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RBA leaves rates unchanged as expected
The Reserve Bank of Australia (RBA) left interest rates unchanged Wednesday as the shaky global outlook overshadowed a reactively strong domestic economy. After its final meeting for 2002 the RBA left the cash rate at 4.75 per cent.
Welteke on EMU - Experience and Outlook
SPEECH - In the speech 'European Monetary Union - Experience and Outlook' Ernst Welteke of the Deutsche Bundesbank said that in principle, all the Maastricht criteria, including the exchange rate criterion, have to be met before a country can join the…
Ferguson on Economic Progress and Small Business
SPEECH - In the speech 'Economic Progress and Small Business' Roger Ferguson of the Federal Reserve focused on economic status of minority Americans. He then turned to the role of small businesses in the US economy, drawing on research on small business…
Stevens on Inflation, Deflation and All That
SPEECH - In the speech 'Inflation, Deflation and All That' Glenn Stevens of the Reserve Bank of Australia said the word 'deflation' carries too much emotive baggage and a 'deflation trap' would pose a bigger concern. Australia would be one of the last…
Financial Times comments on Central Banking
CentralBankNet was delighted to read that the Financial Times on Monday called our quarterly Central Banking journal the "must-read bible" of the worlds central bankers.
BOJ to start releasing data on stock buying policy
The Bank of Japan said on Tuesday it will begin periodically releasing data on its purchases of shares from banks, a move that could indicate the effectiveness of its efforts to stabilise the financial system. The Bank began its unprecedented policy on…
Argentine government eases banking freeze
President Eduardo Duhalde eased a 1-year-old partial banking freeze on Monday, allowing Argentines unfettered access to their checking and savings accounts.
Eichel insists Germany will lower deficit
The EU's Stability and Growth Pact received some much needed support with Germany's Finance Minister Hans Eichel on Tuesday insisting that Germany would ensure its budget deficit next year came in below 3pc of GDP.
Bank of Canada leaves interest rates steady
Canada has bucked the global trend recently with interest rate hikes. The decision on Tuesday that the Bank will leave rates at the current 2.75 per cent comes after recent comments by David Dodge that an ease in economic growth over the next three…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 3 December.
ECB chief says euro zone inflation risks falling
Duisenberg's comments on Tuesday, in testimony to the European parliament, seem to strengthen feeling that the ECB will cut interest rates when it meets on Thursday. The futures market seems certain of at least a quarter point cut with a fifty per cent…
Review of the international role of the euro
REPORT - The European Central Bank published its annual review of the international role of the euro on 2 December. The main findings are that the euro is the second most widely used currency internationally and its role is still growing, albeit…
Interview with Swedish PM on the euro referendum
INTERVIEW - Following the recent announcement that Sweden will hold a referendum on euro entry next year, Prime Minister Goran Persson spoke to Swedish radio on the topic. In the interview he said the exact wording of the question would be decided later…
Practical Issues Arising from the Euro
REPORT - The Bank of England has published the latest in its twice yearly series 'Practical Issues Arising from the Euro' for November 2002. Part 1 reports on the UK's performance as a euro financial centre since the launch of the euro at the beginning…
Gjedrem on monetary policy in an open economy
SPEECH - In the speech 'Monetary policy in an open economy' Svein Gjedrem of Norges Bank said it is a challenge to stabilise developments in the Norwegian economy when it is so closely integrated in the world economy but the economic system in Norway has…
Knight- The Canadian economy North America context
SPEECH - In the speech 'The Canadian Economy in a North American Context' Malcolm Knight of the Bank of Canada discusses the current economic situation in Canada, how that relates to U.S. economic developments, and the overall implications for Canadian…
Issing on the euro after four years and deflation
SPEECH - In the speech 'The euro after four years: is there a risk of deflation?' Otmar Issing of the ECB said stagflation was a bigger threat to the euro zone than deflation. This he said, "deserves much more attention than the risk of deflation". In a…
Central Bank of Brazil COPOM Minutes
MINUTES - The Banco Central Do Brasil has published the minutes of the 78th meeting of the Monetary Policy Committee (COPOM), 19 and 20 November. The Committee decided unanimously to increase the Selic rate to 22% in light of increased inflation…
BOJ Suda - Need to watch impact of loan clean-up
As the Bank of Japan begins its stock purchase scheme Miyako Suda said in a speech that how bad loans are dispersed and the impact on the economy must be watched carefully.
Euro group meets to study future of stability pact
Euro group finance ministers met on Monday for the first time since Brussels proposed new ideas to strengthen the 12-nation zone's much-maligned stability pact. The pact, while staunchly defended by the ECB as 'indispensable' has received much criticism…
Issing: ECB not satisfied with inflation rate
European Central Bank Chief Economist Otmar Issing Monday attempted to debunk talk of deflationary risks in the euro zone, indicating that stagflation is actually a bigger risk for the region. The ECB's Governing Council meets this week and is widely…
Economist slams Hungarian central bank policies
ARTICLE - The article 'In the grips of the central bank; To where does the MNB's monetary policy lead?' suggests that the National Bank of Hungary has failed to learn from mistakes made over the previous several years.
Claim Turkmen president staged attempt on his life
The saga of the attempted assassination on the Turkmenistan president continued over the weekend with former central bank chief Hudayberdi Orazow claiming Saparmyrat Nyyazow stage managed his own failed assassination.
Report hints UK Treasury to reject 2003 euro entry
Gordon Brown has warned of the dangers of Britain accepting "rigid rules" to govern the economy, a move observers say further indicates the Treasury's intention to reject entry to the euro next year.