Central Banks
French bank chief nominated to head ECB
Bank of France Governor Jean-Claude Trichet was nominated by EU finance ministers on Tuesday 15 July to replace Wim Duisenberg as president of the European Central Bank, Associated Press reports. The nomination will now be sent to the European Parliament…
UK economy 'in uncharted territory'
Giving evidence before the UK parliament's treasury select committee on Tuesday new Bank of England governor Mervyn King said he had "no idea" if 3.5 per cent was exactly the right level for UK interest rates. Rachel Lomax also appeared before the…
Bank of Canada lowers interest rates 0.25%
Bank of Canada lowers target for the overnight rate by 1/4 percentage point to 3 per cent, 15 July. In its press release the bank referred to "unanticipated developments" that bear on the outlook for inflation and economic activity in Canada.
Monday Special - ECB and the retail payments mire
SPECIAL FEATURE - The European Central Bank (ECB) is preparing to intervene in the market for small bank transfers in the eurozone, unless banks move quickly to make euro transfers quicker, cheaper and less bureaucratic. For this weeks Special Feature…
Broaddus on the Economy and Monetary Policy
In the speech 'Remarks on the Economy and Monetary Policy' J. Alfred Broaddus of the Federal Reserve Bank of Richmond said he was confident that the Fed could put effective strategies in place if necessary to prevent significant disinflation or deflation…
Duisenberg on monetary and fiscal policy
In the speech 'Monetary and fiscal policy in the euro area' Wim Duisenberg of the ECB said that the macroeconomic policy framework in the euro area is appropriate to ensure sustained and non-inflationary economic growth. Fiscal policy should contribute…
Heikensten on the Riksbank and the euro
In the speech 'The Riksbank and the euro' Lars Heikensten of the Sveriges Riksbank noted that a "no" to the euro would not entail any major changes for the Riksbank's day-to-day business. He expects that the Riksbank would continue to conduct its…
Euro at two-month low ahead of Greenspan's comment
The euro dipped to new two-month low points against the dollar on Monday 14 July in nervous trading before US Federal Reserve chairman Alan Greenspan's imminent statements to Congress on monetary policy, according to a report by Sapa-AFP.
ECOFIN to discuss Italian growth plan and Trichet
EU finance ministers will hold their first Council session under the Italian Presidency on 15 July, EurActiv reports. During the Euro group meeting on Monday, the ministers will launch proceedings to appoint Bank of France Governor Jean-Claude Trichet to…
Ireland's central bank to issue special E10 coin
The central bank of Ireland plans to issue a commemorative 10 euro coin during its presidency of the council of ministers in the first half of next year, BizWorld reports. The coin will mark the enlargement of the European Union.
Venezuelan president agrees to relax controls
Venezuelan President Hugo Chavez said on Sunday 13 July that the country's strict exchange controls will be loosened to allow access to U.S. dollars, according to Associated Press. Chavez did not specify how the controls would be eased, however.
Bulgaria c bank governor talks resume this week
Discussions over the appointment of a new governor for the national bank of Bulgaria will resume this week, according to Novinite. The announcement came a week after right-wing United Democratic Forces and the Socialist Party suspended negotiations and…
'Absurd criteria for new EU members'
An article in the Financial Times says that, fortunately, such a disastrous scenario as a deflationary spiral in the eurozone is unlikely. But that is not true of the problems that low or negative inflation within the eurozone could pose for the…
Danmarks Nationalbank - The Nationalbank building
The Danmarks Nationalbank building in the middle of Copenhagen is a distinctive presence in the street scene. It was designed by the internationally renowned Danish architect Arne Jacobsen and built between 1965-78. The building is considered one of Arne…
Poland to elect new monetary council member
The newest member of the National bank of Poland's Monetary Policy Council (RPP) will be elected in August. Analysts said Stanislaw Nieckarz, an economic advisor to the prime minister, has the best chance of taking up the position.
Issing speech at the ECB Watchers Conference
In the speech 'ECB Watchers Conference: The evaluation of the strategy' Otmar Issing of the ECB said this meeting is a special one. In the course of the last year the ECB has launched, conducted and concluded an evaluation of its monetary policy strategy…
Greenspan testimony on Natural gas supply
In the speech 'Natural gas supply' Alan Greenspan of the Federal Reserve said growing U.S. demand for natural gas to fuel factories and electricity plants may outweigh environmentalists' desire to preserve wilderness areas that contain energy reserves.
ECB press conference with questions and answers
At Thursday's ECB press conference Wim Duisneberg said that economic growth in the 12-country euro zone remained "subdued" in the second quarter of this year and there were no signs of a significant improvement in production and confidence. "The latest…
St Louis Fed's Regional Economist, July 2003
The Quarterly Review of Business and Economic Conditions, The Regional Economist, July edition from the St Louis Fed includes an article 'What Should a Central Bank Look Like?' to figure out what a central bank should look like, consider that most have…
HKMA appoints Ryback as new Deputy Chief Executive
The Hong Kong Monetary Authority (HKMA) announced the appointment of Mr William A. Ryback as Deputy Chief Executive of the HKMA on 11 July. Ryback will succeed David Carse who leaves the HKMA in September.
Interview with National Bank of Poland governor
In an interview with the Polish News Bulletin published Friday, Leszek Balcerowicz, governor of the National Bank of Poland spoke on the government deficit, inflation targeting, and eurozone accession.
ECB's Duisenberg confirms 1 Nov retirement
At Thursday's ECB news conference Wim Duisenberg confirmed that he expects to hand over to Bank of France governor Jean-Claude Trichet on 1 November. Duisenberg said that he saw no risk that he will be regarded as a "lame duck" president during the…
ECB's Issing rejects Schroeder's comments on euro
Speaking Friday ECB chief economist Otmar Issing said the competitiveness of the German economy "does not just depend on the exchange rate" in response to an apparent call from German chancellor Schroeder that the ECB should intervene in the currency…
Buba's Zeitler says ECB should keep rates steady
Bundesbank board member Franz-Christoph Zeitler, speaking on the ECB's decision Thursday to keep interest rates unchanged, said "two percent is the right level - I recommend staying hold" Bloomberg reported.