Monetary Policy

Speech by Stephen Nickell of the Bank of England

SPEECH - Speech by Stephen Nickell, Member of the Monetary Policy Committee of the Bank of England and Glenda Quintini, Credit Suisse First Boston, to the economics section of the British Association for the Advancement of Science, Glasgow, 4 September.

ECB Press Conference - Questions and answers

On the occasion of the unveiling of the euro banknotes and their security features, Frankfurt. Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, and Prof. Dr. Eugenio Domingo Solans, Member of the…

Australia lowers interest rates

AUSTRALIA - The Reserve Bank of Australia sliced interest rates by one-quarter percentage point on 5 September to offset weakening global economic activity and despite higher-than-forecast inflation.

Philippines C bank move to raise bank transparency

PHILIPPINES - The Philippine central bank will soon issue additional disclosure requirements to make banks more transparent, while encouraging more foreign participation in the local banking sector, said central bank deputy governor Alberto Reyes.

Indonesia's 2002 budget to be drained by debt

INDONESIA - Indonesia will unveil on 7 September a draft budget constrained by a mountain of debt that has left President Megawati Sukarnoputri's government with barren coffers and few options to prove it can fix the shattered economy.

Banks get set for euro clearing

UK - The financial system took a significant step towards readiness for the single currency yesterday when the £300bn-a-day clearing system moved on to a euro-compatible platform.

NBU recommends quick euro change

UKRAINE - The National Bank of Ukraine is recommending that commercial banks quickly get rid of the national currencies of the member-countries of the European Currency Union in favour of the euro.

CLASH BETWEEN GERMANY AND THE ECB

CENTRALBANKNET'S SPECIAL REPORT - In January this year, the German finance minister, Hans Eichel, underlined the government's commitment to reforming the financial sector with a proposal to create a unified financial services regulator, and in the…

ECB board members defend interest rate cut

SPAIN - European central bankers on 31 August said the ECB's decision to cut interest rates was based on receding inflationary pressures and rejected criticism the bank had waited too long to stimulate the Continent's flagging economy.

Belgian bank to start coin-collecting soon

BELGIUM - The Belgian National Bank (BNB) and the Belgian General Commission for the euro will launch a coin-collecting operation from October 15, 2001 to November 15, 2001, during which Belgians will be able to exchange coins for euro.

Summary of the latest opinion polls on EMU

UK - Euro zone citizens are becoming more aware the euro will replace national currencies in 2002 but are also growing more concerned about possible price rises, according to a European Commission survey published on 3 September.

CEPR - Monitoring the European Central Bank (MECB)

RESEARCH - New research from the Centre for Economic Policy Research. The authors of the latest MECB Update argue that the ECB should only cut interest rates when falling growth prospects will be accompanied by an unambiguous decline in inflation…

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