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Takenaka faces no-confidence vote in Japan
JAPAN - Heizo Takenaka, Japan's embattled economic czar, will today face a parliamentary vote of no confidence as the opposition tries to exploit a clash within the ruling Liberal Democratic party over how to tackle the country's banking crisis.
Expectation increases of UK interest rate cut
UK - The odds against a cut in interest rates before the end of the year have shortened sharply after it emerged that three members of the Bank of England's monetary policy committee voted for a cut earlier this month.
Second ECB Central Banking Conference
CONFERENCE - The transformation of the European financial system, Frankfurt, 24 and 25 October 2002.
ECB Press Release
PRESS RELEASE - Statement of the Governing Council on the Stability and Growth Pact, 24 October 2002.
Federal Reserve Board - Beige Book, October 2002
REPORT - The Federal Reserve Beige Book released 23 October showed that the US economy is struggling to get out of the sluggishness which has now infected retail sales. The report shows the housing market to be the one bright spot in an otherwise weak…
Trichet on european economic integration outlook
SPEECH - In the speech 'European economic & financial integration : what is the outlook?' made on 1 October, Jean Claude Trichet of the Banque de France said the euro and the combined effects of recommendations made in the Lamfallussy Report will make…
Alan Greenspan on productivity
SPEECH - In the speech 'Productivity' made on 23 October, Alan Greenspan of the Federal Reserve said given the difficult adjustments that the US economy has been undergoing, long-term productivity optimism may currently seem a bit out of place. But, he…
Bomb scare at African fin ministers cocktail party
SOUTH AFRICA - Panic characterised the glittery cocktail party for the African finance ministers and central bank governors meeting following a hoax that a bomb had been planted at the Sandton Convention Centre on Sunday evening.
Afghanistan new notes switch going well
ARTICLE - New currency is circulating in Afghanistan as the process of changing money is carried out by the interim government.
RBI forms panel to review WMA scheme
INDIA - The Reserve Bank of India (RBI) will review the ways and means advances (WMA) scheme for states in its entirety. The central bank has constituted an advisory committee for the purpose under the chairmanship of C Ramachandran, ex-expenditure…
Russian c bank challenges politicians on reform
RUSSIA - A day after the government cancelled Thursday's Cabinet session on two key financial initiatives - liberalizing currency control and the introduction of deposit insurance - a top central bank official declared the time has come to test the…
Peru open first Latin American anti-forging office
PERU - Peru, fighting an aggressive trade in forged bills and coins, opened on Tuesday Latin America's first office that will work with U.S. and Colombian secret services to stamp out counterfeit cash.
Saudi Arabia urged to speed up economic reform
SAUDI ARABIA - The International Monetary Fund has called for the acceleration of economic reforms in Saudi Arabia, warning that inaction would swell an already large public debt, put pressure on public finances and discourage investment.
Tito Mboweni urges scrutiny of inflation basket
SOUTH AFRICA - Central bank governor Tito Mboweni has urged academics to analyse the country's inflation targets, as part of a challenge to make research institutions become more relevant to public policy.
Malaysian gov't presses ahead on use of gold dinar
MALAYSIA - The government will set up a secretariat to study and promote the use of the gold dinar as currency for international trade if the cabinet agrees, Prime Minister Dr Mahathir Mohamad said today.
Poland surprises market with rate cut
POLAND - Poland's central bank took markets by surprise on Wednesday with a half-point cut in interest rates, its third policy easing in as many months.
Modest growth in slow recovery - Fed's Poole
US - St. Louis Federal Reserve Bank President William Poole said on Wednesday the U.S. economy is growing modestly as it recovers slowly from recession.
BIS consolidated banking statistics
REPORT - The BIS today released consolidated banking statistics for the Second Quarter 2002. These statistics provide an insight into the nature and extent of banks' foreign exposures, as well as supplementary information about countries' external…
Moskow with a perspective on the current economy
SPEECH - In the speech 'A Perspective on the Current Economy' made on 17 October, Michael Moskow of the Federal Reserve Bank of Chicago said that although the near term poses some uncertainties, the long-term prospects for the US economy are remain good…
Mboweni on monetary policy making in South Africa
SPEECH - In the speech 'Monetary Policy Making in South Africa' made on 8 October, Tito Mboweni of the South African Reserve Bank said that inflation has risen from 4 per cent a year ago to 11.6 per cent in August this year. The steep depreciation in the…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 23 October for the meeting of 9 and 10 October 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Six voted in favour of this, however…
Federal Reserve Board Press Release, 22 October
PRESS RELEASE - The Federal Reserve Board, along with the Federal Reserve Banks of Chicago, Minneapolis, Kansas City, and San Francisco, will sponsor a conference this fall to explore ways to encourage banking opportunities in tribal communities.
ECB Working Paper Series
RESEARCH - 'Should central banks really be flexible?', by Hans Peter Gruner, October 2002. The paper looks at a model where risk averse trade unions interact with a central bank. Gruner shows that central bank flexibility is not necessarily desirable…