Monetary Policy
Cleveland's Low-Inflation Economies Conference
The Federal Reserve Bank of Cleveland's Central Bank Institute is holding a conference and workshop titled "Low-Inflation Economies" from 19-21 November. The agenda includes papers titled "The Efficiency of Inflation Targeting" and "Monetary Policy…
Chicago Fed National Activity Index September 2003
The latest Chicago Fed National Activity Index for September 2003 was published on 30 October. The Chicago Fed National Activity Index (CFNAI) was +0.20 in September, a sharp rebound from the downward revised August reading of -0.40.
Can UK's 'economic luck' last'?
Mervyn King described the UK's "non-inflationary consistently expansionary" economic performance since sterling's eviction from the exchange rate mechanism as "nice" earlier this month. Can the "nice" performance last, an article in the Financial Times…
Bank of Japan maintains current monetary policy
The Bank of Japan said in a statement released on Friday 31 October after its Policy Board meeting that it would continue with its ultra-loose policy aimed at keeping the overnight loan rate at virtually zero, according to AFX Europe.
EU inflation stays above ECB ceiling
According to provisional figures for eurozone inflation, released on Friday 31 October by Eurostat, the rate remained above the ECB's 2 per cent ceiling in October at 2.1 per cent, the Financial Times reports.
BoJ expects deflation to continue into 2005
In its twice-yearly economic report released Friday the Bank of Japan said that it expects deflation to continue through to March 2005, according to AFX Asia. "Consumer prices are forecast to continue posting small declines in this and next fiscal year …
Duisenberg sees danger EU stability pact will fail
Wim Duisenberg, whose term as president of the ECB finished on Friday 31 October, , said in a TV interview with ChannelNewsAsia that "The danger is certainly there" that the EU's stability and growth pact could fail. He warned that should this happen it…
ECB's Duisenberg speaks at special ECOFIN dinner
At a special ECOFIN dinner to pay tribute to his leadership on 29 October Wim Duisenberg of the ECB said the challenges for EMU over the next five years are every bit as great as those already faced. I am fortunate enough not to have to deal with them,…
Broaddus on 9/11 and US economic security
In the speech 'Attack at the Economic Heart of America: What 9/11 Taught the United States about Its Economic Security' given on 29 October J. Alfred Broaddus of the Federal Reserve Bank of Richmond said in addition to what it can do to manage a…
Riksbank's Persson on the impact of the euro
In the speech 'The impact of the euro' given on 29 October Kristina Persson of the Sveriges Riksbank said China in the short term should retain its fixed exchange rate until such time as its financial system has undergone more substantial reform, which…
Greenspan on the payments system in transition
In the speech 'The payments system in transition' given on 29 October Alan Greenspan of the Federal Reserve said in the area of electronic payments, there will be a variety of views on the development of services, designs, and infrastructure for the next…
Central Bank of Iraq to establish stock exchange
The Central Bank of Iraq has decided to establish a stock exchange that would operate on a daily basis instead of three times a week as proposed previously, MENAFN reported.
Polish monetary policy council backs government
Poland's Monetary Policy Council has taken a rare position, according to Interfax, of directly supporting the government's plan for administrative and welfare spending restraint, calling it "right and very necessary".
IMF backs Australia's economy
Australia's economy has been praised by the International Monetary Fund (IMF), which predicted continued strong economic growth on the back of a sound fiscal and monetary strategy, NineMSN reported.
U.S. economy can stand up to terror-Fed's Broaddus
Richmond Federal Reserve Bank President Alfred Broaddus said on 30 October the Sept. 11 attacks did little long-term damage to the U.S. economy, Reuters reported.
Central bank official: China to keep RMB stable
Mu Huaipeng, deputy director of the People's Bank of China's currency policy department said Thursday that China will continue to adopt a sound monetary policy in order to maintain the stability of the renminbi, a report from Xinhuanet said.
ECB criticises 'unsustainable' US economy
ECB chief economist Otmar Issing has singled out the US tactic of "artificially stimulating the economy by large budget deficits and inflationary monetary policy" as "no viable option", EUpolitix reported.
ECB chief warns on need to keep pact
Wim Duisenberg told EU finance ministers Wednesday night that the EU stability and growth pact could unravel if Governments changed the rules of the fiscal framework, BizWorld reported. "I acknowledge that these are not easy times, that conditions are…
UAE central bank offloads gold reserves
Statistics from the United Arab Emirates central bank show that while the value of gold reserves was at Dh333 million until April, it has come down to Dh166 million in May and continued at the same level during June as well, Gulf News said.
BoJ's Fukui on Restructuring Japan's Economy
In the speech 'Restructuring Japan's Economy' given on 28 October Toshihiko Fukui of the Bank of Japan said financial institutions need to strengthen their risk-taking ability. At the same time, we require a framework in which the optimum allocation of…
Issing: Europe & the US - New paths for the future
In the speech 'Europe and the US: Partners and Competitors - New paths for the future' given on 28 October Otmar Issing of the ECB said we at the European Central Bank are very much aware of our responsibilities in a world characterised by close trade…
Kennedy:Efficiency/transparency in capital markets
In the speech 'Efficiency and Transparency in Canadian Capital Markets' given on 28 October Sheryl Kennedy of the Bank of Canada discusses the importance of promoting efficiency in capital markets, and how transparency can support these efforts. She also…
Ferguson takes oath for second term at Fed
Roger Ferguson was sworn in for a second four year term as Vice Chairman of the Federal Reserve on 28 October. Chairman Alan Greenspan administered the oath in his office.
Statement by Federal Reserve after FOMC meeting
The Federal Reserve said in a statement released 28 October that its main reason for maintaining the federal funds rate at 1 percent was because "the risk of inflation becoming undesirably low remains the predominant concern for the foreseeable future".