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Battellino on Australian bonds issued offshore
SPEECH - In the speech 'Why do so Many Australian Borrowers Issue Bonds Offshore?' Ric Battellino of the RBA said motives included the greater range of investors overseas and differences in the state of development between the Australian and US corporate…
RBNZ Monetary Policy Statement
REPORT - The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for November 2002. The RBNZ said in the report that unlike most trading partners, the New Zealand economy performed well in 2002. Activity has continued to benefit…
Ben Bernanke on the threat of deflation
SPEECH - In the speech 'Deflation: Making Sure "It" Doesn't Happen Here' Ben Bernanke of the Federal Reserve said sustained deflation can be a highly destructive force and should be strongly resisted. He emphasised that prevention of deflation is…
George says public spending will prop up growth
Speaking on Tuesday the Bank of England's governor, Sir Edward George said public spending will underpin UK economic growth once consumer demand starts to wane, but any "substantial and generalised" public sector pay rises will push up inflation. He gave…
Brazil president to name new central bank head
President-elect Luiz Inacio Lula da Silva is likely to unveil his cabinet and new central bank chief within the next two weeks before a meeting of his left-wing Workers' Party (PT), one of his top advisers said Monday. We recently reported that Arminio…
Moskow expects US to hit growth potential in 2003
Michael Moskow has followed up Robert McTeer's comments we reported yesterday, saying the central bank's accommodative monetary policy will help US economic growth recover to full speed by next year. He is just the latest in a line of Federal Reserve…
Economy satisfactory - Ghana central bank chief
The Governor of the Bank of Ghana, Dr. Paul Acquah said that the economy has performed well over the last year but cautioned that the government needs to sustain its macroeconomic policies with emphasis on consolidating efforts on fiscal and monetary…
Reserve Bank of Australia Press Release
PRESS RELEASE - The Reserve Bank today announced the appointment of Dr Tony Richards as Head of Economic Research. This follows the decision of Dr David Gruen, the previous Head, to accept a secondment to the Commonwealth Treasury, 26 November.
Solans on the performance of the ECB
SPEECH - In the speech 'Some thoughts on the performance of the ECB' Eugenio Domingo Solans of the ECB said the ECB is almost five years old. But in that five years the Eurosystem has become a fully-fledged central bank which formulates and implements a…
Santomero on Crises, Contagion, and Coordination
SPEECH - In the speech 'Crises, Contagion, and Coordination: Issues for Policymakers in the Global Economy' Anthony Santomero of the Federal Reserve Bank of Philadelphia said recent history provides many examples of events which have important economic…
Poland sees risk of delaying EMU entry
A member of the Monetary Policy Council (RPP) of the central bank, Boguslaw Grabowski, sees a risk of delay in Poland's accession to the euro zone because of possible problems in reducing the budget deficit.
ECB to study lending policies with survey
The European Central Bank will begin conducting a quarterly survey next year of credit policies practised by banks operating in the 12-nation euro zone. The move comes just days after the Irish central bank warned lenders to stick within guidelines.
BIS forced to pay $390m shareholder compensation
Following a decision by the Arbitration Tribunal in the Hague, the Bank for International Settlements (BIS) will have to pay another $390m to compensate private shareholders whom the bank banned last year from holding shares.
BIS Press Release
PRESS RELEASE - Hague Arbitral Tribunal decision regarding the repurchase of privately held shares of the Bank for International Settlements, 25 November 2002.
Fed's Kohn on US trade gap
Federal Reserve Governor Donald Kohn said on Friday it was "hard to imagine" the imbalance in the U.S. current account could continue indefinitely and that a rough correction of the situation was a distinct risk.
New e-cash system in France
Regulators following the development of e-commerce will be interested to learn that the revolutionary electronic cash system for small transactions that has been tried out in several French provinces since 1999 went live in Paris in November.
'Goose the US economy' says McTeer
The latest Federal Reserve official to publicly voice his support for the FOMC's recent interest rate reduction is Bob McTeer, president of the Dallas Fed. McTeer showed himself to be in favour of a rate cut back in September, voting against the FOMC…
Bimal Jalan downplays fears of financial crisis
Saturday saw the governor of the Reserve Bank of India, Dr Bimal Jalan play down any threat of a domestic financial crisis. He reassured people that macro-economic indicators of the Indian economy were strong with low inflation, reasonably good growth…
Korea hosts EMEAP
The Bank of Korea began its 24th Executives' Meeting of East Asia and Pacific Central Banks (EMEAP) deputies on 25 November on the southern resort island of Cheju. It is expected that around 35 central bank deputy-governors and executives from EMEAP…
G20 countries disagree on debt defaults
Last weekends meeting of Group of 20 central bank governors and finance ministers from rich and developing nations failed to make much progress as differing views on how best to resolve emerging market debt defaults divided delegates.
Bergo on monetary policy and economic cycles
SPEECH - In the speech 'Oil revenues, monetary policy and economic cycles' Jarle Bergo of Norges Bank said GDP growth is likely to pick up but will remain below the growth potential next year and that the interest rate increase in July has resulted in…
Olson on banking in 2002 after a decade of change
SPEECH - In the speech 'The Banking Industry in 2002 after a Decade of Change' Mark Olson of the Federal Reserve said the past decade has been a time of dynamic change in the financial services industry and there are no signs that the pace of change will…
Bollard on the evolution of monetary policy
SPEECH - In the speech 'The evolution of monetary policy' Alan Bollard of the Reserve Bank of New Zealand spoke of himself 'as a new central bank governor' and said the new Policy Targets Agreement will offer more flexibility, but this flexibility needs…
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Fourth Quarter 2002. The survey forecasts inflation will average 1.1 percent this year and 1.7 percent in 2003. These estimates are down just 0…