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Argentina defaults on World Bank loan
ARGENTINA - The Argentine government on Thursday took the extraordinary step of defaulting on a loan repayment to the World Bank, in a sign of its intense frustration over negotiations with the bank's sister institution, the International Monetary Fund.
Fin min - Polish currency strength temporary
POLAND - Minister of Finance and Deputy Prime Minister Grzegorz Kolodko says he would like a lower exchange rate and wants the central bank to help.
Sterling coins may contain more nickel than euros
UK - Britain in Europe (BiE), a lobby group who campaign for UK entry to the euro, have come up with the perfect riposte to euro sceptics who complain that the euro coins contain high levels of nickel which can cause skin irritation. A Europhile lobby…
Rising Spanish inflation widens eurozone gap
SPAIN - Inflation jumped a full percentage point in October to a year-on-year rate of 4 per cent, widening the differential with other eurozone.
Swedish central bank cuts rates
SWEDEN - The Riksbank, the Swedish central bank, cut its key repo rate by 25 basis points to 4 per cent on Friday, warning there were clear signs of a weakening in industrial activity and exports.
Sveriges Riksbank Press Release
PRESS RELEASE - Repo rate lowered 0.25 percentage points to 4 per cent, 15 November.
Spotting the next asset price bubble
ARTICLE - A thoughtful article in last Friday's FT by John Calverly of American Express Bank suggests that an asset valuation committee should be set up to warn of potential asset price bubbles. Though Calverly was directing his remarks to the UK, it is…
Crisis Prevention and Crisis Management
RESEARCH - IMF Working Paper, November 2002 by Udaibir Das and Marc Quintyn, Monetary and Exchange Affairs Department, 'Crisis Prevention and Crisis Management: The Role of Regulatory Governance'. This paper first defines four key components of…
The Inflation Targeting Framework in Norway
RESEARCH - IMF Working Paper, November 2002 by Jarkko Soikkeli. This paper assesses the institutional and technical design of Norway's inflation targeting framework, as well as its potential implications for the practical implementation of monetary…
IMF Issues Press Statement on Argentina
PRESS RELEASE - Ms. Anne Krueger, First Deputy Managing Director of the International Monetary Fund (IMF), underlined outstanding problems to be resolved between the Fund and Argentina in a statement on 14 November.
Edward George on price/earnings ratios
SPEECH - Sir Edward George of the Bank of England told the Association of Corporate Treasurers last week that on some measures price/earnings ratos were back to the long-term averages. Is he saying the equity bubble is over, at least in the UK?
BOJ may resist pressure to ease again next week
JAPAN - After easing liquidity further at the last meeting of the BOJ, many economists expect the bank to resist calls for further easing when it meets next week.
Eurozone rate cut hopes boosted by ECB report
GERMANY - The ECB's monthly bulletin released Thursday appeared to increase the likelihood of a future rate reduction on the back of comments made by Win Duisenberg last week.
San Francisco Fed chief expects recovery next year
US - Following the Federal Reserve's half point interest rate cut last week Robert Parry said in a speech on Wednesday that the Fed thought it was wise to "take out a little insurance" to keep the expansion going.
Former Canada c bank chief reveals row in new book
CANADA - Former Bank of Canada governor John Crow reveals in a new book 'Making Money' that a political row with the finance minister over inflation targeting prevented him from taking up a second term as head of the central bank.
Recommendations for Securities Settlement Systems
REPORT - Assessment methodology for "Recommendations for Securities Settlement Systems" CPSS Publications No. 51, November 2002.
Duisenberg at the Banco de Mexico conference
SPEECH - In a speech to the 2nd international conference organised by the Banco de Mexico made on 12 November, Wim Duisenberg of the European Central Bank said over recent months, a high degree of uncertainty - stemming mainly from developments in stock…
Greenspan on the economic outlook
SPEECH - In testimony titled 'The economic outlook' made on 13 November, Alan Greenspan of the Federal Reserve said before Congress's Joint Economic Committee, that last week's sharp interest rate cut should help the country through its "soft patch,"…
ECB Monthly Bulletin, November 2002
REPORT - The European Central Bank published its November 2002 Monthly Bulletin on 14 November. The bulletin contains three articles. The first focuses on the issue of the accountability of the ECB. The second addresses the importance of transparency in…
MAS Press Release
PRESS RELEASE - MAS seeks industry comment from financial institutions on technology risk management guidelines, 11 Nov.
Diverse bunch
ARTICLE - Another inflation report, another smooth performance from Mervyn King, the Bank of England's monetary policy supremo. Despite the best efforts of his interrogators, he refused to let the words "boom" or "bubble" pass his lips when talking about…
Greenspan questions wisdom of tax changes
US - Alan Greenspan entered the political arena yesterday claiming that use of fiscal policies to manage the US economy could have uncertain results and threaten long-term stability.
Russian PM says old regulations hinder economy
RUSSIA - The existing system of currency regulation and control hampers the development of the national economy, Russian Prime Minister Mikhail Kasyanov said at a cabinet session on Thursday.
Deflation may be the real danger for central banks
ARTICLE - Deflation or inflation - could the central bank guns be facing in the wrong direction? This article suggests that rather than worry about inflation, the major central banks could instead be preparing for a battle against the opposite, deflation.