Monetary Policy
ECB welcomes the new EU Member States
On 1 May the European Union will have ten new Member States, the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia. In a press release Friday, Jean-Claude Trichet welcomed the ten saying "We look forward to…
Monetary policy is no panacea: ECB's Papademos
European Central Bank Vice President Lucas Papademos said on Thursday 29 April that European Union governments cannot rely on monetary policy to cure structural economic problems.
Fukui says BOJ cannot commit to govt growth target
Toshihiko Fukui said in minutes released on Friday 30 April that while the Bank of Japan was committed to fighting deflation it could not commit to a specific growth rate, distancing the BOJ from a government growth target.
Issing says rate split suggestions 'sci-fi'
European Central Bank (ECB) chief economist Otmar Issing expressed concern on Thursday 29 April about sluggish growth in the 12-nation eurozone and dismissed suggestion of splits in the ECB over interests rates as "science fiction."
Nigeria gets new central bank governor
The Nigerian government announced on Thursday (29 April) the appointment of Professor Charles Soludo as the new Governor of the Central Bank of Nigeria (CBN). Also appointed by President Obasanjo was W. A. Mshelia, the first woman deputy governor of the…
Eurozone inflation estimate reaches ECB 'ceiling'
Eurostat released a preliminary estimate for April inflation in the eurozone Friday showing that the rate had risen to a higher than expected 2.0 per cent from 1.7 per cent in March.
Classical King
A while back we reported that Bank of England governor Mervyn King was spotted out at an hour-long symphony by Russian composer Dimitri Shostakovich at London's Royal Festival Hall. Now a press report says, shock horror, he has been seen carrying a CD of…
Norway's Gjedrem on global economy
In a speech on 'Monetary policy and cyclical developments' given on 22 April, Svein Gjedrem of Norges Bank said there are clear signs that the global economy has passed the trough. It may take some time before interest rates are increased substantially…
Fed's Ferguson on global imbalances
In a speech on 'Global Imbalances' given on 23 Apri,l Roger Ferguson of the Federal Reserve said the probability of a disorderly decline in the value of the U.S. dollar is low and the American economy in general appears to be on track to remain in a …
Swiss National Bank - Annual Report 2003
The Swiss National Bank has published its Annual Report for the year ended 2003. After two years characterised by economic problems and geopolitical tension, the situation for the world economy improved in 2003. The US economy, which was steadily…
Chicago Fed's Moskow on manufacturing prospects
In welcoming remarks to the Conference on Manufacturing Prospects given on 27 April Michael Moskow of the Chicago Fed said that it is too soon to know whether a slowing in Midwest manufacturing activity over the past few years can be linked to broader…
BoE's Barker on asset prices
In a speech given on 28 April, Kate Barker of the Bank of England's MPC downplayed concerns about a possible housing-market crash and high levels of household debt, which the International Monetary Fund has called a main risk to the UK economy.
Trichet on monetary policy issues, the ECB's view
In a speech on 'Issues in monetary policy: views from the ECB' given on 26 April, Jean-Claude Trichet of the ECB said Europeans' perception of inflation is greater than the reality. "Perceived inflation is higher then real inflation," Trichet said in the…
RBNZ increases interest rates to 5.5%
The Reserve Bank of New Zealand increased its Official Cash Rate from 5.25 per cent to 5.5 per cent on Thursday 29 April. RBNZ Governor Alan Bollard commented on the decision "The New Zealand economy continues to perform strongly and this is being…
Sweden holds rates steady at 2%
At its meeting on Wednesday 28 April the Executive Board of the Riksbank decided to leave the repo rate unchanged at 2 per cent. After a mild economic downturn the recovery in the Swedish economy has proceeded largely as expected, the Riksbank said.
SNB: Swiss franc not hindering recovery
Current Swiss franc exchange rates are not hindering the country's economic rebound, and while market intervention remains an option, it is not an issue at the moment, Swiss National Bank (SNB) directorate member Philipp Hildebrand said in an interview…
Fed's Greenspan on energy
In a speech on 'Energy' given on 27 April, Alan Greenspan of the Federal Reserve said the likelihood of persistently high energy prices would help check US energy use and lead businesses to rethink energy-related investment decisions.
Chicago Fed's Moskow on five years of the euro
In opening remarks to the "Five Years of the Euro: Successes and New Challenges" Conference given on 26 April Michael Moskow of the Federal Reserve Bank of Chicago said the five-year-old shared euro currency continues to pose challenges for its member…
Trichet on euro statistics & their use at the ECB
In a speech on 'Euro area statistics and their use for ECB policy-making' given on 23 April, Jean-Claude Trichet of the ECB said the ECB attaches great importance to timely and reliable euro area statistics as a basis for policy-making. Statistics are…
Chicago Fed National Activity Index, March 2004
The Chicago Fed National Activity Index (CFNAI) March 2004 was published on 22 April. The CFNAI decreased somewhat from February to March, but remained above zero for the seventh month in a row.
Canada's Dodge on financial services research
In a speech on 'Research in Financial Services and Public Policy-Filling the Gaps' given on 22 April, David Dodge of the Bank of Canada said Canada's economic health depends on a strong financial services sector. There are many research topics that are…
SADC central bank governors to meet in Botswana
Thirteen Southern African Development Community (SADC) central bank governors are expected in Gaborone, Botswana on Friday 30 April to attend the biannual meeting of the committee of Central Bank Governors.
BoE's Bell hints at need for higher rates
A member of the Bank of England's nine-strong Monetary Policy Committee thinks interest rates need to rise, according to an interview. Continued above trend growth, she said, would likely impact on prices.
Japan lifts growth forecast
The Bank of Japan said on Wednesday 28 April that it expects the country's economy to expand at an even greater rate than it forecast six months ago, but repeated that mild deflation will continue in the current fiscal year.