Monetary Policy
BIS Quarterly Review March 2003
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, March 2003. In the report the BIS paints a depressed picture of the global economy with the threat of a war in Iraq reducing investor confidence and equities in…
IMF independence
An article in the Financial Times considers a speech made by Ed Balls, the UK Treasury's chief economic adviser, in Washington last week. He argued that the IMF should be independent along the same lines as an independent central bank. This would…
Japan's Monetary Policy Meeting, 13 & 14 February
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 13 and 14 February 2003, released 10 March. The Bank's policy board discussed possible policy-easing steps, including an increase in purchases of Japanese government bonds or more…
Role of expectations in estimates of the NAIRU
RESEARCH - The Bank of England Working Paper, "The role of expectations in estimates of the NAIRU in the United States and the United Kingdom" examines evidence for a change in the relationship between inflation and unemployment. Inflation expectations…
Greenspan on Global Finance, Is it slowing?
SPEECH - In the speech 'Global Finance: Is It Slowing?' Alan Greenspan of the Federal Reserve said a diversified and innovative global financial system has helped the U.S. economy weather a string of jolts and that despite terrorist attacks and fears…
Bundesbank report - Ways out of the crisis
REPORT - The Bundesbank took the unusual step of releasing to the public a report calling for swift action to overcome structural problems in the economy. The report argues that unless reforms are introduced the "potential growth rate" of the economy…
New BoJ governor to be approved by Diet
Toshihiko Fukui's appointment as the new governor of the Bank of Japan will be approved by the Diet on 13-14 March, according to a report by Kyodo News service.
BoJ and Japanese government to boost stock prices
Following further falls in the Nikkei Dow, Kyodo News Service announced that the Japanese government and the Bank of Japan have agreed to take steps to boost stock prices which have suffered further falls with the threat of conflict in the gulf.
Uzbek central bank takes currency reform measures
Uzbekistan's central bank is working with the government on measures to liberalise the domestic currency market in preparation for full convertibility of the som, the Uzbek currency, Narodnoye Slovo announced.
Eduardo Aninat to leave IMF post in June
Eduardo Aninat announced on 7 March that he will step down from his post as deputy managing director of the IMF in June. A report in the Financial Times said that his successor might be Arminio Frago, the former governor of the Brazilian central bank.
Eduardo Aninat leaving IMF
A brief profile of Eduardo Aninat who will leave his post as Deputy Managing Director of the IMF in June
BIS play down fears for US economy
The regular BIS meeting of top central bankers on Monday played down fears for the US economy with Bank of England Governor Sir Edward George saying that "a gradual strengthening of the U.S. economy seems a more likely prospect than significant weakening…
Joseph Yam appointed Chairman of the BIS ACC
The Board of Directors of the Bank for International Settlements (BIS) on Monday 10 March announced Joseph C K Yam as Chairman of the BIS Asian Consultative Council (ACC). Mr Yam is Chief Executive of the Hong Kong Monetary Authority.
ECB Press Conference, 6 March
PRESS CONFERENCE - At the press conference which followed the ECB's decision to reduce interest rates Thursday Wim Duisenberg intimated that the circumstances which led to the cut have only really become clear in the last month. Price stability over the…
RBNZ Monetary Policy Statement, March 2003
REPORT - The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for March 2003. The report reflects on New Zealand's strength compared to other leading world economies. The expected slow down in NZ's economy has not occurred as…
Norges Bank Inflation Report, March 2003
REPORT - Norway's central bank published its latest Inflation Report on 5 March. The Bank says the outlook for growth has deteriorated since the October report and there are no signs of an imminent recovery. On the domestic front, the Norwegian economy…
Trichet on European Monetary Union and the euro
SPEECH - In the speech 'The European Monetary Union and the euro' Jean-Claude Trichet of the Bank of France stressed the importance of transparency for the conduct of the euro-zones single monetary policy. "Elected authorities, key economic players, as…
Outgoing BoJ chief doubts market interventions use
Speaking on Friday Bank of Japan governor Masaru Hayami said he thought central banks attempts to intervene in the foreign exchange market were not vary effective.
RBZ lacks autonomy, says economic analyst
An economic analyst for the Zimbabwe Economic Society has said that Zimbabwe's central bank lacks independence, with the governor appointed by the president and the government able to borrow money "willy-nilly" from the central bank.
UK Treasury criticised over Bank appointments
UK chancellor Gordon Brown faced criticism on Thursday over the lack of transparency in the appointments process to the Bank of England's Monetary Policy Committee.
Inflation targeting, growth move in sync - Mboweni
A low inflation environment supports economic growth and no one can oppose that, said Tito Mboweni. The South African Reserve Bank governor was speaking in his first lecture at a university he is an honorary professor of.
Fed's Gramlich: Iraq impact 'imponderable'
Ed Gramlich of the Federal Reserve said on Thursday that a conflict with Iraq would have consequences for the US and world economy but that the effects were impossible to predict.
Bank of Mexico in paintings mix up with government
CentralBankNet hears of an unfortunate mix up involving valuable paintings, the Bank of Mexico and an apparent infringement of copyright on the central banks fine art collection.
Vintage ECB
FEATURE - Reports that certain ECB policy makers weren't exactly seeing eye to eye inspired a question to Lucas Papademos on the subject at Thursday's press conference. The answer did not reveal much, apart from the ECB's choice of wine at the top table,…