Australia said he sees Australian growth next year at almost 4 per cent. Inflation is expected to remain near the top of…
Sveriges Riksbank Inflation Report, No.4, 2002
RESEARCH - Sweden's central bank has published its Inflation Report for the Fourth Quarter 2002. In the report the Riksbank said inflation has fallen back since the spring, which supports their earlier assessment, and that inflation expectations are also…
Issing on stable prices and stable markets
SPEECH - In the speech 'Why stable prices and stable markets are important and how they fit together' Otmar Issing of the ECB discussed what is a reasonable definition of price stability and reminds us of its importance for overall economic performance…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - While economists appear to be increasingly concerned with the possibility of deflation, the hideous reflection of an old enemy, central bankers have been reassuring us that the chances of a Japan style downward spiral are highly…
US Treasury secretary O'Neill resigns
President George W. Bush's economic team was in disarray on Friday after Paul O'Neill, US treasury secretary, and Lawrence Lindsey, White House economic adviser, announced their resignations.
B of E's George wary of Euro over-regulation
The governor of the Bank of England sounded a veiled note of caution about the European Union on Friday when he presented his vision of how European integration would move forward.
Argentine central banker offers resignation
Argentine President Eduardo Duhalde said on Friday he would talk to Central Bank chief Aldo Pignanelli next week about Pignanelli's offer to resign.