Central Banks
Weber on oil price shocks and monetary policy
In the speech 'Oil price shocks and monetary policy in the euro area' given on 11 May Axel Weber of the Deutsche Bundesbank said the inflationary risks connected with runaway record oil prices are likely to increase as the economic recovery in the…
ECB's Trichet on two successes of the euro
In the speech 'Two successes of the euro: the single monetary policy and European financial integration' given on 11 May Jean-Claude Trichet of the ECB said that the central bank is on high alert over inflationary dangers, is exercising "strong vigilance…
How bold a move from the ECB?
According to this article published Friday 12 May, a rate increase at the European Central Bank's upcoming meeting is almost certain, with estimates ranging between 25 and 50 basis points.
FX reserves, US deficits and global imbalances
This article published Thursday 11 May provides detailed information on foreign reserve holdings. Global reserves continue to mount this year, it says, amid renewed downward pressure on the U.S. dollar and a fresh rise in oil prices.
Euro critical when Issing goes missing?
Sunday 14 May's Frankfurter Allgemeine Sonntagszeitung contained a portrait of ECB chief economist Otmar Issing under the headline "The preacher". Without Issing the euro could weaken considerably, it said.
How Bernanke's rate hikes could slam China
According to this article published Monday 15 May, China is realising the power of Federal Reserve chairman Ben Bernanke on its way to ruling the global economy.
RBA's Lowe on payments system reforms
In a speech given on 15 May Philip Lowe of the RBA said the changes that we have seen in the payments system to date are in the direction we expected.
BoE's new money market framework
The Bank of England published on Monday 15 May the lists of banks and building societies participating at the launch of its new framework for implementing the Monetary Policy Committee's interest rate decisions.
Turkmenistan's central bank chief sacked
The Turkmen president on Saturday 13 May sacked the central bank governor on national television, saying he should go and become a teacher, according to Reuters.
RBM to lose 100 staff - report
About 100 people have been earmarked for retrenchment at Reserve Bank of Malawi (RBM) following the central bank's decision to outsource some of its services, The Daily Times reported on its website.
Fed's Kohn on investing in payment innovations
In the speech 'Investing in payment innovations: A Federal Reserve perspective' given on 11 May Donald Kohn of the Federal Reserve said changing electronic payment systems benefit both institutions and consumers, but also expose them to new risks,…
Richmond Fed welcomes chief HR officer
Tammy H. Cummings will join the Federal Reserve Bank of Richmond as vice president of human resources for the Fifth District, effective 15 May.
RBI's Reddy on global imbalances
In the speech 'Global imbalances - An Indian perspective' given on 11 May Dr.Y.V.Reddy of the Reserve Bank of India said any large adjustments in major currencies and global interest rates would have a significant impact on the economy.
China needs more central bank independence - IMF
A new paper from the International Monetary Fund says that China should adopt an explicit, long-run inflation objective, strengthen its banking sector, and give its central bank operational independence.
BoE's Walton sees more confidence in economy
Bank of England Monetary Policy Committee member David Walton was quoted on Friday 12 May as saying that policymakers are confident that the UK economy has clearly emerged from a soft patch early last year.
Chinese economists want increased gold reserves
Some Chinese economists are urging the government to increase its gold reserves to 2,500 tons from the current 600 tons because the country's foreign exchange reserves had become the world's largest, an official industry newspaper reported this week.
The little-noticed 'yet' in the Fed's statement
According to this article by John Berry, published Thursday 11 May, it was in the FOMC's statement explaining what may come next that "yet" appeared, signalling that after boosting the target at 16 consecutive meetings the committee probably will take a…
SARB Monetary Policy Review, May 2006
The South African Reserve Bank published its Monetary Policy Review for May 2006 on Thursday 11 May. Forecasts suggest that the inflation outlook has improved significantly, and there is evidence that inflation expectations and wage settlements are…
Fed raises rates to 5%
The Federal Open Market Committee decided Wednesday 10 May to raise its target for the federal funds rate by 25 basis points to 5 percent. In its statement the FOMC said "some further policy firming may yet be needed."
Swedish Riksbank's board unanimous on decision
The minutes of the Swedish Riksbank's monetary policy meeting on 27 April showed it was unanimous in its decision to leave the repo rate unchanged at 2%.
Canada's Longworth on economic development
In the speech 'The crucial contribution of the financial system and monetary policy to economic development' given on 5 May David Longworth of the Bank of Canada emphasised that behind the abstract concept of financial system efficiency lies a very…
Fed Reserve Bank of St Louis Review, May/Jun 2006
The latest edition of the St Louis Fed's Review for May/Jun 2006 includes the article 'The learnability criterion and monetary policy'. The paper reviews some recent research that has emphasized methods for analyzing models of learning, in which…
Why economists worry about foreign reserves
According to the article "Why economists worry about who holds foreign currency reserves" published Tuesday 9 May, the idea that China or some other American rival could someday use its vast holdings of U.S. debt as a geopolitical weapon is gaining…
Asia's savings glut keeps its bond markets tiny
According to this article published Wednesday 10 May, it is a puzzle why global investors hold almost no debt denominated in Asian currencies when they snap up fixed-income securities that pay in Uruguayan pesos or Brazilian reais.