Monetary Policy
Czech cb divided on June rate rise
The Czech central bank's decision to raise interest rates in June was supported by three board members and opposed by two, the central bank said on Thursday July 8.
Sarkozy calls for more transparency at ECB
French finance minister Nicolas Sarkozy has called on the European Central Bank (ECB) to publish records of its debates and votes when setting interest rates, in the interests of transparency.
Bank of England holds rates unchanged
The Bank of England decided against a third consecutive monthly rise in interest rates on Thursday 8 July , in a move which was widely expected.
St Louis Fed's Regional Economist, July 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, July 2004 edition from the St Louis Fed includes the article "Fannie, Freddie and the FHLB". These government-sponsored enterprises continue to make headlines because of…
Asian central banks see increasing role for euro
This article looks at the growing trend of Asian central banks shifting part of their assets into euros, though the US$ remains the major reserve currency, it says.
Caruana at the 'Basel Sessions 2004'
In a speech at the 'Basel Sessions 2004' given on 6 July, Jaime Caruana of the Bank of Spain said the recent publication of the text of Basel II marks the end of an important phase in our work. "But, let me repeat T.S. Eliot's words that to make an end…
'The Region' from the Minneapolis Fed, June 2004
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for June 2004. The issue includes 'Prospects for economic expansion' in which Gary Stern speaks on the concepts of resilience, flexibility and productivity. In …
Weber says no plan for ECB rate increase
Although the Federal Reserve recently raised US interest rates, the European Central Bank does not see a change in eurozone interest rates in the foreseeable future, ECB Governing Council member and Bundesbank president Axel Weber said on Tuesday 6 July.
Broaddus US economy strong, inflation contained
Federal Reserve Bank of Richmond President Alfred Broaddus said on Tuesday 6 July that the U.S. economy looks strong, and inflation does not appear to be a problem but the Federal Reserve will "walk the walk" to ensure price stability.
BSP chief calls for improved government finances
Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said on Wednesday 7 July that the government should work harder to improve its fiscal performance to prevent a credit rating downgrade that would increase foreign borrowing costs.
Russian central bank tries to reassure country
The Central Bank of Russia sought to reassure Russians on Wednesday 7 July that their financial sector was sound, saying talks had begun to rescue the first major banking casualty from the brink of collapse.
ECB's Issing on sustained economic growth
In a speech on 'Sustained economic growth and central banking' given on 6 July, Otmar Issing of the ECB said central banking activities can impact on longer run growth through a number of potential channels. These include the role of central banks in…
Fukui on the state of Japan's economy
In a speech given on 5 July, Toshihiko Fukui, governor of of the Bank of Japan said that Japan's ongoing economic recovery is becoming broad-based as a result of structural adjustments.
Inside the Bank of England
This article asks whether the Bank of England will succeed in trying to contain a housing bubble. An "admirable steadiness" has won Mervyn King a top reputation in the rarefied world of central banking with the BOE being considered by many a model of…
Semiannual Report on Currency and Monetary Control
The Bank of Japan has published a summary of its semiannual report on currency and monetary control for the second half of fiscal 2003. Japan's economic activity started to recover gradually in the second half of fiscal 2003 (Oct 03-Mar 04) led by an…
Research says China's economy growing
China's economy is expected to grow 11.3 per cent in the year through the second quarter, up from the 9.8 per cent of the first quarter, a think-tank under the country's economic planner says.
PBOC sells 20 bn yuan in bank bills
The People's Bank of China, the country's central bank, said it had successfully sold 20 bn in discounted short-term bills, made up of 15 bn yuan in three-month bills and 5 bn yuan in one-year bills, in the interbank market on Tuesday 6 July.
Philippine cb against declaring fiscal crisis
The Bangko Sentral ng Pilipinas (BSP) on Monday 5 July oposed the proposal to formally declare a fiscal crisis, warning that the ensuing confusion might precipitate an actual fiscal crisis that the government is trying to avoid.
Costello meets RBA board, says inflation in check
Australian Treasurer Peter Costello said he met with the board of the Reserve Bank of Australia after their monthly meeting on the morning of Tuesday 6 July, but refused to speculate on what the central bank would do.
Rato: No strong inflation pressure in Europe, US
International Monetary Fund director general Rodrigo Rato said that inflation remains relatively moderate in Europe and the US, and expressed his support for the policies of the US Federal Reserve and the European Central Bank.
Sharp rise in euro note circulation
While the euro-area's economy may be sluggish, demand for the euro - as hard cash - has started to take off. This weeks CentralBankNet Monday special suggests the euro's bid to challenge the dollar as the world's hoarded currency has truly begun.
Can debt crises be self-fulfilling?
Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. This IMF Working Paper says this type of coordination failure can be eliminated by a combination of state-contingent securities…
Reddy on financial stability: Indian experience
In a speech on 'Financial stability: Indian experience' given on 27 June, Dr YV Reddy of the Reserve Bank of India said in the context of ongoing reforms in the financial sector in India, the regulatory regime has also undergone certain fundamental…
Fed Reserve Bank of St Louis Review, Jul/Aug 2004
The latest edition of the St Louis Fed's Review for July-August 2004 contains proceedings of the Twenty-Eighth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis and includes articles "Is inflation targeting best-practice monetary…