Monetary Policy
ECB keeps rates steady at 2 pct as expected
The European Central Bank held interest rates steady at 2 percent at its Thursday meeting, Reuters reported. Wim Duisenberg's last Governing Council meeting was held in Lisbon.
BOJ's Iwata repeats price stability target call
Bank of Japan Deputy Governor Kazumasa Iwata said Wednesday "I think a rise in the CPI of around 1-2 percent would mean prices have stabilised", Reuters reported. Iwata's proposals have been rejected by the other eight members of the BOJ's Policy Board,…
Fed's McTeer sees long spell of low U.S. rates
Dallas Fed President Robert McTeer said Wednesday that there is enough slack in the US economy "for interest rates to be on the historically low side for the foreseeable future". Earlier, McTeer told reporters he saw the U.S. economy moving ahead at a…
Bank of Thailand in policy rethink
The Bank of Thailand is reviewing its foreign-exchange policies with the aim of maintaining trade competitiveness, the Bangkok Post reported. Deputy governor Thirachai Phuvanat-Naranubala said the export sector was now polarised with industrial exports…
BoE's Chief Economist Bean cautious on rate rise
The Bank of England's chief economist Charles Bean said in a speech Wednesday there were good reasons for the long-term level of house prices in the UK to be higher, including low interest rates, an increase in the numbers of people living alone, and…
Jenkins on Monetary Policy and Managing Change
In a speech on 'Monetary Policy and Managing Change' given on 30 September Paul Jenkins of the Bank of Canada reviewed the contribution that Canadian monetary policy makes in helping Canadians adapt to change. He also discusses the rationale for…
Fukui sees lights of hope for the Japanese economy
In a speech to the National Securities Industry Convention given on 18 September, Toshihiko Fukui of the Bank of Japan said the Japanese economy as well as the financial system is still burdened with a number of difficulties. Nevertheless, lights of hope…
Bank of Japan - Annual Review 2003
The Bank of Japan has published its Annual Review 2003. In the foreword to the Review Governor Toshihiko Fukui said the Bank will continue to do its utmost to meet the challenges currently facing the economy and to secure its future economic prospects…
Scotland to host 'Real Madrid' of economics
The Fraser of Allander Institute, based at the University of Strathclyde, Glasgow is to host a series of lectures titled "Renewing Scotland", according to The Scoteman. The speakers, dubbed the "Real Madrid" of economists, will include William Baumol, an…
Fed's Moskow says factory slump is part structural
Speaking on Tuesday 30 September, Chicago Fed chief Michael Moskow said it was hard to distinguish how much of the downturn in manufacturing was due to the business cycle, and how much to structural changes, according to Reuters. But he said he was…
Atlanta Fed's Guynn-U.S. recovery gaining steam
The recovery is more tangible now and a lot less academic, Atlanta Fed President Jack Guynn has said. He told a Commerce Club lunch on Tuesday 30 September that the pick up in U.S. economic growth is helping to restore optimism about the future strength…
Scant jobs pose U.S. recovery risk- Fed's Broaddus
Federal Reserve Bank of Richmond President Alfred Broaddus said on Tuesday 30 September, Reuters reports, that he saw a risk that already fast growth in productivity could accelerate, making it even harder to bring down the unemployment rate and lessen…
Ed Gramlich: No formal US inflation target needed
Federal Reserve Governor Edward Gramlich said on Wednesday 1 October that the US could benefit from an agreed target range for prices, but an explicit inflation target was not needed as it could further tie down the FOMC. Speaking in Toronto he said some…
UK economy growth 'double the estimate'
The British economy grew twice as fast as previously thought during the second quarter of this year, official figures have showed, according to the Financial Times. The Office for National Statistics revised its estimates of growth in gross domestic…
Philippines central bank joins the BIS
The Philippines central bank has joined the BIS, AFP reports. Deputy governor Alberto Reyes said "Membership in the BIS will give the Philippines a voice among the world's central bankers and allow the country to recommend measures affecting the banking…
Interview with IMF Chief Economist Raghuram Rajan
The new Chief Economist at the International Monetary Fund Raghuram Rajan said in an interview, published by Business Week Online, that the IMF is extremely strong in its views on exchange rates, monetary policy, and fiscal policy and that "I suspect my…
Brazil's central bank halves economic forecast
The Banco Central do Brazil has slashed its forecast for economic growth by more than half for this year to 0.6%, according to the Financial Times. The central bank also said it expected year-end inflation to reach 8.9 per cent, down from previous…
Heikensten on the Swedish economy, monetary policy
In a speech on 'The Swedish economy and monetary policy' given on 29 September Lars Heikensten of the Sveriges Riksbank said the outlook for economic activity and inflation has not changed much since August. For Sweden, it seems likely that the economy…
BoJ's Muto on the Battle against Deflation
In the speech 'Battle against Deflation' given on 26 September Toshiro Muto of the Bank of Japan said exchange rate stability remains an important goal for Japan, in the wake of the G7 statement. He added that Japan was ready to act in the event of…
Gjedrem on developments in the Norwegian economy
In a speech on 'Developments in the Norwegian economy and banks' given on 25 September Svein Gjedrem of Norges Bank said the two-track economy, with high household income growth and problems in the corporate sector, is also reflected in developments in…
Fed Res Bank of San Francisco - Annual Report 2002
The Federal Reserve Bank of San Francisco has published its Annual Report for the year ended 2002. The Annual Report said the District refocused its payments business strategy to streamline operations, gain efficiencies, and control costs by realigning…
HKMA and Insurance Authority sign MoU
The Hong Kong Monetary Authority and the Insurance Authority (IA) have signed a Memorandum of Understanding(MoU) which aims to enhance the co-operation, exchange of information and mutual assistance between the two authorities.
Philadelphia Fed Business Review, 3rd Quarter 2003
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2003. In the first article President Santomero examines whether inflation targeting makes sense for the U.S. Other articles examine changes in the…
EU sees more signs of economic recovery
The EU's third quarter economic report released on Tuesday 30 September expressed optimism in the euro zone economy but warned of risks to the recovery, reports Associated Press. "Recent data have begun to send out encouraging signals suggesting that the…