Monetary Policy
Caruana on 60 years after Bretton Woods
In a speech on '60 years after Bretton Woods - a central banker's view' given on 10 June, Jaime Caruana of the Bank of Spain said central banks have also undergone changes similar to those at the IMF. Developments in macroeconomic theory and the…
Gerashchenko chosen as new Yukos chairman
Former chairman of the Central Bank of Russia Viktor Gerashchenko was elected chairman of Yukos, the Russian oil giant, on Thursday 24 June.
Ecofin unlikely to press Hungary on deficit
The council of European Union finance ministers (Ecofin) is scheduled to evaluate Hungary's convergence program on July 5, and preliminary consultations do not indicate that the council will urge Hungary to speed up its budget deficit reduction plans,…
Four CIS countries consider single currency
Belarus, Kazakhstan, Russia and Ukraine are pondering the possibility of a single currency that will be legal tender on the territory of the Common Economic Area they are creating, a senior official at the Belarussian National Bank told a news conference…
BoJ's Fukui says too soon to end easy money policy
Bank of Japan chief Toshihiko Fukui said on Friday 25 June that it is too early to discuss ending the central bank's ultra-loose credit policy.
EU proposes easing of stability pact
At its regular meeting on Thursday 24 June, the European Commission recommended that a country's economic situation should be taken into account when applying the stability and growth pact, Deutsche Welle reported.
ECB's Padoa-Schioppa on challenges post-FSAP
In a speech on 'Challenges of financial integration in the post-FSAP period' given on 23 June, Tommaso Padoa-Schioppa of the ECB said efforts in the post-FSAP period should be devoted to best implementing the new framework. If exploited ambitiously, the…
Riksbank investigates premature rate announcement
Sweden's Riksbank said on Thursday 24 June that it was investigating the premature publication of its interest rate decision.
Sweden holds interest rates unchanged
At its meeting on Wednesday, 23 June, the Executive Board of the Sveriges Riksbank decided to leave the repo rate unchanged at 2 per cent. The Riksbank said that the recovery in Sweden and abroad is progressing largely as anticipated.
BoE's King on asset prices and oil price impact
In his opening statement to the Treasury Committee given on 24 June, Mervyn King of the Bank of England said, when asked if it was the case that the Bank had dropped its gradualist approach: "No ... I don't think we have," adding that in any case the BoE…
Bank of England Inflation Attitudes Survey, May 04
The Bank of England's May 2004 quarterly Inflation Attitudes Survey was published on 18 June. Asked about the future path of interest rates, 71% expected rates to rise in the next 12 months, up slightly from 69% in the February survey.
Rates not to blame for slow growth: Padoa-Schioppa
The European Central Bank's reluctance to cut interest rates below 2 per cent isn't to blame for slow growth in the 12 nations that share the euro, said Tommaso Padoa-Schioppa, an ECB board member, in an interview with newspaper La Stampa.
IMF urges more flexible yuan policy
Rodrigo Rato, the new International Monetary Fund (IMF) managing director, on Thursday 24 June told China's leaders that now would be a good time to make their yuan exchange rate policies more flexible.
Canada's Dodge calls for global trade rules
Speaking in Paris on Thursday 24 June, Bank of Canada Governor David Dodge urged the adoption of coordinated global trade rules and accounting practices, but said countries still need to plot their own economic course.
Fed's Bies on trends in risk management
In the speech 'Trends in Risk Management and Corporate Governance' given on 22 June Susan Schmidt Bies of the Federal Reserve said America's banks and other financial institutions are making progress in tightening their rules and procedures but still…
Santomero on preparing for 21st century economy
In the speech 'Preparing for the 21st Century Economy' given on 22 June Anthony Santomero of the Federal Reserve Bank of Philadelphia said technological changes and increased globalisation have driven the US economy over the last decade and led to an…
Trichet: Supply side economics and monetary policy
In the speech 'Supply side economics and monetary policy' given on 22 June Jean-Claude Trichet of the ECB said on the basis of decades of economic research and central banking practice a widespread consensus view has by now consolidated on what monetary…
Bank of England MPC Minutes 9/10 June 04
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 23 June for the meeting of 9 and 10 June 2004. The minutes showed the MPC voted unanimously in favour of raising interest rates to 4.5% saying the outlook for the world…
Financial stability and macroeconomic models
The pre-release article to the Bank of England's Financial Stability Review "Financial stability and macroeconomic models" says financial instability is commonly perceived to be costly. But how costly? And why?
Fed Reserve Bank of Richmond - Annual Report 2003
The Federal Reserve Bank of Richmond has published its Annual Report for the year ended 2003. Academic and central bank economists have devoted considerable attention recently to determining how central banks can best maintain price stability. In the…
IMF chief Rato calls for deficit cuts
On the first part of his first Asian trip, International Monetary Fund Managing Director Rodrigo Rato urged Washington to cut its budget deficit and called on Beijing to "slow down" the Chinese economy to a more sustainable pace.
OECD chief economist: Inflation risk 'manageable'
Jean-Phillipe Cotis, chief economist for the Paris-based Organisation for Economic Cooperation and Development said the current level of oil prices will not pose an inflationary threat to the U.S. and European economies.
Inflation too low for rate rise says Chile's Corbo
Chilean central bank president Vittorio Corbo has said that the nation's inflation rate is too low to warrant a hike in the bank's benchmark lending rate.
NY Fed study sees no sign of US housing bubble
The New York Federal Reserve Bank said in a study published on Tuesday that there is no bubble in U.S. home prices despite the price surge in recent years and even if regional prices do fall, that will not pose a threat to the overall economy.