Monetary Policy
Report says Israel's Sharon to oust central banker
An Israeli press report on Friday cast further doubt on David Klein's chances of remaining as governor of the Bank of Israel. The report says Israel's prime minister is likely to ask the governor to withdraw from his position in the next few days.
Tanzania's forgery proof notes finally copied
After Tanzania's central bank confidently claimed their new bank notes were impossible to forge one eye has inevitably been kept on the country's paper money. Now the BBC reports that that fakes are turning up in Dar-es-salaam.
China to remain major foreign capital destination
The People's Bank of China says that although the risks challenging global economic recovery will have a negative impact on China's economic growth the country will retain its position as a major centre of foreign investment.
Mexico cen bank sees inflation expectations ease
After a tightening of monetary policy Mexico's central bank has said inflation expectations have eased. The easing was sought before various wage bargaining negotiations began.
Garganas on the International role of the euro
SPEECH - In the speech 'International role of the euro' Nicholas Garganas of the Bank of Greece said the euro has emerged as the world's second most important international currency. But the evidence also confirms that the dollar is still far ahead of…
Kennedy on restoring confidence - post bubble
SPEECH - In the speech 'Restoring Investor Confidence After the Bubble Bursts' Sheryl Kennedy of the Bank of Canada talks about asset price "bubbles" in the economy and the efforts underway to restore investor confidence following the collapse of…
Bank of Canada Review, Winter 2002-2003
REPORT - The Bank of Canada published its Review for Winter 2002-2003 on 19 February. The Review contains articles titled Recent Changes to Canada's Financial Sector Legislation, Exchange Rate Regimes in Emerging Markets, Transparency and the Response of…
Hurley on monetary policy in the Eurosystem
SPEECH - In the speech 'The monetary policy and operational framework of the Eurosystem' John Hurley of the Central Bank of Ireland said as regards the conduct of monetary policy, the Governing Council has a good record in maintaining price stability…
Fixing a forecasting model that ain't broke
ARTICLE - The Bank of England is due to start using a new forecasting model from June this year onwards. This article suggests that while it is good to keep up with the latest developments in economics, the new model has not been fully tested and that…
War is no excuse for European profligacy
ARTICLE - Bundesbank vice-president, Jurgen Stark, says the "never ending" debate over the stability and growth pact has damaged its credibility but the rules of the Pact must not be relaxed. Such a relaxation, called for by the UK and Germany, would,…
Origin and Procedures of Central Banking
BOOK - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the introduction to a new book called "Origin and Procedures of Central Banking". The papers in the accompanying volume were first presented at the Institute's first…
The Art of Targeting Inflation
RESEARCH - The Federal Reserve Bank of Cleveland's Central Bank Institute has published the paper "The Art of Inflation Targeting" by Lars Heikensten and Anders Vredin. The paper describes the Riksbank's transition to inflation targeting and explains how…
Norges Bank's accounts for 2002
PRESS RELEASE - Norges Bank's annual accounts for 2002, released 20 February, show a deficit of NOK 24.1 billion, compared with a deficit of NOK 4.7 billion in 2001. No transfer will be made to the Treasury from the Transfer Fund.
Choosing the new Bank of Japan governor
ARTICLE - Japanese Prime Minister Junichiro Koizumi is due to announce by the end of this month his choice for governor of the Bank of Japan, the central bank of the world's second-largest economy. He will also pick two deputy governors. The article…
Japan's Ito repeats call for BOJ inflation target
An academic linked to the race for top spot at Japan's central bank reiterated on Thursday his view that the bank should adopt a controversial policy targeting inflation to reverse Japan's steadily falling prices.
EU's Solbes: ECB reform proposals not ideal
The European Central Bank's proposals to change the voting system for its governing council have not been received warmly. The Economic and Monetary Affairs Commissioner Pedro Solbes has described the proposals as "not the ideal solution".
Rates on the rise, Canadian central banker says
Canadian monetary conditions remain stimulative enough to require future interest-rate increases, Bank of Canada deputy governor Sheryl Kennedy said Wednesday in the latest reiteration of the central bank's recent hawkish line.
Klein won't bow to PM's 'whims' confidantes say
Bank of Israel governor David Klein does not intend to step down from his post even if Prime Minister Ariel Sharon asks him to do so Ha'aratz news in Israel said. Ha'aratz reported sources close to the governor said Wednesday in the wake of a barrage of…
Yamaguchi says Bank of Japan is doing all it can
The most expectant of silences greeted Yutaka Yamaguchi, the deputy governor of the Bank of Japan. But the outlook from the bank veteran of 40 years was gloomy: the bank is doing all it can, it is time for others to pull their weight. CentralBankNet…
Brazil raises rates to fight 'virus of inflation'
Brazil's central bank on Wednesday raised interest rates for the second time in a month to curb what new President Luiz Inacio Lula da Silva described this week as the "virus of inflation".
Ferguson on Rules and Flexible Monetary Policy
SPEECH - In the speech 'Rules and Flexibility in Monetary Policy' Roger Ferguson of the Federal Reserve said over the past twenty-five years some important consensuses have been achieved on the best way to conduct monetary policy. Central banks have…
Heikensten on monetary policy and wage formation
SPEECH - In the speech 'Monetary policy and wage formation' Lars Heikensten of Sweden's central bank said looking ahead, the picture is worrying. Profits are under great pressure. It is not certain that productivity growth can remain as high as it was…
Solans on financial innovation and monetary policy
SPEECH - In the speech 'Financial innovation and monetary policy' Eugenio Domingo Solans of the European Central Bank said financial innovation can help to increase the efficiency of the financial system, facilitating the operation of monetary policy…
Can't compare today's economic problems with 1991
ARTICLE - Stephen King looks at Alan Greenspan's testimony and says comparing the current economic position with the 1990-91 experience is rather futile. Both periods involved Iraq and at least one period will have involved war. Other than that however,…