Monetary Policy
Semiannual Report on Currency and Monetary Control
The Bank of Japan has published a summary of its semiannual report on currency and monetary control for the second half of fiscal 2003. Japan's economic activity started to recover gradually in the second half of fiscal 2003 (Oct 03-Mar 04) led by an…
Research says China's economy growing
China's economy is expected to grow 11.3 per cent in the year through the second quarter, up from the 9.8 per cent of the first quarter, a think-tank under the country's economic planner says.
PBOC sells 20 bn yuan in bank bills
The People's Bank of China, the country's central bank, said it had successfully sold 20 bn in discounted short-term bills, made up of 15 bn yuan in three-month bills and 5 bn yuan in one-year bills, in the interbank market on Tuesday 6 July.
Philippine cb against declaring fiscal crisis
The Bangko Sentral ng Pilipinas (BSP) on Monday 5 July oposed the proposal to formally declare a fiscal crisis, warning that the ensuing confusion might precipitate an actual fiscal crisis that the government is trying to avoid.
Costello meets RBA board, says inflation in check
Australian Treasurer Peter Costello said he met with the board of the Reserve Bank of Australia after their monthly meeting on the morning of Tuesday 6 July, but refused to speculate on what the central bank would do.
Rato: No strong inflation pressure in Europe, US
International Monetary Fund director general Rodrigo Rato said that inflation remains relatively moderate in Europe and the US, and expressed his support for the policies of the US Federal Reserve and the European Central Bank.
Sharp rise in euro note circulation
While the euro-area's economy may be sluggish, demand for the euro - as hard cash - has started to take off. This weeks CentralBankNet Monday special suggests the euro's bid to challenge the dollar as the world's hoarded currency has truly begun.
Can debt crises be self-fulfilling?
Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. This IMF Working Paper says this type of coordination failure can be eliminated by a combination of state-contingent securities…
Reddy on financial stability: Indian experience
In a speech on 'Financial stability: Indian experience' given on 27 June, Dr YV Reddy of the Reserve Bank of India said in the context of ongoing reforms in the financial sector in India, the regulatory regime has also undergone certain fundamental…
Fed Reserve Bank of St Louis Review, Jul/Aug 2004
The latest edition of the St Louis Fed's Review for July-August 2004 contains proceedings of the Twenty-Eighth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis and includes articles "Is inflation targeting best-practice monetary…
Norges Bank Inflation Report, July 2004
Norway's central bank, Norges Bank, has published its latest Inflation Report for July 2004. The report says inflation is low and since the March Inflation Report, it has moved in line with projections. Inflation is being restrained by the appreciation…
Deutsche Bundesbank Monthly Report, May 2004
The Deutsche Bundesbank has published the English version of its May 2004 monthly report. In the first few months of 2004 the global economic upturn grew both stronger and more widely based. The terrorist attacks in Madrid and the escalation of the…
Italy escapes EU budget warning
Italy has escaped an EU warning over its worsening finances at a meeting of euro zone finance ministers in Brussels.
SNB's Roth sees GDP growth of 'almost' 2 pct
Swiss National Bank (SMB) chairman Jean-Pierre Roth said he expects the Swiss economy to grow by "almost" 2 pct this year, repeating previous comments by the central bank.
IMF expect 'progress' in Argentina discussions
The International Monetary Fund expects a significant advance in discussions to complete the third review of the program with Argentina, said IMF Managing Director Rodrigo Rato during a forum in Paris.
Economy adjusting, says BOJ's Fukui
Bank of Japan governor Toshihiko Fukui said on Monday 5 July that the country's economy is nearing recovery from the prolonged slump that followed the bursting of Japan's speculative bubble in the early 1990s.
Sunil Mendis appointed governor in Sri Lanka
Sunil Mendis has been appointed Governor of the Central Bank of Sri Lanka for a six-year term. He replaces A.S.Jayawardena whose term of office finished on Wednesday 30 June.
Fed appoints new General Counsel
The Federal Reserve Board on Tuesday 29 June announced the appointment of Scott G. Alvarez as its General Counsel, effective July 1, 2004.
S-N Korea's central bankers meet for first time
The heads of the central banks from North and South Korea met for the first time last Saturday, 26 June, in Switzerland.
FSA chief gets £109,000 pay boost
John Tiner, chief executive of the UK's Financial Services Authority, received a £109,752 rise in his total remuneration last year, according to the regulator.
ECB's new HQ begins to take shape
The construction of the new European Central Bank headquarters in Frankfurt moved one step closer this week with demolition work on the former site of the Grossmarkthalle (wholesale market) due to begin on Thursday 1 July.
BoE's Lomax on reasons for raising interest rates
In a speech given on 1 July, Rachel Lomax of the Bank of England said that "the UK emerged from the slowdown in the world economy with less slack than other economies. That is the key reason why we were the first to start raising interest rates".
FOMC minutes, 4 May, show worries over inflation
Minutes from the Federal Reserve's 4 May FOMC meeting released on 1 July showed that nearly two months before the Fed raised short-term interest rates on Wednesday, some board members made it clear that they were more worried about inflation than Alan…
The development of statistics for EMU - ECB book
The European Central Bank published a book on 2 July recording the work to develop statistics for Economic and Monetary Union (EMU). Part A of the book concerns the preparatory work in the years 1992 - 98. Part B describes the numerous enhancements made…