Central Banks
Non, je ne regrette rien
It may be the eve of Wim Duisenberg's departure from the ECB, but if anyone was hoping for a token show of contrition from the stern Dutchman for his occasional indiscretions, they will have been sorely disappointed.
Sweden spurns the euro
Europe's unifiers have been profoundly shaken by Sweden's unambiguous decision to steer well clear of the euro for the time being. Both the Riksbank and the ECB have since publicly been at pains to clarify that the result of the referendum will have no…
Ill wind blows at Riksbank
On a rather breezier note, in August the Riksbank paid out over $100,000 in compensation to a disgruntled employee. 44-year-old computer technician Goran Andervass had fallen out with one of his colleagues after being "provoked by a disgusting fart - a…
What's goin' on?
Bank of England MPC member Stephen Nickell has just accomplished the rather unenviable task of explaining what the switch from an inflation target based on the RPIX index to the HICP index, as used in Europe, actually means. Inflation indexes: who cares?…
Governors in a fix
A number of governors are in a tight spot. In the Philippines, the Supreme Court has dismissed the criminal charges filed against governor Rafael Buenaventura - but it's not over yet. In Zimbabwe, the central bank remains without a governor, despite the…
Bank of Spain's Jaime Caruana on Basel II
In an interview with reuters, the Governor of the Bank of Spain, Jaime Caruana, said there is a unanimous understanding of the need for Basel II. .It is a completely new approach and in that sense you could say that it is a kind of revolution. He…
RBNZ Monetary Policy Challenge winner announced
Tawa College, Wellington, has won the Reserve Bank of New Zealand's 2003 Monetary Policy Challenge school competition, held on 16 September.
Nickell on Two Current Monetary Policy Issues
In a speech on 'Two Current Monetary Policy Issues' given on 16 September Stephen Nickell of the Bank of England said in the long run, thanks to differences in computational methods and the absence of the housing depreciation and council tax elements,…
Tumpel-Gugerell on payments and confidence
In a speech on 'Payments and confidence - the views of the Eurosystem' given on 16 September Gertrude Tumpel-Gugerell of the ECB said the ECB - entrusted with the objective of the smooth functioning of payment systems - plays its role as a "watchdog" for…
Why inflation targeting is an inexact science
An article in the Independent says that in the past stronger-than-expected growth might have been a good reason to raise interest rates but if, today, stronger than expected growth results from the same process as lower-than-expected inflation, all our…
Bank of Japan upgrades view of economy
The Bank of Japan raised its assessment of the Japanese economy in its September monthly report, published on September 16. According to Associated Press, the report said that "Economic activity still continues to be virtually flat as a whole although…
BoE Nickell: HICP will not affect monetary policy
Speaking on September 16 Bank of England Monetary Policy Committee member Stephen Nickell said, according to AFX UK, that the move to the HICP measure of inflation later this year would have little noticeable difference in the short run and in the long…
Fed economist- Inflation target brings credibility
St. Louis Fed economist William Gavin said on Monday 15 September that a formal inflation target would not be a big constraint on the Fed's freedom to set monetary policy and that the U.S. central bank's current commitment to keeping inflation stable was…
Cuba central bank chief says forex control working
Cuban central bank President Francisco Soberon said on September 15 that foreign exchange controls on state enterprises has substantially increased the central bank's reserves and made it easier to implement monetary policy, according to Reuters.
Bosnian central bank chief allays bankruptcy fears
The Governor of the central bank of Bosnia-Hercegovina, Peter Nicholl, has rejected claims that the country could soon go bankrupt, saying that foreign debt is moderate, according to a report by HINA news agency.
G17 Plus moves to discredit Serbian c bank chief
Serbia's G17 Plus political party has filed an official request with the Serbian Constitutional Court to check the legality of central bank governor Kori Udovicki's appointment, according to Beta News.
Wim Duisenberg on Sweden's euro referendum
In a statement made September 14 ECB President Wim Duisenberg said he took note of the result but said the "outcome of the referendum will neither have an impact on the European Central Bank's policies and operation nor on the euro's position".
Bank of England Inflation Attitudes Survey, Aug 03
The Bank of England's August 2003 quarterly Inflation Attitudes Survey was published on 15 September. Median expectations of inflation over the coming year were 2.2%, up from 2.0% in May. Respondents were asked to assess the way the Bank of England is …
IMF launches website in Arabic
The International Monetary Fund (IMF) on September 11 launched an Arabic language section of its website that provides information about the IMF in Arabic.
The Riksbank on the result of the euro referendum
Statement by the Sveriges Riksbank on the decision of Sweden to reject the introduction of the euro on September 14. "The result of the referendum means that the forecasts of inflation in Sweden 1-2 years ahead will continue to determine the way monetary…
South African Reserve Bank - Annual Report 2003
The South African Reserve Bank has published its Annual Report for the year ended 2003. Developments and concerns about the growth prospects of major industrialised countries had a significant impact on South Africa's economic performance during the past…
HKMA Quarterly Bulletin, September 2003
The Hong Kong Monetary Authority (HKMA) on September 15 published the latest issue of its Quarterly Bulletin. This issue contains feature articles including "The Profitability of the Banking Sector in Hong Kong" - analysing the evolution of profitability…
European Parliament on the referendum in Sweden
The Chair of the European Parliament's Committee of Economic and Monetary Affairs Christa Randzio-Plath said on September 15 that the Swedish euro vote shows that we politicians have been unable to get the message across to voters - that the Euro will…
Euro rejection will cost Sweden: Prodi
Sweden's "nej" to the euro on September 14 will have both an economic and political price to pay, European Commission president Romano Prodi said. Final results showed the vote split decisively in favour of the no's on 56% against 42% in favour of…