Monetary Policy
Bernanke on euro at five: Ready for a global role?
In a speech on 'Euro at Five: Ready for a Global Role?' given on 26 February, Ben Bernanke of the Federal Reserve said that the euro so far has "posed less of a challenge" to the international dominance of the U.S. dollar than analysts expected when the…
Fed's Bies on the economic outlook
In a speech on 'The Economic Outlook and the State of Household and Business Finances' given on 26 February, Susan Schmidt Bies of the Federal Reserve said that the Fed can afford to wait a while before it must "inevitably" consider raising short-term…
Gerashchenko lashes Russian central bank
Former Russian Central Bank Chairman Viktor Gerashchenko has said he would sack the current management of the bank if he could. Appearing on Russian breakfast TV he said they did many things wrong because they are non-professionals.
NY Fed central bank survey on foreign exchange
The Statistics Function will host a half day training seminar on the Central Bank Survey on Foreign Exchange and Derivatives Market Activity reports on 10 March. The survey is conducted every three years by the New York Fed.
Nauru passes law to close offshore banks
The Nauru Parliament on Thursday 26 February passed an anti-money laundering act and new banking laws. The legislation will allow it to close down its controversial offshore banks following pressure from the United States.
Bill McDonough to get FPA gong
William McDonough, chairman of the Public Company Accounting Oversight Board, and former president of the New York Fed will be awarded the Foreign Policy Association Medal next week.
ECB's Garganas: 'stay cool' over strong euro
European Central Bank council member Nicholas Garganas played down the need for an interest rate cut in a newspaper interview on Friday 27 February, saying a strong euro was not stifling the euro zone economy.
RBA's Edey upbeat on world economy
Reserve Bank of Australia's Assistant Governor, Economic Group, Malcolm Edey said on Friday 27 February that the year 2004 is likely to be an above average year for the world economy as once-important risks fade.
Economists hail euro a stunning success
Economists at a Washington conference on Thursday 26 February, marking the fifth anniversary of the launch of the euro single currency, praised the new currency as a stunning success.
Padoa-Schioppa: FX alone won't ease imbalances
European Central Bank executive board member Tommaso Padoa-Schioppa said on Thursday 26 February that currencies alone could not ease large global imbalances and Europe must increase its growth rate to help the adjustment.
Eurozone inflation falls
Inflation in the eurozone fell to 1.6 percent in February, the lowest level since November 1999, according to preliminary figures released by the EU's data agency Eurostat Friday.
RBI staff strike over strike ban
Around a million workers of state-run Indian banks including the Reserve Bank of India went on strike Tuesday 24 February to protest against a Supreme Court decision prohibiting government employees from going on strikes.
St Louis Fed's Poole on best guesses and surprises
In a speech on 'Best Guesses and Surprises' given on 25 February, William Poole of the Federal Reserve Bank of St. Louis said the low capital levels and large portfolios of government-sponsored mortgage enterprises Freddie Mac and Fannie Mae were a…
Fazio on the international economy and Italy
In a speech on 'The international economy and Italy' given on 14 February, Antonio Fazio of the Bank of Italy said the recovery of the world economy offers Italy an opportunity to overcome the present phase of uncertainty. Capitalizing on the resources…
BOJ holds monetary policy steady
The Bank of Japan said that its nine-member policy board, chaired by Governor Toshihiko Fukui, decided unanimously to leave its monetary policy unchanged at the end of a half-day scheduled meeting on Thursday 26 February.
Raffarin says ECB should react to euro rise
Speaking on Thursday 26 February, French Prime Minister Jean-Pierre Raffarin said he shared Gerhard Schroeder's views that the ECB should think about varying eurozone interest rates given the euro's strong rise against the dollar.
Cleveland's Pianalto - US job growth on the up
Federal Reserve Bank of Cleveland President Sandra Pianalto said on Wednesday 25 February that strong US productivity and job outsourcing has helped explain weak US employment creation, but that conditions were on the mend.
Poland's Monetary Policy Council hold rates
Poland's Monetary Policy Council kept interest rates on hold on Wednesday 25 February . The decision was expected due to the recently completed council changeover, but the council suggested rates were more likely to rise than fall.
Buba's Stark says strong euro is not export burden
The Vice-President of Germany's Bundesbank Juergen Stark said on Wednesday 25 February that the strong euro did not have too much of an impact on exports and that the eurozone was slowly recovering.
PMA chief Haddad accuses Israel
The governor of the Palestine Monetary Authority, Amin Haddad, on Thursday 26 February accuses Israel of "daylight theft at gunpoint" after Israeli troops seized over $8 million from banks in the West Bank city of Ramallah.
IMF MD Horst Kohler's statement on visit to Korea
During his visit to Korea International Monetary Fund (IMF) Managing Director Horst Kohler issued a statement in Seoul Thursday. He expressed his great pleasure at returning to Korea for a second time.
Fed's Gramlich on budget and trade deficits
In a speech on 'Budget and Trade Deficits: Linked, Both Worrisome in the Long Run, but not Twins' given on 25 February, Edward Gramlich of the Federal Reserve warned that large persistent U.S. budget and trade deficits could lead to "significant economic…
IMF Working Paper on inflation targeting
In the IMF Working Paper "Inflation Targeting and Exchange Rate Rules in an Open Economy" published on 24 February, the authors find that the exchange rate regime and measure of inflation targeted have crucial implications for the effect on output and…
Floating the renminbi is a red herring
This article by Gerald P O'Driscoll Jr and Lee Hoskins says the citizens of both China and the US will benefit when China moves closer to a market economy. But in the meantime, the leaders of both countries need to avoid protectionism in all forms,…