Central Banks
RBA's Stevens on the conduct of monetary policy
In the speech 'The conduct of monetary policy' given on 13 July Glenn Stevens of the RBA said Australia's adoption of a medium term inflation target has served the country well in its conduct of monetary policy.
How do central banks write on financial stability?
This IMF Working Paper, published July 2006, surveys central bank financial stability reports, and proposes a framework for assessing them.
RBNZ's Bollard on an independent monetary policy
In the speech 'Can NZ expect to carry out independent monetary policy?' given on 13 July Alan Bollard of the RBNZ said New Zealand can still carry out its own independent monetary policy effectively, even though it has had to work against strong global…
Bank of Canada Monetary Policy Report Update
The Bank of Canada released its July 2006 Monetary Policy Report Update on Thursday 13 July. Growth in the first half of 2006 appears to have been a little stronger than projected, according to the report.
Two appointed to Bank of England's MPC
The Bank of England's Monetary Policy Committee was back to full strength on Thursday 13 July with the appointed of two new members to fill the vacant places.
More Greenspan, less Volcker, needed in Japan
This article published Wednesday 12 July by Bloomberg says that the Bank of Japan may engineer its first interest rate increase since August 2000 on Friday.
Comment: Will McCreevy's approach work?
The European commissioner for internal market and services, Charlie McCreevy, has called for an industry-driven "code of conduct" to reduce the costs of European cross-border settlement and clearing, rather than propose a directive. Will his famous light…
Bank of England Financial Stability Report, Jul 06
The Bank of England published its latest Financial Stability Report for July 2006 on Wednesday 12 July. It was published in a new-style, providing an assessment of prospects for the UK financial system.
Mexico's foreign reserves at record level
Mexico's foreign reserves climbed US$358 million (euro281 million) last week to a record US$79.10 billion (euro62 billion), the Bank of Mexico reported Tuesday 11 July.
Mishkin says he will stick to Fed's goals
Federal Reserve nominee Frederic Mishkin told a hearing on Wednesday 12 July that he would keep faith with the Fed's responsibilities for ensuring price stability, full employment and a stable financial system.
A bond that insures against instability
According to this article published by the Financial Times on Monday 10 July, there has been increasing interest in creating bonds linked to the growth of a countrys' GDP.
RBNZ countdown to smaller lighter coins
On 31 July the current 50, 20, and 10 cent coins will be replaced with smaller and lighter coins, and the 5 cent coin will begin to be phased out, the Reserve Bank of New Zealand said on Monday 10 July.
Bank of Canada keeps rates unchanged
The Bank of Canada left interest rates unchanged at 4.25% on Tuesday 11 July and repeated a May statement that the seven prior increases are enough to return inflation to its 2 percent goal.
BOK maintains hawkish stance
Bank of Korea governor Lee Seong-tae said on Monday 10 July that the central bank will take preemptive action to curb increased pressure on inflation.
Paulson sworn in as US Treasury Secretary
Henry Paulson was sworn in as the 74th U.S. Treasury Secretary on Monday 10 July, saying he would build on the achievements of his predecessor, John Snow.
Dutch central bank wants better payment system
The Dutch central bank has called for a more efficient payment system and is considering a set of measures to encourage people to pay more by electronic means, MarketWatch reported.
British pound passes yen in central bank reserves
According to this article by Bloomberg News published Monday 10 July, central banks around the world are increasing their holdings of British pounds.
Central bank's focus should be on growth
According to this opinion piece from The Jakarta Post, published Monday 10 July, Bank Indonesia should start concentrating on issues of how it is going to use its monetary policy to spur further economic growth.
Comment: Dutch banks lose on payments
A recent report by McKinsey, a consulting firm, finds that Dutch banks are losing money on processing payments. Moreover, the report suggests that margins will be under even greater pressure as banks have to implement a plethora of new regulations.
Japan ruling party backs ending BoJ rate policy
The Bank of Japan has received clear backing from the ruling Liberal Democratic Party on its plans to end the current zero interest rate policy.
Papademos on price stability & financial stability
In the speech 'Price stability, financial stability and efficiency, and monetary policy' given on 7 July Lucas Papademos of the ECB said transparency in monetary policy is important for financial stability and financial efficiency.
Iwata on monetary policy under the new framework
In the speech 'The conduct of monetary policy under the new framework' given on 8 June (published 7 July) Kazumasa Iwata of the Bank of Japan said against a background of high crude oil prices, major countries around the world are in the process of…
Too much secrecy in appointing the Bank's MPC
Writing in the Financial Times on Friday 7 July, UK shadow chancellor George Osborne says the appointment process to the Bank of England's Monetary Policy Committee has been brought into sharp focus with the MPC down to seven of its full complement of…
EU Parliament wants information on SWIFT
The European Parliament adopted a resolution on Thursday 6 July asking EU governments, the Commission and the European Central Bank to explain what they know about the SWIFT agreement.