Monetary Policy
RBA chief Macfarlane regrets rate rise
Ian Macfarlane, governor of the Reserve Bank of Australia, said on Monday 8 December that he was sorry interest rates had to go up as it would hurt mortgage holders, according to the Herald Sun. "I suspect it's in this group of people, who are most…
IMF says euro rise won't stall economic recovery
Anne Krueger told reporters on Tuesday 9 December thatthe euro's recent rise against the dollar was not "a negative" but was prompted by economic growth, according to a Reuters report.
Canada's Dodge sees strong end to year
Strong global demand for Canadian goods and the holiday shopping season should allow the nation's economy to finish a rough year on a high note, Bank of Canada Governor David Dodge said in a speech on Monday 8 December, reported by the Ottawa Business…
Korea to be 'major financial player' - government
The Korean government believes it is emerging as a major financial player, reports the Korea Herald, with its plans to embark on more aggressive and large-scale fund management starting next year.
IMF takes aim at small offshore centres
After three years examining offshore centres, the International Monetary Fund has decided to focus on smaller offshore centres which don't meet international standards. CentralBankNet here gives a sneak preview of the report in the latest edition of The…
Ortiz gets the nod for second term
Vicente Fox, Mexico's president, nominated Guillermo Ortiz for a second six-year term as governor of the central bank on Friday 5 December. Santiago Creel, the interior secretary, said at a news conference Friday that Ortiz's nomination had been formally…
ECB press conference with questions and answers
At the ECB's post meeting press conference on Thursday 4 December, Jean-Claude Trichet said the overall fiscal framework of the Stability and Growth Pact remains of central importance and should be fully respected. The same applies to the requirement to…
Riksbank leaves repo rate left unchanged at 2.75%
Sveriges Riksbank, the central bank of Sweden, left interest rates unchanged at its meeting on Thursday 4 December. In a statement the Riksbank said its assessment of international economic activity had not changed significantly in recent months but…
Report by Task Force on Major Financial Disruption
Bank of England's Task Force publishes report on whether new statutory powers are needed to deal with major operational disruption, 3 December 2003. In the report Sir Andrew Large, deputy governor, said financial institutions should reassess large…
Jurgen Stark on ECOFIN Council decision
In a statement following the ECOFIN Council's decision on the stability and growth pact, Bundesbank Vice President Jurgen Stark said the "decision of the ECOFIN Council threatens to break the political consensus of the Maastricht Treaty, which is also…
Budget boost for BNB
Bulgaria's budget for 2004 will provide an extra 8.5 million leva for the National Bank of Bulgaria, reports the Sofia Echo. The largest part of the additional 8.5 million leva will be used for support of money flow, for which 5.2 million leva has been…
Public to grill RBA chief Macfarlane
The governor of the Reserve Bank of Australia Ian Macfarlane will appear before a federal parliamentary economics committee on Monday 8 December, according to a report by The Age.. It's the first time he has faced the six-monthly public hearings in…
US backs expulsion of 'pariah' Zimbabwe from IMF
US deputy State Department spokesman Adam Ereli has backed moves to expel Zimbabwe from the IMF, termed a "compulsory withdrawal", saying "We believe that Zimbabwe's actions have made it a pariah in the international community", according to an AFP…
Stark: currency union leading to political union?
In a speech on 'Ten years of Maastricht - Currency union leading to political union?' given on 2 December, Jurgen Stark of the Deutsche Bundesbank said further damaging the pact would expose the policy regime of monetary union to a very severe endurance…
Fed's Ferguson on the New Basel Accord
In a speech on 'Concerns and Considerations for the Practical Implementation of the New Basel Accord' given on 2 December, Roger Ferguson of the Federal Reserve said he believed international bank regulators could nail down the final details of the Basel…
Bank of England maintains interest rates at 3.75%
The Bank of England's Monetary Policy Committee voted to maintain the Bank's repo rate at 3.75% on 4 December. The minutes of the meeting will be published at 9.30am on Wednesday 17 December.
ECB monetary policy decision
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
RBNZ leaves OCR unchanged
The Reserve Bank of New Zealand decided to leave the Official Cash Rate unchanged at 5.0 per cent on 4 November.
BOK opens up office in Beijing
The Bank of Korea said on Thursday 4 December thatit has opened a new office in Beijing, reports Chosun Ilbo. The BOK said it was the first foreign central bank to open an office there.
ECB has no comment on EU currency controls report
The ECB declined to comment, according to Reuters, on a newspaper report on Thursday 4 December that the EC is looking at the legal issues surrounding exchange controls to prevent a damaging rise in the euro. The report said Brussels could lawfully…
Germany works to reduce budget deficit
The German government forecast on Wednesday 3 December that its budget deficit will drop back to 2.5 percent in 2005, according to a report by Associated Press. But it reaffirmed Hans Eichel's position that Germany isn't prepared to implement extra…
Economic recovery has started in Eurozone: Trichet
The ECB left interest rates unchanged on Thursday 4 Decemberat its last meeting scheduled for this year, reports AFP. Speaking at a press conference following the meeting of the ECB rate-setting council, President Jean-Claude Trichet said economic…
Fed's Poole: Monetary Policymaker's Perspective
In a speech on 'A Monetary Policymaker's Perspective' given on 21 November, William Poole of the Federal Reserve Bank of St. Louis said a theme running through the Monetary History is role of inflation in the business cycle. The Federal Reserve has…
Atlanta Fed's Guynn on growth through balance
In a speech on 'Growth Through Balance' given on 6 Novembe, Jack Guynn of the Federal Reserve Bank of Atlanta said the key to sustainable economic growth, as with building a winning baseball team, is balance. You can't win in the big leagues with a…