Monetary Policy
Fed's Gramlich on raising national saving
In a speech on 'The importance of raising national saving' given on 2 March, Edward Gramlich of the Federal Reserve said the United States would seem well-advised to minimize risks by raising its own national saving to finance its own investment.
Armenian central bank chief re-appointed
The Armenian parliament has endorsed the re-appointment of Tigran Sargsyan as chairman of the Central Bank of Armenia, Mediamax news agency reported on Wednesday 2 March.
The Bank should act soon
The Bank of England should act soon to raise interest rates, according to this article published on Friday 4 March by the Financial Times. With a general election expected in May, the Bank risks being accused of political motivations if it doesn't hike…
China needs flexible yuan, BOJ's Hirano says
China will adopt a more flexible currency as the nation overhauls its financial system and capital markets, said Eiji Hirano, a Bank of Japan executive director.
Fed study shows dollar fall could boost growth
A study by the Federal Reserve says a substantial fall in the value of the US dollar is likely to boost economic growth rather than cause an economic crisis.
BOJ's Iwata: Deflation end needs 'one more stroke'
Kazumasa Iwata, one of the Bank of Japan's two deputy governors, said on Friday 4 March that the Japanese economy needs to improve by "one more stroke" to overcome deflation of almost seven years.
Italy's Fazio on Franco Modigliani
In a speech given on 18 February, Antonio Fazio of the Bank of Italy said the global system is a sort of free-banking regime without an anchor.
Phil Fed's Santomero: lessons from business cycle
In a speech on 'Lessons learned from the recent business cycle' given on 1 March, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the US economy is on track for moderate sustainable growth with relatively stable prices, but declining…
Chicago Fed's Moskow on the US labor market
In a speech on 'Job Loss: Causes, consequences, and policy responses' given on 1 March, Michael Moskow of the Federal Reserve Bank of Chicago said at the moment, wage pressures within the US labor market are behaving as expected.
Greenspan promotes consumption tax idea
Federal Reserve Chairman Alan Greenspan said in testimony on Thursday 3 March that some form of a consumption tax - such as a national sales tax - could spur greater economic growth but stressed a move to such a system would pose considerable problems.
ECB cuts eurozone growth forecast
The ECB on Thursday 3 March lowered its forecasts for growth of the eurozone economy this year and next . At a press conference Jean-Claude Trichet also criticised the recent decision by the Ecofin council of European finance ministers to give Greece…
BSP's Buenaventura on cornerstones of excellence
In the speech 'Strengthening the cornerstones of excellence' given on 10 January (published 25 Feb), Rafael Buenaventura of the Central Bank of the Philippines said when he turns over the reigns of leading the central bank in July this year, he is…
Greenspan stresses need for spending cuts
Federal Reserve chairman Alan Greenspan said on Wednesday 2 March that the US economy is growing at a reasonably good pace but the country must tackle its "unsustainable" budget deficits, primarily through spending cuts.
20 years of a floating New Zealand dollar
The Reserve Bank of New Zealand noted on Wednesday 2 March that this week marks the 20-year anniversary of the float of the New Zealand dollar. The bank said that the floating exchange rate regime has weathered several business cycles and plenty of …
Australia raises rates citing inflation pressures
The Reserve Bank of Australia announced on Wednesday 2 March that it was increasing interest rates by 25 basis points, to 5.5 per cent. It was the first shift in monetary policy by the RBA since December 2003.
Richmond Fed's Lacker on inflation targeting
In a speech on 'Inflation targeting and the conduct of monetary policy' given on 1 March, Jeffrey Lacker of the Federal Reserve Bank of Richmond said the Federal Reserve should adopt a target for US inflation, in part to keep concerns about price…
Publication of papers from ECB workshop
On 13 and 14 December 2004 the Directorate General Economics in co-operation with the Directorate General Research of the European Central Bank (ECB) held a workshop on "Monetary policy implications of heterogeneity in a currency area". The ECB published…
EU's Almunia confident on stability pact deal soon
The European Union commissioner for economic and monetary affairs, Joaquin Almunia, said on Wednesday 2 March that he was confident agreement would be reached "soon" on the Stability and Growth Pact.
ECB's Trichet on mon. policy stability
In a speech on 'Monetary policy and private expectations' given on 25 February, Jean-Claude Trichet of the ECB said a renewed fellowship between the academic community, the markets and central banks has allowed central banks to effectively deliver the…
Fed Reserve Bank of St Louis Review, Mar/Apr 2005
The latest edition of the St Louis Fed's Review for March-April 2005 includes the article "Communication, transparency, accountability: Monetary policy in the twenty-first century" by Otmar Issing. The issue also includes a paper by Ellen Meade titled …
Norway's Gjedrem on economic perspectives
In his annual address 'Economic perspectives' given on 17 February, Svein Gjedrem of Norges Bank said Norway can gradually raise interest rates from historic lows because economic growth looks increasingly self-sustaining and stubbornly low inflation has…
BoE's Tucker on monetary policy and stability
In a speech on 'Monetary policy, stability and structural change' given on 1 March, Paul Tucker of the Bank of England said that excess demand in the UK economy was expected to boost inflation over the next few years.
Bank of Canada keeps interest rate unchanged
The Bank of Canada announced on Tuesday 1 Marchthat it is maintaining its target for the overnight rate at 2 1/2 per cent. The Bank said the outlook for the Canadian economy and inflation remained essentially unchanged since January.
NBP's Rybinski denies rates will be slashed
A senior official from the National Bank of Poland warned markets on Monday 28 February that expectations of a sharp falls in interest rates this year were misguided.