Monetary Policy
Fed's Guynn says price pressures won't be ignored
U.S. inflation has "stayed in a relatively narrow band" but the Fed will not take its eye off the ball, President of the Federal Reserve Bank of Atlanta Jack Guynn said in an interview with Bloomberg News published on Thursday 9 September.
NBP's Balcerowicz says budget efforts not enough
Polish Central Bank Governor Leszek Balcerowicz said efforts to narrow the budget deficit next year won't be enough to help the country qualify for the euro by 2007.
Belgium may scrap euro cent coins
Belgium is to stop producing one- and two euro cent coins, following in the footsteps of eurozone partners Finland and the Netherlands, AFP reported Finance Minister Didier Reynders as saying.
RBNZ increases OCR to 6.25 per cent
The Reserve Bank of New Zealand has increased the Official Cash Rate from 6.00 per cent to 6.25 per cent. The RBNZ said that further tightening of monetary policy is likely to be required.
Bundesbank statement on EC proposals
Responding on Tuesday 7 September to the European Commission's proposals for reform of the Stability and Growth Pact, the Bundesbank said it believed that instead of strengthening the Pact, the proposed changes would have a "generally detrimental" effect…
ECB Monthly Bulletin, September 2004
The European Central Bank published its September 2004 Monthly Bulletin on Thursday 9 September, saying that "strong vigilance" is needed to ensure that inflation slows below 2 percent next year as an economic recovery in the eurozone strengthens and oil…
Is India meddling with central bank's autonomy?
India's Trade minister has recently said "We don't want interest rates to harden". This article questions the effect of such "official" comments on the RBI's autonomy and says there's now the risk of monetary policy becoming a political football in India.
Japan reports economy improving
Japan's economic recovery is "solid" but export growth is losing some steam, the government said in a monthly report released on Thursday 9 September. The Bank of Japan also released its latest monthly report Thursday which said the economy is on the…
Korean banknote redenomination 'not urgent'
Bank of Korea Governor Park Seung said on Thursday 9 September that changing the denominations or issuing higher-value banknotes is not an urgent issue. Currently, the largest denomination is a 10,000 won note, which is worth less than $10.
Slovenia targets inflation to adopt euro in 2007
Slovenia hopes to reduce annual inflation in 2005 to less than three per cent, clearing the way for the former Yugoslav state to enter the eurozone by the beginning of 2007, central bank governor Mitja Gaspari told a meeting of business leaders.
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Third Quarter 2004 Survey of Professional Forecasters. Growth over the second half of the year looks a bit slower now than it did three months ago, according to participants in the Survey. The…
St Louis Fed's Central Banker, Fall 2004
The Fall 2004 edition of the St. Louis Fed's Central Banker magazine has been published. The latest issue includes articles "Federal Reserve To Close More Check Processing Sites" and "Federal Reserve Takes a Lead Role in Supporting Check 21" which…
Bank of Canada raises interest rates 0.25%
The Bank of Canada announced on Wednesday 8 September that it would raise its key overnight interest rate by one-quarter of a percentage point to 2.25 per cent, a move widely expected by financial markets. In a press release the bank said with the…
Greenspan says US economy regaining some traction
In testimony to the U.S. House of Representatives on Wednesday 8 September, Federal Reserve Chairman Alan Greenspan said the economy has "regained some traction" following a late spring slowdown that was instigated by a sharp rise in oil prices.
Dallas Fed's McTeer confident on US economy
The dip in the U.S. economy in the second quarter was due largely to higher oil prices and the country has now moved on, Federal Reserve Bank of Dallas President Robert McTeer said on Tuesday 7 September.
NZ's Cullen apologises for interest rate 'slip'
Finance Minister Michael Cullen has apologised after saying that the Reserve Bank of New Zealand had raised its key interest rate "today" - the RBNZ is due to meet on Thursday 9 September to decide monetary policy.
PBOC's Zhou says rates on hold for now
The People's Bank of China will not consider changing the interest rates until August's statistics are released, according to PBOC Governor Zhou Xiaochuan.
Minutes from the Sveriges Riksbank Meeting, 19 Aug
Minutes of the Sveriges Riksbank Executive Board meeting on 19 August were published 2 September. One member observed that economic activity in Sweden had strengthened slightly more than expected during the first six months of the year, and that the…
Tumpel-Gugerell on the Single Euro Payments Area
In the speech 'Time to act: clear objectives and a convincing roadmap for the Single Euro Payments Area' given on 6 September, Gertrude Tumpel-Gugerell of the ECB said to achieve the Single Euro Payments Area, it's best for the European Payments Council…
Norway's Gjedrem on monetary policy and the krone
In a speech on 'Monetary policy and the krone exchange rate' given on 26 Augus,t Svein Gjedrem of Norges Bank said growth in the Norwegian economy is projected to pick up markedly this year and remain relatively high next year.
Almunia not expecting ECB objection to Pact change
EU economic and monetary affairs commissioner Joaquin Almunia has said the European Central Bank is not expected to oppose possible changes to the stability and growth pact.
EU budget plans would hurt ECB policy, says Buba
The Bundesbank said that the European Commission's intention to relax budget rules would damage the European Central Bank's ability to set interest rates in the eurozone, according to Bloomberg, which quoted an email.
France's Raffarin sees 2.5 % GDP growth in 2004
French Prime Minister Jean-Pierre Raffarin said he expects GDP growth of 2.5 per cent in 2004 and said that economic growth is sustainable.
IMF says flexible exchange rate best measure
The International Monetary Fund (IMF) has identified the free-floating exchange rate regime as the best measure against economic shock, according to a new study.