Monetary Policy
Norges Bank Financial Stability Report No.1, 2003
The Central Bank of Norway, Norges Bank, has published its twice yearly Financial Stability Report 1/2003. In the report the bank said the outlook for financial stability is considered to be satisfactory, but somewhat weaker than six months ago.
Inflation is a bigger danger than deflation
An article in the Financial Times says that although the threat of global deflation has become a preoccupation for economic commentators there are signs of the loss of value of dollar money, which is a symptom of incipient monetary inflation.
ECB's Padoa-Schioppa: no danger of deflation
Tommaso Padoa-Schioppa of the ECB was quoted Monday as saying speculation over deflation was alarmist and that the central bank stands ready to act if necessary, according to Reuters.
Turkey, Kazakhstan sign banking sector memorandum
Turkey's Banking Regulation and Supervision Agency and the central bank of Kazakhstan have signed a memorandum of understanding in the line of the joint goal of ensuring financial system stability, according to the anatolia news agency.
Brazil cb to maintain curent monetary policy
Brazil's central bank governor has said the bank will maintain its current stance on monetary policy despite the resignation of the director of economic policy, according to a report in the Wall Street Journal.
Bosnian banking agencies, central bank sign deal
Bosnia-Hercegovina Central Bank Governor Peter Nicholl signed a memorandum on cooperation and exchange of information in Sarajevo with banking agencies from Serbia and Bosnia-Hercegovina, reports the SRNA news agency.
Buba's Welteke rejects recession idea in interview
Bundesbank president Ernst Welteke said in a radio interview that Germany was simply in a "phase of mere stagnation" rejecting an IMF report that said the country was on the brink of recession, according to a broadcast by Deutsche Welle Radio.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks CentralBankNet Special Feature Andrew Smithers discusses the economic solutions and political obstructions to reviving Japan's stagnant economy.
Kennedy on business continuity planning
In a speech on 'Business Continuity Planning for the Financial Sector: Developing a System-Wide Approach' Sheryl Kennedy of the Bank of Canada said talks about the importance of Business Continuity Planning (BCP) and disaster recovery, in the context of…
Gjedrem on policy response to the economic outlook
In a speech on 'The monetary policy response to the economic outlook' Svein Gjedrem of Norges Bank said the last interest rate reduction reflected expectations of low inflation as a result of the strong krone and low international price inflation with…
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Second Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey.
Bo J Monthly Report downgrades economy view
The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, May 2003, on 22 May. In the report the BOJ downgraded its view on the economy, citing "greater uncertainty" over the outlook. It said that overall conditions…
New Bank of England Agency Opened in Exeter
Eddie George opened the Bank of England's new regional office in Exeter on Friday 23 May. This is the central base for the Bank's Agency for South West England.
Financial data and monetary policy transparency
The Reserve Bank of Australia published a Research Discussion Paper on 23 May titled "What Do Financial Market Data Tell Us About Monetary Policy Transparency?" by Jonathan Coppel and Ellis Connolly. This paper attempts to discern from financial market…
BOK Governor discounts deflation risk
The Bank of Korea (BOK) governor Park Seung said on Thursday 22 May that there is little possibility of deflation at this point with the current heated real estate market, according to a report in the Korea Times.
Brazil's central bank head of economics resigns
The head of economic policy at Brazil's central bank, Ilan Goldfajn, resigned on Thursday 22 May, according to Associated Press, but denied the decision had anything to do with criticism the bank received at not cutting interest rates earlier in the week.
ECB statements boost rate cut chances
Euro-zone central bankers gave what looked like strong hints on Friday 23 May for an ECB interest rate reduction in June, according to Reuters. The surging value of the euro which went through its launch level on Friday and data showing inflation…
Security fears keep IMF, World Bank out of Iraq
Speaking on Thursday 22 May, officials from the IMF and World Bank said they had not yet sent teams to Iraq as security concerns remain, according to Reuters. Teams are currently based in Jordan but aren't quite ready to move into Iraq, the World Bank…
Dallas Fed official says deflation risk has risen
The top monetary policy advisor to the Dallas Fed president has said he and Robert McTeer agreed that the probability of deflation was "about one in four, or 25 percent", according to a report by Reuters.
Olson says deflation possibility very low
Federal Reserve Governor Mark Olson said on Thursday 22 May thatthe Fed will continue to monitor the deflation situation very carefully "because we've seen the way deflation has hampered Japan's recovery".
Ex-central banker Fraga takes wheel of a cab
Former president of the central bank of Brazil Arminio Fraga has recently appeared on Brazilian television in a comedy sketch playing a taxi driver who likes to voice his opinions on the economy, according to a Bloomberg report
Philippines central bank reviews inflation target
The governor of the Philippines central bank, Rafael Buenaventura, said on Thursday that the inflation target may be revised down as previous concerns such as high oil prices no longer existed, according to Reuters.
Japan on brink of crisis, warns central banker
Speaking to parliament on Wednesday 21 May, Bank of Japan governor Toshihiko Fukui said Japan faces a situation where a so-called financial crisis could be triggered at any time, according to a report by Sapa-AFP.
Bundesbank chief wants tightening stability pact
Bundesbank president Ernst Welteke has warned that Germany should not abandon its budget consolidation efforts and called for a tightening of the European Stability and Growth Pact rules, according to a report in Deutsche Welle.