Monetary Policy
UBS labels IMF as source of damaging statistics
The International Monetary Fund has been criticised by UBS Warburg for providing inaccurate data on the Philippines economy, according to a local newspaper report.
Japanese MOF Press Release, 27 Feb
PRESS RELEASE - Statement of G-7 Finance Ministers and Central Bank Governors, 27 February.
Poland to use bank reserve for budget contribution
Poland's finance minister said on Friday that up to a third of central bank "revaluation reserves" could be used in Poland's contribution to the European Union budget.
US bank regulators differ on international rules
Roger Ferguson has supported Basel II saying we have no alternative but to adopt the accord as soon as possible. But the rules were described as being too complex and rigid for what is needed at the same hearing by the Comptroller of the Currency John…
Brazil c bank warns inflation to stay high for now
The central bank of Brazil has said in the minutes from its most recent meeting that it expects the rise in inflation to fall back but risks remain that inflation will remain at "elevated levels".
White House urges Japan to fight deflation
US chief economist Glenn Hubbard has called on Japan to address deflationary pressures through central bank policies. But he acknowledged that the deflationary spiral was only one cause for the country's economic problems.
HM Treasury Press Release Feb 27, 2003
PRESS RELEASE - Bank of England appointments - The Queen has been pleased to appoint, under the Bank of England Act 1998, Rachel Lomax as Deputy Governor of the Bank of England (Monetary Policy), in succession to Mervyn King, 27 February.
HM Treasury Press Release Feb 27 2003
PRESS RELEASE - Allsopp Review: Statistical requirements for monetary and wider economic policymaking, 27 February.
Bank of England Press Release
PRESS RELEASE - The Chancellor of the Exchequer announced today, 27 February, that Rachel Lomax, Permanent Secretary at the Department for Transport, will become the Bank of England's Deputy Governor for Monetary Policy. She will succeed Mervyn King, who…
New York Fed on Current Issues
RESEARCH - The February 2003 edition of the New York Fed's 'Current Issues in Economics and Finance' contains an article titled 'New York City's Economy before and after September 11'. An analysis of employment and income trends suggests that the…
Crow makes the case for higher interest rates
John Crow, the former Bank of Canada chief, suggested that interest rates could increase further as the Canadian inflation rate is close to the upper limit of its target.
IMF says expects rate hike in Canada
The IMF has said Canada may have to increase interest rates as the country is operating close to capacity and inflation presents an increasing danger.
Trichet offers UK support on euro entry
Bank of France governor Jean-Claude Trichet has said he would welcome Britain's participation in the euro single currency at the earliest opportunity.
Greenspan on Aging global population
SPEECH - At a time when demographic factors are strongly affecting economic policy in many countries, Alan Greenspan yesterday told the Senate's Special Committee on Aging that at some point policy-makers will have to face up the fact that as the baby…
Poland sets new inflation target
The Polish central bank has reduced interest rates and at the same time set a new inflation target. The move is aimed at guaranteeing Poland joins the euro zone at the earliest possible date of 2007.
Lomax named first woman deputy governor at B of E
Rachel Lomax was named the new deputy governor of the Bank of England for monetary policy on Thursday in a reshuffle of the MPC which also sees Richard Lambert joining the committee. The moves may be seen as a further shift towards hawkish leanings on…
B of E's King comes out on the attack
FEATURE - Bank of England governor in waiting Mervyn King showed what was described as a "flash of steel" by Observer in the Financial Times when facing questions at Tuesday's parliamentary Treasury select committee meeting in London.
Fukui's appointment designed to bring peace
ARTICLE - This article suggests peace between the central bank and the Finance Ministry appears to be the motive behind the government's choice of new leadership at the Bank of Japan.
Slovak central bank sees 2008 euro date possible
Slovakia's central bank has said that 2008 is a realistic date for the country to introduce the euro.
ECB reassures Germany over crisis fears
The European Central Bank on Tuesday sought to allay fears of a banking crisis in Germany amid reports that the government and senior bankers had discussed emergency measures to bail out the financial system.
Now not the time for fiscal or monetary austerity
LETTER - An article by the Bundesbank's Jurgen Stark gets some criticism from a chief economist who says this is not the time for fiscal or monetary austerity. In a letter to the FT professors Olivier Blanchard and Francesco Giavazzi say that failure to…
Fed's McDonough praises Brazil's new government
Brazil's new economic plan received support from William McDonough on Tuesday at a Latin American forum. New York Fed chief also praised Brazil's central bank head Henrique Meirelles.
Trichet to meet union reps on 28 Feb
Jean-Claude Trichet, the governor of the Bank of France, will hold talks with union representatives on February 28 to discuss the findings of a study carried out by Yves Barroux, general secretary of the bank, on its retail network. The bank's employees…
Greenspan testimony on deposit insurance
SPEECH - In testimony titled 'Deposit insurance' Alan Greenspan of the Federal Reserve reiterated the central bank's opposition to raising the $100,000 limit on deposit insurance coverage, saying there would be no "clear public benefit" to the move.