Monetary Policy
ECB Monthly Bulletin (May)
European Central Bank explains unprecedented bond purchases
RBA: Lowe revises Australian economy recovery upward
Reserve Bank of Australia assistant governor Philip Lowe links renewed growth in Australia to improved terms of trade
SARB points to pitfalls of exchange rate rigidity
South African Reserve Bank keeps rates flat as inflation outlook remains steady, advisor says exchange rates an important policy tool
NY Fed: foreign exchange swap lines smoothed disruptions in overseas markets
A New York Federal Reserve review shows swap lines enhanced the ability of central banks to provide dollar funding
King throws weight behind new government's cuts
Bank of England governor Mervyn King says incoming coalition government's plans to cut UK expenditure by $9 billion in 2010 have eased downside risks to growth
ECB will not sell eurozone bonds: Stark
European Central Bank rate-setter Jürgen Stark says eurozone bonds will be held to maturity, rebuts suggestion that central bank was leant on by governments to buy debt
Cracks emerge over ECB’s bond purchases
Bundesbank head and ECB leadership candidate Axel Weber criticises central bank’s entry into bond markets, analysts disagree on whether intervention justified
Estonia poised for euro entry, exports lead recovery
Bank of Estonia sees output helped by export upswing the day before Brussels decides on euro accession
RBA: emerging Asia behind inflationary pressures
Reserve Bank of Australia says growth in emerging Asia is adding to inflationary pressures at home in its Monetary Policy Statement
BoJ minutes: Exports gain as interest rates remain on hold
Bank of Japan minutes shows the Bank of Japan left rates on hold as evidence of an export-led recovery strengthens
Europe gambles to save currency union
Markets surge as European Central Bank changes course and commits to buying government bonds, move comes as eurozone and IMF unveil trillion-dollar support package
Philly Fed's Plosser: Fed acted on contagion fear
Philadelphia Federal Reserve's Charles Plosser says swap lines were re-opened on concern over impact of eurozone debt crisis on US banks
SNB’s Hildebrand vows to fight franc appreciation
Swiss National Bank chief Philipp Hildebrand says the eurozone’s debt troubles will not be allowed to trigger deflation in Switzerland
Ex-governor Fraser knocks RBA’s rapid hikes
Former Reserve Bank of Australia chief Bernie Fraser says central bank has been too eager in its rate hikes given the European debt crisis and its potential impact on growth worldwide
IMF: allowing assets to run to maturity best exit strategy
IMF study on Japan’s experience of quantitative easing shows best exit strategy is to allow asset purchases to run to maturity
Rate round-up: Czech National Bank cuts on eurozone woe
Romania and Iceland also loosen; Australia, Peru and Norway raise rates by 25 basis points, Egypt and Indonesia hold
IMF: inflation targeting the next step for emerging economies
IMF study makes strong case for adoption of inflation targeting in emerging economies
Riksbank’s Svensson concedes further cuts unlikely
Lars Svensson explains the banks decision to leave its benchmark rate at 0.25% until December 2010, after previous calls to cut the rate further
BoE broad money returns to pre-crisis growth levels
Bank of England estimates show broad money rose sharply in March, as credit conditions in the United Kingdom continue to improve
Bank of Israel - Inflation Report Q1 2010
Bank of Israel report shows interest rates likely to continue rising
Bank of Italy on post-Lehman credit conditions
Bank of Italy paper shows severe credit contraction and behaviour of zombie banks distorted lending following Lehman’s collapse
China lifts reserve ratio on fears over inflows, Australia hikes again
People’s Bank of China raises reserve requirement ratio by 0.5% as concern mounts on currency speculators; Reserve Bank of Australia tightens as data suggest growth will outstrip 2009
NBB: Macroeconomics not to blame for financial turmoil
Belgian central bank paper looks at the consequences the financial crisis on macroeconomics with a study of Keynes and Lucas.
Taiwan to scrutinise lending on hot money fears: reports
Official from Central Bank of the Republic of China (Taiwan) reportedly says lenders’ foreign currency loans will be inspected for signs of speculation on currency