Monetary Policy
Greece presents special Olympic coin
Greece presented the first commemorative Olympics coin to be denominated in euros, aiming to raise funds for its overstretched Olympic budget. The coins were due to go on sale Thursday 13 May.
Trans-Tasman currency to be discussed
Australia's high commissioner to New Zealand is promoting a common currency between the two countries as a way to advance the trans-Tasman relationship.
Chicago Fed's Moskow on the US economic outlook
In the speech 'U.S. Economic Outlook' given on 11 May Michael Moskow of the Chicago Fed said while the rate of U.S. inflation appears to be on the rise, the increase is not substantial enough to worry about. He also said the current degree of policy…
Santomero on monetary policy and the economy
In the speech 'Monetary policy and the economy' given on 11 May Anthony Santomero of the Federal Reserve Bank of Philadelphia said US monetary policy is unlikely to turn "restrictive" as the Federal Reserve raises interest rates at "a measured pace" in…
Bank of England Inflation Report, May 2004
The Bank of England published its May 2004 Inflation Report on 12 May. The report said inflation will accelerate above its 2 percent target by early 2006 and that the economy will expand quicker than it had forecast in February.
Consensus achieved on Basel II proposals
The Basel Committee on Banking Supervision announced Monday 11 May that it has achieved consensus on the remaining issues regarding the proposals for a new international capital standard, known as Basel II.
Minutes from the Sveriges Riksbank Meeting, 28 Apr
Minutes of the Sveriges Riksbank Executive Board meeting on 28 April, published 12 May. One member summed up the discussion saying that as Swedish GDP growth would probably be somewhat more robust than forecast in the Inflation Report, inflation could…
Bergstrom on monetary policy & economic stability
In the speech 'Monetary policy and economic stability' given on 12 May Villy Bergstrom of the Sveriges Riksbank said there are dangers associated with the large interest rate cut enacted at the start of April because of the already robust international…
BOJ buys Y1.98 trln shares to May 10
The Bank of Japan said on Wednesday it had bought a cumulative 1.9799 trillion yen ($17.53 billion) of shares held by Japanese banks by May 10 under a programme aimed at reducing banks' exposure to stock market volatility.
BOJ must watch for overshoot in yields, Nakahara
Bank of Japan policy board member Shin Nakahara said on Wednesday that the BOJ must watch for any overshooting in long-term yields, in an attempt to reduce concerns as the economy recovers and speculation of a policy switch arises.
New IMF chief Rato says oil rise abrupt
New IMF managing director Rodrigo Rato said at his first news conference surging oil prices were disrupting financial markets. He also said the world economy was in an upswing with the prospect of only moderate changes in interest rates ahead.
Unpopular measures needed for Cyprus euro adoption
Cyprus Central Bank Governor Christodoulos Christodoulou said Tuesday the government must take "unpopular" measures to reign in public spending to achieve its target of adopting the euro in 2007.
Olson on the competitive edge of community banks
In the speech 'The competitive edge of community banks' given on 6 May Mark Olson of the Federal Reserve said the wave of consolidation in the U.S. banking industry hasn't led to the extinction of smaller banks.
Moskow on history of the Bank Structure Conference
In the speech 'The history of the Bank Structure Conference' given on 7 May Michael Moskow of the Federal Reserve Bank of Chicago said the mandate of the Conference has expanded to embrace nearly every regulatory, competitive, and strategic issue of…
Poole on Government Sponsored Enterprises
In the speech 'Panel on Government Sponsored Enterprises' given on 6 May William Poole of the Federal Reserve Bank of Chicago said the capital positions of Fannie Mae and Freddie Mac and their quasi-government status remain a lingering threat to…
OECD Economic Outlook, May 2004
The OECD published the May 2004 edition of its Economic Outlook on 11 May. In the report it said the OECD raised its forecasts for economic growth this year and next and said the Fed should start raising interest rates in the middle of this year to keep…
Fed's McTeer sees no recession from oil hikes
Dallas Federal Reserve Bank President Robert McTeer said in a comment piece in the Wall Street Journal on Monday that despite the increase in energy prices, the United States will not go into a recession as it has during previous jumps in energy costs.
US Treasury's Snow says no worry on inflation
US Treasury Secretary John Snow said on Monday he was not concerned about the potential for rising prices and interest rates, saying the economy had lots of room to grow without inflation.
Issing:Central bank shouldn't try to prick bubbles
Central banks should not try to prick asset price bubbles in property or stock markets, but they do need to take account of asset price developments when setting interest rates, ECB chief economist Otmar Issing said.
Hungary's Draskovics to propose 2010 euro entry
Finance minister Tibor Draskovics has said he will recommend to the government that Hungary set 2010 as the target date for introducing the euro.
Taylor says flexible yuan would ease overheating
The US has continued its pressure on China to move to a more flexible exchange rate system, with Treasury Under Secretary John Taylor saying Monday such a switch would help ease the overheating now being seen in the economy.
Persson: China increasingly important for Sweden
Sveriges Riksbank Deputy Governor Kristina Persson gave a speech Tuesday at the Umea Association for Foreign Affairs. The speech was entitled "What can China's economic development entail for Sweden?" Persson said "the increase in growth in China means…
The RBNZ changes its policy on reserves
The Reserve Bank of New Zealand, a pioneer of inflation targetting, used to say it did not need any foreign reserves. But now it has changed its mind.
RBA Statement on Monetary Policy, May 2004
The Reserve Bank of Australia has published its May 2004 Statement on Monetary Policy. The RBA said easing currency woes, a cooling housing market and an improving global economy had improved the prospects for balanced growth. While the risks to the…