Central Banks
BoE's King on the monetary policy framework
In his first speech as Governor of the Bank of England, Mervyn King said on 14 October that the present monetary and fiscal frameworks provide a seaworthy policy vessel, but, as all sailors know, fog, especially statistical fog, can be dangerous. So we…
Ferguson: Future of Financial Services--Revisited
In the speech 'The Future of Financial Services--Revisited' given on 8 October Roger Ferguson of the Federal Reserve said the need for Basel II arises because modern risk measurement and management practices, including the increasing ability to…
Bernanke's statement on renomination to the Board
In testimony before the US Senate on 14 October Ben Bernanke of the Federal Reserve said although economic forecasting is far from an exact science, private-sector forecasters broadly agree that the economy should grow at nearly a 4 percent rate in 2004…
Bank of Japan Monthly Report, October 2003
The Bank of Japan published the English version of its Monthly Report of Recent Economic and Financial Developments, October 2003, on 17 October. The foundation for a gradual recovery in Japan's economy is being laid, as the environment for exports and…
Chicago Fed's Moskow upbeat on growth
For a substantial fall in unemployment to occur the US economy must grow above potential for a "significant period of time" Chicago Fed President Michael Moskow said in a television interview Monday, Reuters reported.
Bank of Canada leaves key rate unchanged
The Bank of Canada held interest rates steady on Wednesday at 2.75 percent, the Canadian Press said. Some economists said the rate should fall to cool the rise in the Canadian dollar.
Jarai says talks underway with ECB over ERM II
Hungary's central bank governor Zsigmond Jarai said Tuesday, Interfax reported, that the MNB has begun informal talks with the ECB on Hungary's membership of the ERM II mechanism. The path to the adoption of the euro in 2008, as agreed between the…
Documents show RBA basement holds huge wine cellar
Documents obtained under Freedom of Information laws show the Reserve Bank of Australia houses a $100,000 wine cellar in the basement of its Sydney headquarters alongside vaults guarding Australia's reserves. RBA secretary David Emmanuel defended the…
EU to confirm Trichet as ECB chief on Thursday
The leaders of the 12 euro countries will "appoint the President of the European Central Bank" on Thursday afternoon at an EU summit in Brussels, Italian Prime Minister Silvio Berlusconi wrote to his EU colleagues Tuesday, EU Business reported.
Bank of Canada statement on interest rate decision
In its statement released 15 October the Bank of Canada said indicators of economic activity and inflation in Canada have evolved broadly in line with the Bank's expectations since the decision to lower rates on 3 September.
France's Mer-ECB rates a powerful tool on FX moves
France's Finance Minister Francis Mer has called ECB interest rates a "powerful lever" that could be used in response to the declining dollar, Reuters said. "It's a powerful lever that can be mobilised in a non-inflationary environment," he said.
Bank of Japan upgrades October assessment
The Bank of Japan raised its assessment of the economy for the second month running Tuesday but warned that a too strong yen could hurt exports, according to Associated Press. "The foundation for a gradual recovery in Japan's economy is being laid, as…
Duisenberg on training contract with Russian cb
At the press conference for the signing of the TACIS "Central Bank Training" contract and of a Protocol between the European Central Bank and the Central Bank of Russia Wim Duisenberg said the Eurosystem hopes to contribute to further strengthening the…
Bollard on Investing in a low inflation world
In a speech on 'Investing in a low inflation world' given on 14 October, Alan Bollard of the Reserve Bank of New Zealand warned that too many New Zealanders are taking higher risks than they realise in the way they borrow and invest. Dr Bollard said that…
Trichet must be decisive on ECB policies
This article in the Financial times says that Jean-Claude Trichet should make tackling the ECB's lack of responsiveness and poor communication his priorities. The test, it says, will be whether Mr Trichet can persuade his colleagues to cut short-term…
Academics agree with Turkish cb chief on ex rate
Turkish academics have agreed with central bank governor Sureyya Serdengecti that a risk to the exchange rate exists in the market posing a significant obstacle to stability, according to the Turkish Daily News.
Serbia to discuss NBS governor election procedure
The ruling Democratic Opposition of Serbia (DOS) council agreed on Friday 10 October, according to the Tanjug news agency, that consideration of the National Bank of Serbia's annual report should include an examination of the procedural issues which were…
Swinging euro worries Bundesbank chief Welteke
Bundesbank chief Ernst Welteke has said the euro is at around its long-term average, according to RTE News, but that abrupt swings in the exchange rate with the dollar could harm the global economy.
Asian currencies need more flexibility - IMF
IMF Deputy Managing Director Shigemitsu Sugisaki has called on Asia to play its part in adjusting the US trade deficit by allowing greater foreign exchange rate flexibility, according to a Reuters report. "With comfortable reserves and a strong economic…
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
King: no need for low rates if world recovers
Bank of England Governor Mervyn King has said, according to Reuters, that if the world economy recovers, interest rates will not need to remain as low as they are. "So far we have been keeping rates low to ensure there was sufficient growth in domestic…
Fed's Bernanke sees low U.S. rates until jobs grow
After some false starts the US economy is on track for a sustained recovery, Fed Governor Ben Bernanke said in testimony prepared for delivery to the Senate Banking Committee on Tuesday 14 October,according to Reuters. But Bernanke told the panel that…
Hoenig: U.S. economic outlook and monetary policy
In a speech on 'The U.S. Economic Outlook and Monetary Policy' given on 7 October Thomas Hoenig of the Federal Reserve Bank of Kansas City said he thinks the US economy will show stronger growth in the second half of this year and next year. Fundamental…
Minehan on the New England Economic Adventure
In a speech on the 'Opening of the New England Economic Adventure' given on 8 October Cathy Minehan of the Federal Reserve Bank of Boston said the Boston Fed has had a lengthy involvement in economic education. For years, we have taken groups on tours of…