Monetary Policy
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 9 and 10 October 2003, released 27 November. Consumer prices were basically projected to continue falling gradually although it was possible that the year-on-year decline might stop temporarily…
Iraq cb to issue licences to foreign banks
The central bank of Iraq is to award licences in December allowing a maximum of six banks to operate in Iraq. Central bank deputy Ahmad Salman Mohammed said "Foreign banks will bring in capital, train people, provide jobs, modernise banking services and…
ECB's Padoa-Schioppa sees no threat to growth pact
ECB board member Tommaso Padoa-Schioppa has said that despite the changes to the stability and growth pact, its long-term credibility is not under threat, Reuters reports. He said he did not share speculation the decision could spell the end for the…
Fed reports widespread improvements in US economy
The Federal Reserve released its latest survey of "Current Economic Conditions", known as the Beige Book, on Wednesday 26 November, according to Associated Press. The report gave the most positive assessment of business activity since before the start of…
EU panel suggests rewriting euro rulebook
European Commission President Romano Prodi said on Wednesday 26 November that EU governments cannot use "ad-hoc measures" to suspend or amend the stability pact when they feel "its provisions are too stringent or inopportune", reports Associated Press…
OECD sees scope for ECB rate cut
The OECD's semiannual economic outlook report said that with inflation pressures waning it is assumed the ECB will hold interest rates until the recovery firms, reports AFP, but there is scope for easing policy if the economic upturn stalls or the euro…
Greek central bank warns on public debt
Nicholas Garganas, Governor of the Bank of Greece, has called for a strict adherence to the stability and growth pact, according to a report by Kathimerini. Garganas told Parliament that uncontrolled deficits will have serious consequences on interest…
Parry on the U.S. and Regional Economic Outlook
In the speech 'The U.S. and Regional Economic Outlook' given on 25 November Robert Parry of the Federal Reserve Bank of San Francisco said the picture was finally starting to brighten for the national economy. The process of technological innovation that…
Pianalto on the nature of economic change
In the speech 'The Nature of Economic Change' given on 20 November Sandra Pianalto of the Federal Reserve Bank of Cleveland said think of the steady, upward march of the US economic prosperity as climbing a ladder, where each rung is a different stage of…
Deutsche Bundesbank Monthly Report, October 2003
The Deutsche Bundesbank has published the English version of its October 2003 monthly report. Seasonally adjusted industrial output in August was down on the month, July having produced a high figure, the Report said. The slight rise in consumer prices…
ECB statement on ECOFIN budget conclusions
Statement of the European Central Bank Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany, 25 November. The ECB's press release warns: "The Conclusions adopted by the ECOFIN Council…
Heikensten on Riksbank's financial stability work
In the speech 'The Riksbank's work on financial stability' given on 25 November Lars Heikensten of the Sveriges Riksbank said it is hopefully clear that the financial markets are changing rapidly and present a development that is exciting in many ways…
'Computerized' bank cards coming to Korea
The Bank of Korea said Monday, according to the Chosun Ilbo, that from next year integrated-circuit (IC) chips would replace magnetic strips in bank cards. Korea's Financial Supervisory Service said it plans to issue IC credit cards on a trial basis…
Russia's gold reserves on hold
Central Bank of Russia deputy governor Oleg Vyugin was quoted as saying Russia has no plans to increase gold reserves at the moment. He said current conditions were not good for buying gold which is "substantially expensive" and lacks liquidity, Reuters…
PBOC to discuss Hong Kong yuan operations
The Hong Kong Monetary Authority is holding meetings this week with officials from the People's Bank of China, Dow Jones reported. Officials from PBOC will discuss what operations Hong Kong's banks can conduct on the yuan from next year.
Italy wants ECB chiefs chosen by majority
Italy, the current holder of the EU presidency, has made a proposal to change the way top officials at the European Central Bank are appointed, Reuters said. A draft compromise circulated to EU member states said the ECB's six top officials should be…
France and Italy lead charge for EU pact change
French Finance Minister Francis Mer said Wednesday the EU should consider revising the stability and growth pact in 2005, Reuters said. While Italian Treasury undersecretary Gianluigi Magri commented "Pact 1 is finished with. We need to change the…
Interview with BNB's Tsvetan Manchev
In an extensive interview published by Capital weekly, the National Bank of Bulgaria's deputy governor Tsvetan Manchev said that the BNB plans to carry out vocational training of its staff in preparation to take an active part in the banking system of…
Does Greenspan deserve another term?
Posing the question, "Does Greenspan deserve another term?" Joseph Salerno, who teaches economics at Pace University, answers with a resounding NO! Not only had the Fed's performance been "outstandingly bad" during the Greenspan years, it says, but the…
Trichet's home sweet home
After stepping into Wim Duisenberg's shoes at the start of November as President of the European Central Bank, it now transpires that Jean-Claude Trichet has also moved into Duisenberg's old house.
IMF eyes replacement for Geithner
Speaking last Friday, 21 November, IMF chief Horst Koehler that said he would appoint Mark Allen to replace Tim Geithner, who is now President of the Federal Reserve Bank of New York, according to Reuters. If approved by the IMF's executive board Allen…
St Louis Fed to lose over 130 staff
President of the St Louis Fed, William Poole, has said that the bank plans to close its Louisville branch next year, according to The Courier Journa, with staff numbers of 140 reduced to less than ten. The branch will maintain a board of directors in…
Central bank finest go East
After retiring from the Bank of England Sir Edward George joined the boards of NM Rothschild, Grosvenor, the Duke of Westminster's property group and Swiss confectioner Nestle, swapping gold bars for chocolate bars in the process. But now Sir Eddie, and…
New Vice Governor at BEAC
The Bank of Central African States, the central bank for Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon has appointed Pacifique Issoibeka as its new Vice Governor. Issoibeka joined the BEAC in 1973.