Monetary Policy
Trichet on a stability-oriented monetary policy
In a speech on 'A stability-oriented monetary policy as a necessary condition for long term growth' given on 9 December, Jean-Claude Trichet of the ECB said uncertainty over the future of the stability and growth pact could mean higher long-term interest…
Bank of Mauritius - Annual Report 2004
The Bank of Mauritius has published its Annual Report for the year ended 30 June 2004. The Mauritian economy registered a commendable performance during fiscal year 2003-04, according to the governor Rameswurlall Basant Roi in his statement.
Armenian president urges central bank to act
Armenian President Robert Kocharyan has called on the central bank to act "decisively and quickly" to prevent speculation in Armenia's financial market caused by fluctuations in the rate of the dollar against the national currency.
Gonzalez-Paramo: 'strong need' for price vigilance
Jose Gonzalez-Paramo, one of the European Central Bank's governors, said on Friday 10 December that in view of the recent surge in oil prices there is a "strong need for vigilance" over medium-term price risks.
Slovakia appoints new central bank governor
The Slovak parliament approved a new central bank governor Friday 10 December, confirming the government's nominee, Ivan Sramko, to the post.
Brazil's Senate approves central bank immunity law
Brazil's Senate has approved a law that gives central bank president Henrique Meirelles Cabinet-level status, giving him immunity from prosecution for crimes in all courts except the country's highest.
Hungary to publish Monetary Council minutes
On Monday 6 December the Monetary Council of the National Bank of Hungary decided, after a six month trial, to publish abridged minutes of its regular rate-setting meetings in future. This summary presents the arguments and experiences supporting the…
RBNZ Monetary Policy Statement, December 2004
Speaking at the release of the Reserve Bank of New Zealand's December 2004 Monetary Policy Statement on Thursday 9 December, RBNZ Governor Alan Bollard said "As indicated in our October Review, we continue to expect that the current policy position will…
Sweden leaves repo rate unchanged at 2 per cent
At its meeting on Wednesday, 8 December, the Executive Board of the Sveriges Riksbank decided to leave the repo rate unchanged at 2 per cent.
ECB Monthly Bulletin, December 2004
The European Central Bank published its December 2004 Monthly Bulletin on Thursday 9 December, saying the outlook for inflation in the eurozone is "worrisome" after a 33 percent appreciation in the price of oil over the past year.
World Bank says Chinese economy not over-heating
Chief of the economics unit of the World Bank's Beijing office, Bert Hofman denied that the Chinese economy is overheating, saying that he expects 9.2 per cent to 9.3 per cent growth for China, "which is by and large a good thing."
Japan's Koizumi says rapid dollar fall unwelcome
Japanese Prime Minister Junichiro Koizumi said on Thursday 9 December at a press conference that he does not welcome a rapid fall in the US dollar but is also against resorting too much to market intervention.
ECB's Tumpel-Gugerell on global view of euro
In a speech on 'The Euro - Financial strength and weakness from a global perspective' given on 6 December Gertrude Tumpel-Gugerell of the ECB said sharp moves in exchange rates are unwelcome because of their adverse impact on investment decisions.
Sveriges Riksbank, Financial Stability Report 2:04
Sweden's central bank, the Sveriges Riksbank, published its second Financial Stability Report for 2004 on 2 December. Household sector indebtedness has continued to rise during the autumn. At the same time there are currently no indications that this…
Bank of Canada, Business Outlook Survey, Autumn 04
The Bank of Canada's Autumn 2004 Business Outlook Survey reports that businesses remain essentially as optimistic about the economic outlook as they were in the summer survey. Although they have marked down their growth forecast for the US economy,…
Fed's Bies on factors in risk management
In the speech 'It's not just about the models: Recognizing the importance of qualitative factors in an effective risk-management process' given on 7 December, Susan Bies of the Federal Reserve said mathematical investment models are not enough on their…
Tanenaka says view of Japan's economy not changed
After the Japanese government revised the country's third-quarter gross domestic product, Economic and Fiscal Policy Minister Heizo Takenaka said Japan hasn't changed its view that the economy is recovering.
ECB's Issing reassures on eurozone growth
The European Central Bank's chief economist Otmar Issing insisted in an interview published on Wednesday 8 December, that Eurozone growth would recover from its current lull next year.
Mboweni prefers 'competitively' priced ex rate
Addressing the annual dinner in honour of the ambassadors and high commissioners to South Africa, Tito Mboweni said: "We neither prefer a weak rand nor an overvalued exchange rate. We prefer a competitively priced exchange rate."
ECB's Tumpel-Gugerell on global exchange rates
In a speech on 'Exchange rate moves in a global economy: a central banking perspective' given on 3 December, Gertrude Tumpel-Gugerell of the ECB said policies aimed at fostering macroeconomic stability should frame discussions between countries, and this…
China's Xiaochuan on gold market & risk hedging
In a speech on 'Gold market functions to hedge against risks' given on 6 September , Zhou Xiaochuan of the People's Bank of China said we see as central bankers, that a developed gold market can help to complement the monetary policy instruments and…
BIS Quarterly Review, December 2004
Improved macroeconomic data and the stabilisation of oil prices encouraged investors to become more optimistic about the strength of the global economy, the Bank for International Settlements (BIS) said in its Quarterly Review, December 2004.
Denmark's Andersen on financial markets
In a speech given on 1 December, Bodil Nyboe Andersen of the Danmarks Nationalbank said that Denmark is now harvesting the fruits of more than 20 years' stability-oriented economic policy during which major structural reforms have been implemented.
Bank of Canada leaves interest rates unchanged
The Bank of Canada announced on Tuesday 7 December that it is maintaining its target for the overnight rate at 2 1/2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 3/4 per cent.