Monetary Policy
Bank of Canada Review, Spring 2005
The Bank of Canada published its Review for Spring 2005 on 12 May. The Review contains four articles including "Understanding China's long-run growth process and its implications for Canada". In addition to examining the determinants of China's past and…
ECB's Gonzalez-Paramo promotes lower taxes
In a speech on Friday 13 May European Central Bank board member Jose Manuel Gonzalez-Paramo said lower income taxes can reduce the need for interest rate rises in the long run.
IMF says Iraq too dangerous to open office
The International Monetary Fund said on Thursday 12 May that it is too dangerous for the Fund to open an office in Iraq at the present time but it hopes to begin talks soon on a special loan to the Iraqi government.
IMF say conditions favourable on China rate reform
International Monetary Fund spokesman Thomas Dawson said that China is now ready and able to reform its exchange rate system, and it is in its best economic interest for it to do so.
PBOC chief rejects rate change rumour
The head of the People's Bank of China, Zhou Xiaochuan, denied rumours on Friday that the renminbi will be allowed to appreciate on 18 May.
Wolfowitz reassures World Bank staff
Paul Wolfowitz is trying to reassure World Bank staff that he has turned put his past involvement with the Iraq war behind him and has his eyes trained on global development.
Is the IMF an endangered species in Asia?
This article says last week's meeting of the Asian Development Bank marked the resurrection of the idea of an "Asian Monetary Fund". This step, along with the Asian Bond Fund, will not only move Asia further down the path of integration, but also reduce…
ECB Monthly Bulletin, May 2005
The European Central Bank published its May 2005 Monthly Bulletin on Thursday 12 May. The regular survey of professional economic forecasters conducted by the ECB showed the experts have downgraded their growth forecasts for the euro zone economy for…
Norway's Gjedrem on financial stability
In a speech on 'The macroprudential approach to financial stability' given on 12 May, Svein Gjedrem of Norges Bank said there has been substantial development in the way we think about financial stability.
IMF's Rato on economic development in the Americas
In a speech on 'Opportunities and challenges for economic development in the Americas' given on 20 April, Rodrigo de Rato of the IMF said Latin America is likely to see a further decline in inflation in 2005.
US Treasury denies China visit report
A US Treasury Department spokesman denied media reports on Wednesday 11 May that officials planned to visit China next week for talks with Chinese economic authorities.
Tanigaki says yuan revaluation won't push up yen
A revaluation of China's currency wouldn't immediately strengthen the yen, Japan's Finance Minister Sadakazu Tanigaki said on Thursday 12 May.
SARB deputy says economy can sustain brisk growth
South African Reserve Bank deputy governor Ian Plenderleith said on Wednesday 12 May that South Africa can sustain economic growth of at least 4 per cent over the next few years and investor confidence in the country has improved.
House prices overvalued says Spain's Caruana
Bank of Spain Governor Jaime Caruana Wednesday said that in the central banks view house prices are overvalued as a result of an extended property boom, but ruled out the possibility of a "disorderly adjustment" in the market.
Atlanta Fed's Guynn on the US economy
In the speech 'Make a difference' given on 7 May, Jack Guynn of the Federal Reserve Bank of Atlanta said the U.S. economy is robust and enjoys an upbeat outlook.
SNB's Roth at the AGM of shareholders
In a speech given on 29 April, Jean-Pierre Roth of the Swiss National Bank said 2004 was a relatively favourable year for the Swiss economy, but a few clouds have recently appeared on the horizon.
Chicago's Moskow on bank structure and competition
In a speech given on 6 May, Michael Moskow of the Federal Reserve Bank of Chicago said lawmakers and regulators need to be sensitive to potential problems at the U.S. pensions guarantee fund.
Central bankers have to practise silence
This article published on Wednesday 11 May says central bankers have an obligation to speak out when politicians' actions threaten price stability, but on matters of tax and expenditure policy, central bankers, including Alan Greenspan, should tread…
Bank of England Inflation Report, May 2005
The Bank of England published its May 2005 Inflation Report on 11 May. In the report the Bank said it expects CPI inflation to rise above the 2 pct target in the near term due to temporary factors before settling back to the 2 pct level over the two year…
PBOC official says prepared for yuan reform
A deputy governor of the People's Bank of China said the central bank is now "technically" prepared to carry out currency reforms, according to a report on Wednesday 11 May.
Fed rate increases appropriate says Poole
A top Federal Reserve officials said on Wednesday the Fed was correct to raise interest rates gradually because recent indications of an economic soft spot are misguided.
Fed's Hoenig: statement error a 'doggone mistake'
Kansas City Fed President Thomas Hoenig said on Tuesday 10 May that the omission of a reassurance about the long-term inflation outlook in last week's Federal Reserve policy statement was just a mistake.
Fed's Fisher sees US economy in 'sweet spot'
Dallas Federal Reserve President Richard Fisher said on Tuesday an apparent soft spot in U.S. growth may have been influenced by technical factors making March data look especially weak, but in fact the economy is pulling ahead well.
Japan's MOF may yield to BOJ on reserves
Japan's Ministry of Finance is expected to approve the Bank of Japan's plans to build up its reserves beyond the amount legally required, the Nihon Keizai Shimbun reported.