Monetary Policy
Bergo on Oil - economic policy challenges
In the speech 'Oil - economic policy challenges' Jarle Bergo of Norges Bank said that oil provides Norway with an economic base not available to many other countries. But the wealth Norway's petroleum generates must be used wisely. Bergo contrasts Norway…
HKMA Quarterly Bulletin, March 2003
The Hong Kong Monetary Authority's Quarterly Bulletin for March 2003 includes articles on the 'External Demand for Hong Kong Dollar Currency' and 'Alternative Measures of the Real Effective Exchange Rate'.
Nikkei falls below 8000 for first time in 20 years
On Wednesday 12 March the Nikkei index fell below a psychological barrier to hit a 20 year low, according to a Reuters report. Analysts said investors were holding back pending further developments between US/Iraq.
MEPs reject ECB voting reform proposals
MEPs have rejected the ECB's proposal for reform of the voting arrangements of its Governing Council, according to a euobserver report. The idea was labelled "discriminatory" as it would mean smaller states who join the eurozone would face lengthy…
IMF backs Poland's drive to join euro-zone
The IMF has said it supports Poland's quest for early eurozone entry. In a semi-annual report on the country it said that early euro adoption would serve as a focus for reform that will allow higher potential growth for Poland.
Hungary's government, central bank in agreement
Hungarian prime minister Peter Medgyessy has stressed the importance of cooperation between the government and the central bank in guaranteeing that inflation targets are met, according to an Interfax report. Central bank governor Zsigmond Jarai said the…
Incoming BoJ chief to outline policies in Diet
Toshihiko Fukui will next week outline his policies for fighting deflation and stabilising Japan's economic system to the Japanese Diet, according to the Kyodo News Service. The Bank of Japan governor in waiting will be quizzed before the Diet give their…
SDR to replace gold franc at the BIS
The Bank for International Settlements (BIS) on Monday announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003.
EC and ECB strengthen co-operation on statistics
The European Commission and the European Central Bank (ECB) signed on 10 March a new Memorandum of Understanding (MoU) on Economic and Financial Statistics.
Bank of Japan Monthly Report, March 2003
The Bank of Japan has published its Monthly Report of Recent Economic and Financial Developments for March 2003. The BoJ said the domestic economic outlook remained uncertain, with no signs of an imminent improvement, a view it has taken for the last…
Rosenberg- Monetary policy and the Swedish economy
Speech on 'Monetary policy and the Swedish economy' by Irma Rosenberg of the Sveriges Riksbank. The speech was Rosenberg's first public appearance in her new role as Deputy Governor of the Riksbank. She said it was stimulating to meet people and discuss…
GCC customs union to meet in Riyadh
A meeting of the Gulf Customs Union Committee in Riyadh will review the execution of decisions since the launch of the GCC in January. The meeting will review progress, says Gulf News, and also look at potential problems facing importers and exporters.
Richmond Fed top discount-rate hawk
Recent analysis of FOMC voting between 1993 and 2002 has shown that the Richmond Fed is the most hawkish of the regional Fed banks whilst the Dallas Fed was the greatest dove, according to a Reuters report. The research also showed that recommendations…
Outgoing BOJ's Hayami says only so much we can do
As governor Masaru Hayami prepares to bow out of the Bank of Japan he spoke at his final news conference, reported by Pacific Business News. He said that the central bank could not cure Japan's economic woes on its own and that social and political…
Koehler- Major economies can still ease mon policy
Horst Koehler said in a speech, reported by Channel News Asia, that interest rates still have room to fall further for the world's major economies. He also suggested that fears of a global recession were over-played despite ongoing uncertainty.
Ex-governor Rivlin says Fed is out of ammunition
Ex Federal Reserve governor Alice Rivlin has said that the central bank is out of ammunition and that fiscal policy makers are better placed now to step in, if the US economy declines further, according to a Dow Jones report.
Polish premier - Abolish Monetary Policy Council
Polish Prime Minister Leszek Miller said on Monday 10 March in a radio interview that the central bank's RPP interest rate setting committee should be abolished, according to PAP news agancy. His comments come after sustained criticism of the National…
How much gold will the central banks sell?
MONDAY FEATURE - Until recently there was a widespread expectation that central banks would continue to unload gold from their reserves on quite a large scale for many years to come. But this assumption is now being called into question. What is the…
BIS Quarterly Review March 2003
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, March 2003. In the report the BIS paints a depressed picture of the global economy with the threat of a war in Iraq reducing investor confidence and equities in…
IMF independence
An article in the Financial Times considers a speech made by Ed Balls, the UK Treasury's chief economic adviser, in Washington last week. He argued that the IMF should be independent along the same lines as an independent central bank. This would…
Japan's Monetary Policy Meeting, 13 & 14 February
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 13 and 14 February 2003, released 10 March. The Bank's policy board discussed possible policy-easing steps, including an increase in purchases of Japanese government bonds or more…
Role of expectations in estimates of the NAIRU
RESEARCH - The Bank of England Working Paper, "The role of expectations in estimates of the NAIRU in the United States and the United Kingdom" examines evidence for a change in the relationship between inflation and unemployment. Inflation expectations…
Greenspan on Global Finance, Is it slowing?
SPEECH - In the speech 'Global Finance: Is It Slowing?' Alan Greenspan of the Federal Reserve said a diversified and innovative global financial system has helped the U.S. economy weather a string of jolts and that despite terrorist attacks and fears…
Bundesbank report - Ways out of the crisis
REPORT - The Bundesbank took the unusual step of releasing to the public a report calling for swift action to overcome structural problems in the economy. The report argues that unless reforms are introduced the "potential growth rate" of the economy…