Monetary Policy
US is not in recession, says US Treasury O'Neill
UNITED STATES - The U.S. economy continues to expand moderately, successfully skirting recession, and in fact doing remarkably well in terms of providing job opportunities, Treasury Secretary Paul O'Neill said on Apr 9.
Taiwan cbank to adopt relaxed monetary policy
TAIWAN - Taiwan's central bank, the Central Bank of China, will relax its currency policy rather than adopting a zero interest rate like Japan, since domestic prices were stable and demand had yet to fully recover.
Singdollar policy has not changed - MAS
SINGAPORE - The Monetary Authority of Singapore says it has not changed its policy of allowing a gradual and modest appreciation of the trade-weighted Singapore dollar within a policy band.
Greenspan's hero image 'is a liability'
UNITED STATES - The Financial Times on Apr 10 reports that Alan Greenspan's heroic image poses a liability for markets. The article is based on a report by UK economist Marcus Miller which was presented at the Royal Economic Society's annual conference…
France backs Trichet, but Lemierre in wings-paper
FRANCE - Bank of France Governor Jean-Claude Trichet remains France's choice to succeed Wim Duisenberg as president of the ECB, but another Frenchman Jean Lemierre is an "option," French finance ministry sources told Les Echos.
Inflation targeting improved-CNB Niedermayer
CZECH REPUBLIC - The effectiveness of the inflation targeting of the Czech National Bank CNB should be improved with the shift to targeting of overall inflation and setting a corridor for price movements up to 2005, CNB vice-governor Ludek Niedermayer…
Capital inflows and central bank's policy response
CENTRAL BANK RESEARCH - Melike Altinkemer from the research department at the Central Bank of Turkey has written a paper "Capital inflows and the central bank's response". In this paper, capital inflow episode after the liberalization of capital account…
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
ECB should avoid market surprises-Chris Huhne
ARTICLE - In a guest column in the Financial Times on Apr 10, euro MP Chris Huhne says that the European Central Bank needs a clearer reporting process for its decisions on monetary policy.
Inflation targeting and IMF conditionality
CENTRAL BANK RESEARCH - An IMF working paper "Inflation targeting in the context of IMF-supported adjustment programs" uses Brazil as an example how the IMF's traditional monetary conditionality should be adapted in IMF-supported adjustment programs with…
BOJ Hayami says economy to remain stagnant
JAPAN - Bank of Japan Governor Masaru Hayami reiterated on Apr 9, 2001 Japan's economy could remain stagnant for some time and that the central bank must pay close attention to downward pressure on prices due to weak demand.
SNB chief economist George Rich retires Nov 01
SWITZERLAND - Georg Rich, chief economist of the Swiss National Bank, has announced that he will take early retirement as of the end of November 2001.
Downside risks to Swedish GDP-Riksbank minutes
SWEDEN - The balance of risks for Swedish growth and inflation are both skewed towards the downside over the next two years, according to the minutes of the Riksbank's last interest rate meeting released on Apr 9.
New Turkish cbank law submitted to cabinet
TURKEY - A draft law that grants full independence to the Central Bank of Turkey, and brings E.U. standards to the bank, has been submitted to the cabinet, reports the the Turkish daily Milliyet.
Ferguson on the monetary transmission mechanism
SPEECH - Fed vice chairman Roger Ferguson gave a speech on Apr 5, 2001 titled "Understanding Financial Consolidation" - a speech that he has already given three times this year. It is based on a study, commissioned by the G10 and directed by Ferguson,…
Business economist Barker appointed to BoE's MPC
UNITED KINGDOM - The UK Treasury said on Apr 5 that the chief economist at the Confederation of British Industry, Kate Barker, will replace DeAnne Julius on the Bank of England's Monetary Policy Committee from Jun 1, 2001.
Taiwan's cbank sees no inflationary pressures
TAIWAN - There are no inflationary pressures, Taiwan's central bank said late on Apr 6, citing sliding oil prices and Taiwan eventual entry into the World Trade Organization as reasons for domestic prices to remain tame.
Argentina's Cavallo criticizes central bank-media
ARGENTINA - Argentine Economy Minister Domingo Cavallo criticized the central bank on Apr 5 for keeping too tight a lid on bank deposits, arguing the lack of liquidity was partly responsible for high interest rates.
BOK appoints two new assistant governors
SOUTH KOREA - Choi Chang-ho, 54, director of the monetary policy department of the Bank of Korea, and Lee Jae-wook, 55, director of the international department, were promoted on Apr 4 to assistant governors of the central bank.
Optimal monetary policy in a currency area
ARTICLE - Pierpaolo Benigno has written an paper "Optimal monetary policy in a currency area" for the Centre for Economic and Policy Research. The author concludes that the European Central Bank should give a higher weight to inflation in the countries…
Spain's Caruana-eurozone inflationary risks remain
SPAIN - Bank of Spain Governor Jaime Caruana said Apr 4, 2001 that inflationary risks in the euro zone are easing but continue to exist.
RBA Stevens optimistic on economic growth
AUSTRALIA - Reserve Bank of Australia assistant governor Glenn Stevens said on Apr 5, 2001 there is genuine uncertainty about Australia's short-term economic outlook, but he expected a return to normal rates of growth, possibly by mid-2001.
Norway c.bank keeps interest rates on hold
NORWAY - Norway's central bank kept interest rates on hold on Apr 4, 2001 and reaffirmed a neutral outlook for rates, in line with analysts' forecasts, after four hikes in key rates in 2000.
Bank of England cuts interest rates by 0.25%
UNITED KINGDOM - The Bank of England cut interest rates by another quarter point on Apr 5, 2001, bowing to pressure from tumbling stock markets and weakening economic data.