Monetary Policy
Federal Reserve Board - Beige Book, November 2003
The Federal Reserve released its November 2003 survey of Current Economic Conditions, known as the Beige Book, on 26 November. The survey said the US economy is now in a broad-based expansion. "Reports received from the district banks suggest that the…
Bank of Japan Monthly Report, November 2003
The Bank of Japan published the English version of its November 2003 Monthly Report of Recent Economic and Financial Developments on 26 November. The Report said the economy was recovering - effectively upgrading its assessment for the third straight…
Trichet: ECB monetary policy strategy after May 03
In a speech on 'The ECB's monetary policy strategy after the evaluation and clarification of May 2003' given on 27 November, Jean-Claude Trichet of the ECB said EMU is based on the conviction that Europe can derive strong benefits from a "culture of…
Poole on U.S. International Capital Flows
In a speech on 'A Perspective on U.S. International Capital Flows' given on 14 November, William Poole of the Federal Reserve Bank of St. Louis said the forces driving the U.S. capital account represent a persistent, but ultimately temporary, process…
Canada's Dodge on low and predictable inflation
In a speech on 'Low and Predictable Inflation and the Performance of Canadian Labour Markets' given on 20 November, David Dodge of the Bank of Canada said because Canada's monetary policy framework reduces uncertainty about inflation, it helps both firms…
ECB rejects EU proposals re executive board
The European Central Bank has angrily rejected proposals from the Italian EU Presidency that could make it easier for governments to appoint members of the ECB's executive board, according to Biz World. "The governing council of the ECB is seriously…
EU official threatens court action over pact
EU Economic Affairs Commissioner Pedro Solbes said on Wednesday 26 November, according to AFP, that the (European) Commission's judicial service is studying the question of whether the ECOFIN ministers' decision this week to effectively let Germany and…
West African cb should be in Ghana - President
Ghana's President John Agyekum Kufuor has suggested that the headquarters of the proposed West African central bank should be in Ghana, according to a report by GNA. Ghana, he said, has the conducive atmosphere to generate the confidence that would…
Brazil's central bank hint need for more rate cuts
Minutes released by the central bank of Brazil from its monetary policy meeting, reported by AE Brazil, hint that interest rates may need to fall further as projected inflation for the next 12 months and 2004 remain below target.
Trichet's letter to EU Council President
Letter of 26 November from Jean-Claude Trichet, President of the European Central Bank to the President of the Council of the European Union, on the introduction of a new article into the Constitution to allow for the amendment of the ESCB's basic…
ECB's Tumpel-Gugerell on capital markets in Europe
In a speech on 'ECB-CFS Research Network on capital markets and financial integration in Europe' given on 21 November Gertrude Tumpel-Gugerell of the ECB said the ECB clearly supports the view expressed among others by the Lamfalussy Committee of Wise…
Philadelphia Fed's Santomero:on US recovery
In a speech on 'Perspectives on the Jobless Recovery' given on 14 November, Anthony Santomero of the Federal Reserve Bank of Philadelphia said once the current expansion gains a firmer foothold, monetary policy must eventually be moved to a less…
San Francisco's Parry on the U.S. Economic Outlook
In a speech on 'U.S. Economic Outlook' given on 20 November, Robert Parry of the Federal Reserve Bank of San Francisco said the Fed's current stance is in the accommodative range, reflecting in part the high level of excess capacity and the low level of…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 9 and 10 October 2003, released 27 November. Consumer prices were basically projected to continue falling gradually although it was possible that the year-on-year decline might stop temporarily…
Iraq cb to issue licences to foreign banks
The central bank of Iraq is to award licences in December allowing a maximum of six banks to operate in Iraq. Central bank deputy Ahmad Salman Mohammed said "Foreign banks will bring in capital, train people, provide jobs, modernise banking services and…
ECB's Padoa-Schioppa sees no threat to growth pact
ECB board member Tommaso Padoa-Schioppa has said that despite the changes to the stability and growth pact, its long-term credibility is not under threat, Reuters reports. He said he did not share speculation the decision could spell the end for the…
Fed reports widespread improvements in US economy
The Federal Reserve released its latest survey of "Current Economic Conditions", known as the Beige Book, on Wednesday 26 November, according to Associated Press. The report gave the most positive assessment of business activity since before the start of…
EU panel suggests rewriting euro rulebook
European Commission President Romano Prodi said on Wednesday 26 November that EU governments cannot use "ad-hoc measures" to suspend or amend the stability pact when they feel "its provisions are too stringent or inopportune", reports Associated Press…
OECD sees scope for ECB rate cut
The OECD's semiannual economic outlook report said that with inflation pressures waning it is assumed the ECB will hold interest rates until the recovery firms, reports AFP, but there is scope for easing policy if the economic upturn stalls or the euro…
Greek central bank warns on public debt
Nicholas Garganas, Governor of the Bank of Greece, has called for a strict adherence to the stability and growth pact, according to a report by Kathimerini. Garganas told Parliament that uncontrolled deficits will have serious consequences on interest…
Parry on the U.S. and Regional Economic Outlook
In the speech 'The U.S. and Regional Economic Outlook' given on 25 November Robert Parry of the Federal Reserve Bank of San Francisco said the picture was finally starting to brighten for the national economy. The process of technological innovation that…
Pianalto on the nature of economic change
In the speech 'The Nature of Economic Change' given on 20 November Sandra Pianalto of the Federal Reserve Bank of Cleveland said think of the steady, upward march of the US economic prosperity as climbing a ladder, where each rung is a different stage of…
Deutsche Bundesbank Monthly Report, October 2003
The Deutsche Bundesbank has published the English version of its October 2003 monthly report. Seasonally adjusted industrial output in August was down on the month, July having produced a high figure, the Report said. The slight rise in consumer prices…
ECB statement on ECOFIN budget conclusions
Statement of the European Central Bank Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany, 25 November. The ECB's press release warns: "The Conclusions adopted by the ECOFIN Council…