Monetary Policy
RBNZ Monetary Policy Statement, June 2005
The Reserve Bank of New Zealand published its June 2005 Monetary Policy Statement on 9 June. RBNZ Governor Alan Bollard said the current review confirms what we said in the March Statement and again at the April OCR review.
EU's referendum failure leaves ECB as scapegoat
EU politicians in need of a scapegoat after the rejection of the proposed constitution may be tempted to cast the European Central Bank in that role, says this article. And recent comments from ECB policymakers suggest its defences may be about to crack,…
Greenspan says US economy on fairly firm ground
Federal Reserve Chairman Alan Greenspan told the US Congress on Thursday 9 May that the US economy seems to be on a "reasonably firm footing," with inflation under control.
Duisenberg rallies to defence of euro
Wim Duisenberg, the former president of the European Central Bank, on Thursday 9 June rejected a call from an Italian minister for the reintroduction of its own currency, saying in an interview that the country had had a big boost from the adoption of…
Canada's Dodge urges fast yuan float
Bank of Canada Governor David Dodge on Thursday 9 June urged China to move to a floating exchange rate system as soon as possible.
Bundesbank's Weber: Let us face up to the risks!
In the speech 'Let us face up to the risks!' given on 28 May, Axel Weber of the Deutsche Bundesbank said there is no contradiction between the reasonable performance of central banks in recent decades and the impression that they face formidable risks…
BIS on Globalisation and mon. policy independence
The BIS Paper "Has globalisation reduced monetary policy independence?" published 6 June says growing global financial integration has influenced monetary policy in important ways. Recent developments have shown, however, that, while many countries have…
SNB's Hildebrand on financial markets
In the speech 'Do financial markets promote responsible behaviour?' given on 21 May, Philipp Hildebrand of the Swiss National Bank said there are times in history when the world economy undergoes fundamental structural change. With the rapid integration…
BIS's Knight on emerging market economies
In the speech 'The role of the exchange rate in the monetary frameworks of emerging market economies' given on 27 May, Malcolm Knight of the BIS discusses the challenge of determining an exchange rate regime for emerging market countries undergoing rapid…
Trichet on asset price bubbles and monetary policy
In the speech 'Asset price bubbles and monetary policy' given on 8 June Jean-Claude Trichet of the ECB said experience with past asset price boom episodes tells us that we should be very careful in calling a boom, which is observable, a bubble.
Atlanta Fed's Guynn sees more US rate rises
Jack Guynn, president of the Federal Reserve Bank of Atlanta, said the US economy will be able to withstand further rate hikes as it is on a "solid" growth track.
IMF's Rato says euro is a big success
IMF managing director Rodrigo de Rato told a news conference on Wednesday 8 June that monetary policy in Europe isn't to blame for recent weak economic growth.
Wellink calls euro debate a 'non-discussion'
The Dutch central bank has slashed its forecast for economic growth this year to 0.4 pct from 1.7 pct, president Nout Wellink said in an interview with de Volkskrant.
US can't grow out of deficit, says Gramlich
The United States cannot grow its way out of its budget deficit problem despite recent improvement in budget and trade numbers, Federal Reserve Governor Edward Gramlich said on Wednesday 8 June.
Sweden's Heikensten: Incoming data important
Sveriges Riksbank Governor Lars Heikensten spoke on 31 May at a meeting in Tylosand organised by regional local authorities about the current economic situation and monetary policy .
Greenspan at central bank panel discussion
In the speech 'Central bank panel discussion' given on 6 June Alan Greenspan of the Federal Reserve said that recent efforts to restrict international trade and hinder free markets represent a "truly worrisome" threat to global prosperity.
Making the single currency a scapegoat
This article published on Sunday 5 June by Hamish McRae looks at the recent criticism of the single currency, and asks if the euro was a terrible mistake? The author says that while the eurozone is not going to collapse in the near future, 'it will…
St Louis Fed's Central Banker, Summer 2005
The St. Louis Fed's Central Banker magazine for Summer 2005 has been published. The latest edition includes an article by Julie Stackhouse, senior vice president of Banking Supervision and Regulation, who shares her thoughts about how community bankers…
'The Region' from the Minneapolis Fed, Jun 2005
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for June 2005. It includes the article by Gary Stern "Formalizing the success of past policy" on the promise of an inflation targeting framework for achieving long…
Trichet says Europe needs reforms
Although Europe is poised for strong economic growth, it must continue with reforms if it is to fulfil its potential, ECB president Jean-Claude Trichet said in China on Tuesday 7 June.
Nishimura says BOJ should keep reserve target
Bank of Japan policy maker Kiyohiko Nishimura said the BOJ should maintain its target for the amount of money it pumps into the economy as a revival of export-led growth cannot be relied on yet.
Greenspan calls for flexibility on China yuan
Federal Reserve Chairman Alan Greenspan on Tuesday 7 June urged China to ease tight controls on its exchange rate for the sake of its own financial health, but China's central bank chief said the country needs more time.
EU Finance Ministers try to bolster euro
European Union finance ministers on Tuesday 7 June attended a summit in Luxembourg and admitted the continuing fallout from the crisis surrounding the rejection of the EU's constitution had an economic impact.
Croatia battles pressure on euro-peg
The governor of Croatia's central bank was reported as saying the kuna faces growing market pressure to slip out of its managed peg to the euro.