Monetary Policy
Bank of Japan Monthly Report, December 2003
The Bank of Japan published the English version of its December 2003 Monthly Report of Recent Economic and Financial Developments on 18 December. The BoJ said that it expects the Japanese economy to continue its export-led recovery at a slow pace. "Japan…
Sveriges Riksbank Board Meeting minutes, 4 Dec
Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 18 December. Members felt that international developments, with the exception of the euro area, had been surprisingly positive in recent months. The uncertainty that…
ECB's Wellink says euro surge a risk to recovery
ECB Governing Council Member Nout Wellink said in an interview that the appreciating euro was "one of the risk factors" for the European economy and the region's growth prospects could be hindered if the euro appreciated rapidly.
Euro-zone inflation up to 2.2 per cent
Euro-zone inflation edged up to 2.2 percent in November with higher food and tobacco prices blamed for the rise. The results were in line with expectations and Eurostat's preliminary estimate.
Brazil central bank cuts rate 1 point to 16.5%
The central bank of Brazil cut its Selic base rate by a percentage point to 16.5% on Wednesday 17 December. A Copom statement said that the cut was made "due to a trajectory of favourable targets for the resumption of economic activity."
Accra tipped to host WAMZ central bank
A random sample of the views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded that "Ghana is very well placed to becoming the base for the central bank of the WAMZ group."
ECB official unconcerned with euro's strength
Otmar Issing, chief economist of the European Central Bank, said in an interview that the current level of the euro "corresponds to its long-term average". "It is essentially back where it started," he said.
Nakahara on Japan's economy and monetary policy
In the speech 'Japan's Economy and Monetary Policy' released on 10 December Shin Nakahara of the Bank of Japan said currently, with the recovery trend looking steadily more certain, corporate executives seem to be more optimistic. For the Japanese…
Riksbank's Srejber on financial delegation
Eva Srejber of the Sveriges Riksbank said on 2 November that there is evidently a need to review the institutional framework regarding the mutual life insurance companies. It is not sufficient to have a general requirement for them to reorganise…
Gjedrem at the Norwegian Parliament
In a speech to the Norwegian Parliament given on 1 December Svein Gjedrem of Norges Bank said in Norges Bank's assessment, the outlook for the internationally exposed sector is brighter today than a year ago because the rise in costs has slowed markedly…
Bank of England MPC Minutes 3/4 December 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 17 December for the meeting of 3 and 4 December 2003. Eight members of the MPC thought that rates should remain at 3.75 per cent while Sir Andrew Large, one of the Bank…
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…
SF Fed says regional economy on the upswing
The San Francisco Fed said in its quarterly update on Tuesday that information from District contacts suggests that the pickup in employment is not transitory but indicative of a more fundamental change in business conditions. The San Francisco Fed has…
Norges Bank reduces interest rates
Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.
Nyboe Andersen on Denmark's fixed-exchange-rate
In a speech to the Danish Bankers Association given on 3 December, Bodil Nyboe Andersen of the Danmarks NationalBank said that in the years since the early 1980s, Denmark has experienced a number of currency crises, but the fixed-exchange-rate policy has…
Review of BoJ's asset-backed securities purchase
The Bank of Japan said on 16 December that it is reviewing the conditions for its purchase of asset-backed securities and will report the result at the next Monetary Policy Meeting.
History will remember Chairman Greenspan
By reacting forcefully from 2001 onwards, Alan Greenspan prevented the Federal Reserve from making a third big blunder and set the stage for the current turnaround, this article in The Business Times says. "The Fed can never deliver the economy into…
BoJ leaves policy unchanged, sees slow recovery
The Bank of Japan left its monetary policy unchanged on Tuesday 16 December, reports AFP. It also released its December monthly report saying that it expects the Japanese economy to continue its export-led recovery at a slow pace. Most parts of the…
U.S. inflation still no worry - Fed's Broaddus
In a speech on Monday 15 December Richmond Fed president Alfred Broaddus said a short-term rise in inflation would be nothing to worry about and the prospects of deflation were lower than a few months ago. "Accommodative monetary policy could mean, could…
IMF: Israel's monetary policy too conservative
An evaluation of the Israeli economy by an IMF delegation has concluded that interest rates can continue to fall as the economy is under deflationary pressure, noted the Israel Business Agency, but cuts should be gradual and monetary policy should be…
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…