Monetary Policy
Bank of England unveils new note
UK - The Bank of England has unveiled an improved, criminal-proof £5 note featuring a portrait of Elizabeth Fry, the 19th century social reformer.
Outlook for US economy positive - Chicago Fed
US - The U.S. economy is in the midst of a modest rebound from recession, and capital spending, a key driver of growth, is likely to recover in the third or fourth quarter of 2002, said Curt Hunter, the head of research for the Chicago Federal Reserve on…
Latent recovery fails to move Bank of Japan
JAPAN - The Bank of Japan announced a decision to leave monetary policy unchanged after a two-day Policy Board meeting which ended on Tuesday.
Poll says most Germans want rid of euro
GERMANY - A UK newspaper reports that the party is over for the euro in Germany. A majority of the country which more than any other embraced the concept and birth of the single currency now longs for the return of the Deutschmark it is claimed.
ECB warns about deficits, inflation
BELGIUM - The president of the European Central Bank, Wim Duisenberg, urged euro-zone government to stand by promises to balance their budgets by the end of 2004, here on Tuesday.
Business gets good news from Russian EBRD meeting
ROMANIA - European business leaders, attending a forum here alongside a meeting of the European Bank for Reconstruction and Development, got assurances from Russia Monday that the country was about to stage a comeback on international capital markets.
HKMA Press Release
PRESS RELEASE - Fifth Hong Kong Monetary Authority distinguished lecture, 21 May.
Speech by T Padoa-Schioppa of the ECB, 20 May
SPEECH - In a speech titled 'Self vs. public discipline in the financial field' and made on 20 May (but only just published) Padoa-Schioppa discussed the evolution of the methods of financial regulation towards using industry standards and process…
Speech by Fed Reserve Governor Mark Olson, 17 May
SPEECH - In a speech titled 'Financing Options for Small Business' Olson said that it was known that small business plays a substantial role in the overall economy.
Facing up to a post-Greenspan future
FEATURE - With every change of personnel at the Federal Reserve comes renewed speculation about what the institution will look like once Alan Greenspan, its revered chairman, finally departs.
Central bank they deserve
LETTER - Letter to the Financial Times published in the US edition 18 May. From Anthony Gould, New Jersey.
BOJ expected to keep same policy
JAPAN - Japan's economy may be showing signs of emerging from its worst postwar downturn, but analysts expect the Bank of Japan to be alert to risks the U.S. upturn may lose momentum and send Japan deeper into recession.
Europeans aim for joint rate rises
UK - Europe's central banks are set to raise interest rates simultaneously on 6 June, say leading economists. The Bank of England, the European Central Bank and the Swedish Riksbank are likely to hike rates at their respective policy-making meetings in…
Dissenters are becoming dying breed at the Fed
FEATURE - It appears the imposing figure of Alan Greenspan at meetings of the US Federal Reserve is more than enough to persuade other members to keep their mouths shut. Report from Bloomberg news agency, New York.
Brazil central banker dampens rate cut talk
BRAZIL - Brazil Central Bank President Arminio Fraga on Friday watered down his own remarks on the possibility of future interest rate cuts, just as the market was doubting any such decision next week.
Policy flaw at heart of the ECB
FEATURE - Keynes eroded the firmly-held idea that there were mysteries about central banking which justified secrecy about how it was meant to work. The process of erosion has taken a long time. This article was written by Professor Sir Alan Peacock in…
Fed proposes role change as emergency bank lender
US - The Federal Reserve yesterday proposed a change in its capacity as lender of last resort, essentially suggesting that credit markets have more of an influence in determining its lending rate on emergency loans to cash-strapped banks.
Aznar urges Argentina to bite IMF bullet
SPAIN - Spain's prime minister bluntly urged debt-strapped Argentina on Friday to take "painful decisions" and secure a deal with the International Monetary Fund as fast as possible.
Speech by Wim Duisenberg, ECB President, 16 May
SPEECH - Duisenberg said in a speech titled 'Challenges to the ECB's monetary policy' that he believes all the institutional preconditions for a stable currency and macroeconomic success are in place in Europe today.
Speech by Wim Duisenberg, ECB President, 9 May
SPEECH - The European Central Bank president was in Aachen, Germany, today to receive the annual international Charlemagne prize. But Duisenberg's aides rush to make clear that Aachen's city fathers have not actually chosen an individual this year but a…
Speech by Sirkka Hamalainen of the ECB, 30 Apr
SPEECH - In the speech titled 'Consolidation in the European securities infrastructure - what is needed?' Hamalainen said that "By eliminating currency segmentation, the introduction of the euro has naturally been a major factor in the integration of…
The single monetary policy in the euro area
REPORT - ECB publication, General documentation on Eurosystem monetary policy instruments and procedures, 26 April, (update of the November 2000 edition).
Bank of Canada Review, Spring 2002
RESEARCH - The Bank of Canada Review is a quarterly publication that contains economic commentary and feature articles. The Spring 2002 edition was released on 16 May.
Speech by Sushil Wadhwani, Bank of England, 16 May
SPEECH - In a speech titled 'The MPC: Some Further Challenges' Wadhwani slammed the MPC's forecasting methods as flawed and, noted as an arch dove, said interest rates had been set too high over the past five years. He also rebuked deputy governor Mervyn…