Monetary Policy
Roth on the SNB's new inflation forecast
In a speech on 'The Swiss National Bank's new inflation forecast' given on 16 December, Jean-Pierre Roth of the Swiss National Bank said economic growth in Switzerland has lost some of its momentum. While still expecting economic growth to be close to 2%…
EC's Barroso says stability pact deal possible
In an interview with Italian daily La Stampa, European Commission president Jose Manuel Barroso said he believes it will be easier for EU states to reach a compromise over reforms to the stability and growth pact than on future contributions to the EU…
Fed's Gramlich plays down talk of housing 'bubble'
Federal Reserve Governor Edward Gramlich said on Wednesday 12 January that high U.S. housing prices did not necessarily signal a "bubble" but might just reflect scarcity of available land for building.
ECB's Issing says euro rise has 'gone too far'
European Central Bank chief economist Otmar Issing said in a speech that the dollar's adjustment against the euro has gone too far and it now needs to adjust against Asian currencies, particularly the Chinese yuan.
Russia's foreign exchange reserves increase
Russia's foreign exchange reserves advanced 6 percent in December to USD124.541bn as of January 1, 2005.
Minutes from the Sveriges Riksbank Meeting, 8 Dec
Minutes from the Sveriges Riksbank Executive Board meeting on 8 December showed that members expected economic growth, both in Sweden and abroad, to be fairly robust in the period ahead. There were downside risks, however, mainly stemming from exchange…
St Louis Fed's Regional Economist, January 2005
The Quarterly Review of Business and Economic Conditions, The Regional Economist, January 2005 edition from the St Louis Fed includes the article "What is driving oil prices?" which looks at the recent rise in oil prices and asks how much has speculation…
Krueger on China and the global economic recovery
In a speech on 'China and the global economic recovery' given on 10 January, Anne Krueger of the IMF said that China has not been able to moderate its rapid economic growth despite taking a series of steps to achieve a soft landing for the world's most…
The Fed's muddled minutes
Drawing the correct conclusions from the Federal Reserve's minutes is tricky, according to this article. The minutes are meant to portray the nuanced discussions that led to the FOMC's policymaking statement. In that sense, the minutes can be said to…
New York Fed's Economic Policy Review, Dec 2004
The Federal Reserve Bank of New York's December 2004 edition of its Economic Policy Review includes the article, Are home prices the next "bubble"? It assesses two measures frequently cited to support a bubble - the rising price-to-income ratio and the…
The Reform of October '79: How it happened and why
This study in the Federal Reserve's Finance and Economics Discussion Series offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance.
Gramlich: US needs foreign help on fiscal deficit
Federal Reserve Governor Edward Gramlich said on Monday 10 January that stronger foreign demand is needed to help correct the huge fiscal imbalances in the United States without disrupting global growth.
SBP's Husain against hasty rate increases
Ishrat Husain, the governor of the State Bank of Pakistan, said on Tuesday 11 January in an interview that the SBP will be wary of hasty interest rate hikes for fear of hampering economic growth.
Eurogroup chief Juncker calls for closer ECB ties
Luxembourg Prime Minister Jean-Claude Juncker on Monday 10 January urged the Eurogroup of 12 eurozone finance ministers to improve its internal coordination and to develop a closer dialogue with the European Central Bank.
Atlanta Fed's Guynn: Rebalancing the economy
In the speech 'Rebalancing the economy for long-term growth' given on 10 January, Jack Guynn of the Federal Reserve Bank of Atlanta said the Federal Reserve has never pledged to raise interest rates at only a measured pace and is closely watching…
Fukui at the 100th anniversary of BoJ's NY office
In a speech at the reception for the 100th anniversary of the Bank of Japan Representative Office in New York given on 6 January, Toshihiko Fukui of the Bank of Japan said that it seems to him that Japan is once again well poised to contribute positively…
Europe's central banks start to reduce staff
The number of central bankers in the eurosystem stands at 52,321, a fall of 7% since the launch of the euro in 1999, reveals the 2005 edition of Central Banking Publications' Central Bank Directory. This is 4,129 fewer staff than the peak of 56,450 in…
Fed's Kohn on central bank communication
In a speech on 'Central bank communication' given on 9 January, Donald Kohn of the Federal Reserve said the Federal Reserve is moving toward giving the public a better understanding of the central bank's behaviour, but these steps are likely to take…
Fed's Ferguson on labor market statistics
In a speech on 'Interpreting labor market statistics in the context of monetary policy' given on 7 January, Roger Ferguson of the Federal Reserve said it is possible there is less slack in the U.S. job market than thought, and this could lead to a pickup…
ECB's review of the international role of the euro
The European Central Bank published its annual review of the international role of the euro on Friday 7 January. As with previous issues, the review reflects the ongoing efforts of the ECB to monitor and analyse the use of the euro by non-euro area…
Bank of Japan Minutes, 17 &18 Nov 2004
The Bank of Japan's minutes from its 17 and 18 November 2004 Monetary Policy meeting revealed that members concurred that Japan's economy continued to recover as a whole, although the increase in exports and production seemed to be coming to a pause…
Report says ECB's losses increased last year
The European Central Bank, which posted a 2003 loss of 477 million euros (US $625 million), saw its net loss increase to at least one billion euros last year as a result of the weak dollar, according to the German Handelsblatt business daily.
IMF chief calls on US to resolve deficit
The U.S. budget deficit is "truly excessive" and the world's largest economy must resolve the problems linked to the imbalance, the head of the International Monetary Fund said in remarks published on Sunday 9 January .
Central bank credibility vital, says ECB's Issing
Speaking to the annual meeting of the Allied Social Science Associations, European Central Bank's chief economist Otmar Issing said interest-rate policy can only control inflation in the "medium to longer term," and that consistent policy was needed to…