Monetary Policy
High oil prices to hit 2005 growth says EC report
High oil prices will dampen economic growth next year, according to a European Commission report published Tuesday 26 October.
Fed's Bernanke on oil and the economy
In a speech on 'Oil and the economy' given on 21 October, Ben Bernanke of the Federal Reserve said soaring oil prices now represent a "significant shock" to the US economy but the longer-term impact should be manageable.
Philadelphia Fed Business Outlook Survey, Oct 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, October 2004, activity in the region's manufacturing sector continued to improve. In this months survey the participants were asked about their plans and expectations for…
Deutsche Bundesbank Monthly Report, September 2004
The Deutsche Bundesbank's September 2004 Monthly Report finds that according to the latest data, industry is still on an upward trend. Following weaker figures in June, both new orders and output showed a further clear seasonally adjusted rise in July,…
Turkish delight at monetary credibility
CentralBankNet always tries to catch up with central bank governors who visit London. Here, Nick Carver reports on Turkey's successful struggle for monetary credibility in Turkey.
Fed's Bies on the Federal Reserve and the economy
In a speech on 'The Federal Reserve System and the economy' given on 23 October, Susan Schmidt Bies of the Federal Reserve said the Fed will keep an eye on how much surging oil costs affect consumer prices but said she expects underlying inflation to…
UAE to host AGCC central bank
The United Arab Emirates (UAE) will be home to the central bank of the six states in the Gulf Cooperation Council (AGCC) which are working to set up a monetary union next year, the Kuwaiti finance minister said on Sunday 24 October, according to AFP.
Iran to discuss central bank independence
"Iranian MPs are to discuss with bank experts the independence of Iran's Central Bank from the government and the Iranian government will comment on the plan in due time," said Heydar Mostakhdemin Husseini, Iran's Deputy Minister of Economics in legal…
China's PM warns of continued inflation risk
Chinese Premier Wen Jiabao was cited as saying on Monday 25 October that high inflation and over-investment continue to pose significant risks to the economy and the government must ensure its cooling policies continue to take effect.
Prodi labels EU bid to catch US economy a failure
Europe's efforts to catch up to and then outpace the US economy have been "a big failure," the outgoing head of the European Union executive commission, Romano Prodi, told the Financial Times in an interview.
Bundesbank comments annoy German officials
The German government expressed annoyance at the Bundesbank on Thursday 21 October following a press report which suggested the German central bank was sceptical about Berlin's growth forecast for next year.
BoE's Lambert sees `low and stable' inflation
UK inflation probably will remain ``low and stable'' amid slowing economic expansion and subdued wage growth, Bank of England policy maker Richard Lambert said, indicating he sees little immediate need for higher interest rates.
Senate approves Azevedo as Brazil's mp director
Rodrigo Azevedo, the nominee for central bank of Brazil monetary policy director, told the senate this week he would seek to keep the currency stable and fight inflation.
BOT investigates computer hacking
The governor of the Bank of Thailand, Pridiyathorn Devakula, ordered a probe on Monday 18 October into computer hacking, TNA news said, after a senior employee, who was arrested last week for theft, told police that he had gained access to the bank data…
Bank of Israel staff to join new protest
Workers at the Bank of Israel, who are currently embroiled in a dispute with the management of the central bank, are set to join staff at the Israel Discount Bank, who are also involved in a dispute, Haaretz reported this week.
Ex-KTB chief to sue Bank of Thailand
The former president of Krung Thai Bank (KTB), Viroj Nualkhair, plans to sue KTB's board of directors and the Bank of Thailand (BOT) for more than 100 million baht in compensation for damage to his job and reputation, TNA reported this week.
Interview with former RBA board member Bob Gregory
In an interview published on Thursday 21 October, former board member of the Reserve Bank of Australia Bob Gregory said that if there is faster growth at the same inflation rate the RBA will not tighten.
Papademos at Third ECB Central Banking Conference
In his opening address at the Third ECB Central Banking Conference 'The new EU Member States: convergence and stability' on 21 October, Lucas Papademos said there is a risk that reform fatigue will set in after EU accession, because the incentive for…
Bank of Canada looks for new deputy governor
The Canadian Prime Minister announced on Thursday 21 October that Mark Carney, Deputy Governor of the Bank of Canada, has been appointed Senior Associate Deputy Minister of Finance, effective from 15 November.
BoJ paper on deflationary traps
This Bank of Japan discussion paper provides a theoretical overview of monetary and fiscal policy with the potential to engineer an exit from a deflationary trap, which the author defines as sustained deflation in the presence of zero interest rates.
Survey shows Japanese mystified by central bank
A survey published on the Bank of Japan's website this week showed that most Japanese people find the workings of the central bank a mystery.
Bank of Canada Monetary Policy Report, Oct 2004
The Bank of Canada released its October 2004 Monetary Policy Report on 21 October. The latest report says the Canadian economy has grown faster than was projected in last April's report and the July update, largely because of a surge in exports.
Downside risks from oil increasing, IMF's Rato
Head of the International Monetary Fund Rodrigo Rato said Friday rising oil prices pose a growing risk to the world economy and will have a visible impact on global economic growth next year.
Hungary central bank sees tensions with govt
Hungary may be able to cut interest rates further if inflation comes down as expected, but tensions between the central bank and the government will limit the scope for rate reductions, central bank president Zsigmond Jarai said.