Monetary Policy
Snow says U.S. economic growth on sustainable path
U.S. Treasury Secretary John Snow said on Tuesday 23 September that the US government was committed to cutting the budget deficit in half over the next five years, according to Reuters, and described US economic growth as being on a good and sustainable…
IMF welcomes Serbia-Montenegro's economic policy
An IMF mission led by Emmanuel Zervoudakis, has held talks with a Serbia-Montenegrin delegation, headed by NBS Governor Kori Udovicki. In a statement reported on the Serbian Government's website, the IMF said the National Bank of Serbia has increased…
Euro parliament approves Trichet for ECB
On Tuesday 23 September, according to AFP, the European parliament approved the nomination of French central bank governor Jean-Claude Trichet as the next ECB president, replacing Wim Duisenberg of The Netherlands.
Japan's c bank chief pledges to beat deflation
Speaking at a joint discussion at the World Bank and the International Monetary Fund annual meetings Tuesday Bank of Japan governor Toshihiko Fukui said, according to China View "The BOJ is firmly committed to maintaining its current policy stance, until…
Euro economic growth on pause
The euro area economy is stagnant but not in recession - yet - according to a new CEPR committee set up to date the euro-area business cycle. The committee seeks to emulate the NBER in the US, which has performed a similar role since 1980. Using data…
US claims victory over G7 call for flexible rates
US treasury secrtary, John Snow has claimed a victory in America's campaign to cajoule Asian countries to abandon pegs to the dollar. This follows the G7's communique's call for "flexibility" in exchange rates.
Include price stability in constitution says ECB
The ECB has called for price stability to be made an explicit goal of the EU in the new EU constitution which is under negotiation.
Xiaochuan confirms yuan-dollar peg
China's central bank governor Zhou Xiaochuan on a visit to Hong Kong has confirmed the bank's commitment to the yuan/dollar peg, reports AFX Asia.
Transcript of the IMF's WEO press conference
Transcript of the IMF's September 2003 World Economic Outlook press conference in Dubai. Ken Rogoff, the IMF's Director of Research, says that "For the first time in a very long time we are reasonably optimistic about seeing a return to normal growth in…
IMF report to the IMFC on its policy agenda
Report of the IMF's Managing Director to the International Monetary and Financial Committee on the IMF's policy agenda, in which the IMF states its commitment to: "Further improving our surveillance, including our capacity to identify and reduce economic…
Mervyn picks executive team
Mervyn King has completed the reshuffle of his executive team at the Bank of England. Andrew Bailey and Nigel Jenkinson are promoted, Merlyn Lowther retires and Alastair Clark is switched to become special adviser to the governor.
Mervyn King testifies to UK Treasury committee
Bank of England governor Mervyn King made a statement to the UK Treasury Select Committee, in which he discusses the outlook for the economy as well as the changeover of the BOE inflation index from RPIX to HICP: "the change in the target will need to be…
Keeping up appearances at the ECB
MONDAY SPECIAL - It's always a bit unsettling to learn that something is not quite as it seems - but all the more so when the illusionist turns out to be such an esteemed pillar of the establishment as the European Central Bank (ECB). Who would suspect a…
IMF/World Bank meeting in Dubai
The IMF/World Bank meetings which begin in Dubai on Saturday 20 September are being held for the first time in an Arab country. Over the weekend thousands of participants from 184 countries will gather at the Dubai International Convention Centre. The…
RBNZ Board chair elected
The Reserve Bank of New Zealand's Board of Directors elected Dr Arthur Grimes as its chair on 18 September. The Board also elected Mrs Alison Paterson as the Board's Deputy Chair.
Opening of the euro banknote design exhibition
Introductory statement by Prof. Eugenio Domingo Solans of the ECB at the Press Conference for the opening of the euro banknote design exhibition on 17 September. Today, more than a year and a half after the introduction of the euro banknotes and coins,…
Norges Bank's rate cut
Norges Bank said at a press conference on 17 September that underlying consumer price inflation is low, with a year-on-year rise in the CPI-ATE of 0.9 per cent in August. The rise in prices for imported consumer goods is pushing down inflation, the press…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 7 and 8 August 2003, released 18 September. On the outlook for Japan's economy, members agreed that the standard scenario remained valid: the uptrend in exports and production would resume…
Jordan central bank chief rebuked for bank freeze
Members of Jordan's parliament have signed a petition urging Prime Minister Ali Abulragheb to sack the governor of the central bank of Jordan, Umayya Touqan., according to IRIB News.The move came after Touqan froze all bank accounts belonging to six…
Bank of Finland rejects plan to lower capital base
Plans by the second Minister of Finance Ulla-Maj Wideroos to reduce the size of the Bank of Finland's capital base to 100 million euros in future have been criticised by central bank Governor Matti Vanhala, who said it would weaken the Bank's balance…
ECB's Welteke urges caution in changing yuan peg
Ernst Welteke urged caution on Wednesday 17 September in making "abrupt changes" to currency arrangements such as the Chinese yuan's peg to the US dollar, acording tp Channel News Asia. The ECB Governing Council member said "adaptations should develop in…
EU lacks imagination: Bank of Finland
The Bank of Finland has blamed a lack of confidence and imagination in the economic polices by single currency countries for the weak growth in the euro zone, reports AFP.
Ruling due on RBA credit card reforms
After a six-week hearing and nearly two and a half months of deliberations, Justice Brian Tamberlin is expected to hand down his decision on Friday afternoon on the legality of the Reserve Bank of Australia's credit card industry overhaul, reports The…
ECB officials split on pace of recovery
ECB officials remain divided over the pace and strength of the economic recovery, says the Financial Times. Eugenio Domingo Solans said the eurozone should start showing signs of recovery soon, but it was possible the upturn had already started. But…