Central Banks
Visa drops action against RBA
Visa has dropped its appeal against the court ruling against it in the credit card reform action against the Reserve Bank of Australia, according to a report in the Herald Sun. The company's international board decided to quit the action after a meeting…
BoJ's Fukui on Restructuring Japan's Economy
In the speech 'Restructuring Japan's Economy' given on 28 October Toshihiko Fukui of the Bank of Japan said financial institutions need to strengthen their risk-taking ability. At the same time, we require a framework in which the optimum allocation of…
Issing: Europe & the US - New paths for the future
In the speech 'Europe and the US: Partners and Competitors - New paths for the future' given on 28 October Otmar Issing of the ECB said we at the European Central Bank are very much aware of our responsibilities in a world characterised by close trade…
Kennedy:Efficiency/transparency in capital markets
In the speech 'Efficiency and Transparency in Canadian Capital Markets' given on 28 October Sheryl Kennedy of the Bank of Canada discusses the importance of promoting efficiency in capital markets, and how transparency can support these efforts. She also…
Ferguson takes oath for second term at Fed
Roger Ferguson was sworn in for a second four year term as Vice Chairman of the Federal Reserve on 28 October. Chairman Alan Greenspan administered the oath in his office.
Statement by Federal Reserve after FOMC meeting
The Federal Reserve said in a statement released 28 October that its main reason for maintaining the federal funds rate at 1 percent was because "the risk of inflation becoming undesirably low remains the predominant concern for the foreseeable future".
China to issue coins to commemorate Olympic games
The People's Bank of China is to issue a set of commemorative coins to mark the Olympic Games, which is to be held in Beijing in 2008, Xinhuanet reported.
Fed says c banks cut holdings of US Treasuries
Foreign central banks were aggressive sellers of US Treasury debt, dumping $11.54 billion-worth over the week to $793.69 billion. In contrast they were buyers of agency debt, expanding their holdings by $4.61 billion to $199.56 billion, according to…
Report says Bundesbank to cut 5,000 jobs
The Bundesbank is set to cut its workforce by up to a third a report in German financial daily Boersen-Zeitung said. A Bundesbank spokesman insisted that no decision had been made yet, however, the AFP news agency reported.
Chile's central bank rules out forex intervention
The central bank of Chile said Tuesday it would not attempt to slow the appreciation of the peso. Board member Jose de Gregorio told reporters, Reuters said, that the Bank intervenes in exceptional cases but we are far from that situation.
Jarai says euro would boost Hungarian economy
The president of Hungary's central bank has warned that the government must exercise control over its fiscal and economic policy if Hungary is to achieve sustained economic growth. Zsigmond Jarai told a press conference: "The adoption of the euro in 2008…
Fed again vows to hold interest rates
In a unanimous vote the Federal Reserve's FOMC held US interest rates steady at its Tuesday 28 October meeting. The Fed cited the remote threat of deflation and said low rates will remain "for a considerable period." A report from Associated Press said…
Dodge corrects Greenspan growth forecast statement
David Dodge has corrected a misstatement he made on Tuesday 28 October regarding US growth forecasts of 6 percent that he unintentionally attributed to Alan Greenspan. In a press release Wednesday the Bank of Canada said Dodge "unintentionally attributed…
Norges Bank keeps interest rates unchanged
The Norwegian crown steadied near earlier three-week highs against the euro on Wednesday after the Norwegian central bank's Executive Board meeting left rates unchanged and said it continued its neutral outlook for interest rates.
Greenspan praises electronic checks bill
Speaking on Wednesday 29 October Alan Greenspan praised legislation passed by Congress and signed into law by President Bush on Tuesday that allows banks to clear checks electronically, potentially slashing paperwork. The law will let banks approve…
SNB's Roth urges swift economic reforms
Swiss National Bank chief Jean-Pierre Roth has called on politicians to solve Switzerland's economic problems and promote growth. He said the only thing the central bank could do to support recovery was to use monetary policy to encourage growth while…
France's Noyer on banknotes' stretch
Christian Noyer has answered the question that was on everyone's lips: Just how far would the 15bn euro banknotes stretch if laid end-to-end?
Armenia ushers in new Deputy Governor
The National Assembly of Armenia has approved Artur Dzhavadyan as the new Deputy Governor of the Central Bank of Armenia after he was proposed by the President. In what looks like a big vote of confidence, ArmInfo reported there were 86 votes in support…
ECB gets a queen for the day
The red carpet was rolled out last week in Frankfurt when Queen Beatrix of the Netherlands paid a visit to the European Central Bank.
Poetry - McTeer style
Dallas Fed President Bob McTeer is well known for his poetry and a recent article in the New York Post reminded us of a few of his classics, including this one. "There once was an economy on the ropes. It kept defying recovery hopes. When we finally made…