Monetary Policy
ECB Press Conference
PRESS CONFERENCE - Introductory statement by Willem F. Duisenberg, President of the European Central Bank, Lucas Papademos, Vice-President of the European Central Bank, with a transcript of the questions and answers, Frankfurt, 7 November 2002.
Central bankers do it their way
ARTICLE - It is as well that central bank actions are not co-ordinated. The US Federal Reserve has a clear bias towards stimulus and preventive action, as its half-point cut in interest rates this week shows.
UAE concession to foreign banks
UAE - Foreign banks in the United Arab Emirates are to receive a concession under a new central bank law to be issued early next year.
Kennedy on Financial Markets and Monetary Policy
SPEECH - In the speech 'The Interaction of Financial Markets and Monetary Policy' made on 4 November, Sheryl Kennedy of the Bank of Canada said like a number of other central banks, we have a "blackout" period in the week before our announcements. No…
Malaysia bank mergers seen next year
SINGAPORE - The Malaysian banking sector is due for a new round of consolidation ahead of further liberalisation in 2007 -- and mergers, especially among the smaller existing banks, could start toward the end of next year, analysts say.
Economy coming out of recession - Barbados c bank
BARBADOS - A flicker of growth in the economy during the third quarter of this year has signalled that Barbados is coming out of recession.
Germany braces for budget criticism
GERMANY - Germany is facing the threat of a formal reprimand from the European Commission for its growing budget deficit.
Polish gov't worried about overvalued currency
POLAND - The Polish government continues to believe that the zloty is overvalued and interest rates too high, Prime Minister Leszek Miller said Wednesday.
Azeri banking in upswing, National Bank boss says
AZERBAIJAN - The Azerbaijani banking system, which was in a poor state in 1993-95, is experiencing a period of upswing, the chairman of the board of the National Bank of the Azerbaijani Republic, Elman Rustamov, has said.
Federal Reserve Board Press Release
PRESS RELEASE - The Federal Open Market Committee decided today to lower its target for the federal funds rate by 50 basis points to 1 1/4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3…
Fed shocks with half point but signals easing over
US - The U.S. Federal Reserve on Wednesday slashed interest rates by a sharp half percentage point to new four-decade lows to try to reignite the recovery, but signalled it planned no more cuts any time soon.
Cautious Bank of England holds rates steady at 4%
UK - The Bank of England on Thursday left is main interest rate unchanged at 4 per cent for the twelfth consecutive month, despite the US Federal Reserve's unexpectedly large rate cut on Wednesday.
Bank of England News Release
NEWS RELEASE - Bank of England Maintains Interest Rates at 4.0%, 7 November.
ECB Press Release
PRESS RELEASE - At today's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 3.25%, 4.25…
Duisenberg should stop suffocating Europe
ARTICLE - In the autumn of 1998, amid the storm of the Asian crisis, Europe's central bankers referred to Europe as an "island of stability". They were roundly criticised by their US friends who felt that the world economy was enduring its worst…
Lack of mavericks 'poses threat' to MPC committee
UK - The Bank of England risks making mistakes in its interest rate decisions because of a lack of maverick thinkers and a growing tendency towards consensus on its monetary policy committee, according to Capital Economics, a consultancy.
Doubts over Japan recovery
UK - Data released Wednesday suggested Japan's fragile export-led recovery might have peaked.
ECB refuses to join Fed rate cut for now
GERMANY - The European Central Bank left interest rates unchanged on Thursday, opting not to join the U.S. Federal Reserve in monetary easing aimed at propping up the faltering global economy.
Padoa-Schioppa on the euro and the role of ERM II
SPEECH - In the speech 'Trajectories towards the euro and the role of ERM II' made on 4 November, Tommaso Padoa-Schioppa of the ECB said ERM II should be seen as a meaningful framework within which to achieve further real and nominal convergence. In…
RBA holds interest rates steady again
AUSTRALIA - The Reserve Bank of Australia, in a widely anticipated response to a worsening global economy and the growing impact of the drought, announced on Wednesday that it had decided to leave interest rates on hold for a fifth month.
Following the Fed
ARTICLE - The Federal Reserve has its foot over the gas pedal. An attempt today to speed up the US economy seems almost certain; rarely does the Fed send signals to the financial markets that it is about to cut interest rates, only to disappoint. Whether…
Dislodging the Fed Fantasy
ARTICLE - One of the absurd ideas that took hold in the late 1990s was that the Federal Reserve, presided over by the almost-infallible Alan Greenspan, had essentially conquered the business cycle.
Euro rises above $1 mark in trading
GERMANY - The euro rose above a dollar Tuesday and hit its highest level against the U.S. currency in more than three months amid fears that the U.S. economic recovery may be faltering.
Argentine markets edge up, but worried about IMF
ARGENTINA - Argentine stocks inched higher, while the peso firmed slightly on Tuesday as the Central Bank sold dollars into the market to offset investor nervousness about a stalemate in aid talks with the IMF.