Central Banks
SARB, Quarterly Bulletin, December 2004
The South African Reserve Bank said in its latest Quarterly Bulletin for December 2004 that the South African economy appears to have adjusted to the combination of a stronger world economy, favourable terms of trade, lower interest rates and less…
Moskow: Perspective of the Federal Reserve on HOPI
In the speech 'Perspective of the Federal Reserve on HOPI' given on 7 December Michael Moskow of the Federal Reserve Bank of Chicago said the Home Ownership Preservation Initiative has been an ambitious, and so far very successful, effort under the…
Portugal's central bank warns over 2005 deficit
The governor of the Bank of Portugal, Vitor Constancio, said Monday that Portugal's fiscal deficit was on target to reach 5 percent of output next year, breaching European Union rules, without exceptional revenues.
Korean won climbs on central bank comments
South Korea's won had its biggest gain in more than two weeks Tuesday after the Bank of Korea signaled it won't sell the currency to protect exporters, prompting them to speed up the conversion of their overseas earnings.
Fed likely to raise rates a quarter-point
Federal Reserve policy-makers were widely expected to raise target for the federal funds rate to 2.25 percent from 2 percent on Tuesday, their last regularly scheduled session of 2004.
Mersch says ECB ready to act on inflation
European Central Bank council member Yves Mersch said the bank would act if inflation expectations in the eurozone rise further after record oil costs raised prices this year.
EU may clear France, Germany on deficit rule break
The Associated Press reported Tuesday that the European Union's executive office was expected to end an three-year battle with France and Germany on Tuesday, dropping EU procedures against them after the two pledged to get their budget deficits back…
Competing visions of EU regulation
At a conference in his honour at the London School of Economics, Tommaso Padoa-Schioppa and FSA chairman Callum McCarthy presented competing visions of financial regulation in Europe. Paul Brione reports.
Bank of England Financial Stability Review, Dec 04
The Bank of England published its latest Financial Stability Review for December 2004 on Monday 13 December. Near-term credit, market and liquidity risks to UK financial stability have remained subdued since the June Review, and the immediate prospects…
SARB to issue upgraded banknotes in the new year
The South African Reserve Bank (SARB) announced on Monday 13 December that it plans to issue upgraded banknotes with improved security features from 1 February 2005.
Issing on inflation persistence in the euro area
In a speech on 'Inflation persistence in the euro area' given on 10 December, Otmar Issing of the ECB said that the degree of inflation persistence "has major implications for the optimal conduct of monetary policy".
ECB's Papademos on the role of structural reforms
In a speech on 'Determinants of growth and the role of structural reforms and macroeconomic policies in Europe' given on 9 December, Lucas Papademos of the ECB said current low interest rates are conducive to economic growth in the euro zone.
Sveriges Riksbank Inflation Report, No. 4, 2004
Sweden's central bank, the Sveriges Riksbank, has published its Fourth Inflation Report for 2004. The assessment in the October Inflation Report still stands, although new statistics received since October indicate a slightly weaker development than…
BoJs Fukui says economic growth slowdown temporary
Bank of Japan governor Toshihiko Fukui said in a speech on Monday 13 December that the growth of the economy is slowing down, but only temporarily.
Dallas Fed FOMC vote may go to Atlanta
The Dallas Federal Reserve said on Friday 10 December that the Atlanta Fed would temporarily take its vote next year on the US central bank's interest rate setting committee until it finds a replacement for departed President Robert McTeer.
French PM concerned on dollar weakness
French Prime Minister Jean-Pierre Raffarin voiced concern about the euro's surge to record highs against the dollar, but didn't comment on whether he thought the European Central Bank should intervene.
Bank of Korea says won's rise 'too fast'
The pace of the won's recent rise against the US dollar has been too fast, compared to other currencies, said Bank of Korea assistant governor Rhee Yeung-Kyun.
Bank of Spain completes branch restructuring
Spain's central bank has completed its branch restructuring program and will close 10 branches in a number of Spanish cities, reducing its total number of branches to 22.
Change in the members of the Bank Board of the NBS
A change in the membership of the Bank Board of the National Bank of Slovakia has become effective from 1 December. The four-year term of Professor Jozef Kosnar came to an end on 30 November. The NBS said in a press release he would be succeeded by…
New York Fed names new director of research
Joseph S. Tracy was named executive vice president and director of research of the Federal Reserve Bank of New York on Monday 6 December.
Interview with ECB's Issing
In an interview with Slovenian daily newspaper Delo published this week, European Central Bank chief economist Prof. Otmar Issing said the US twin current account and budget deficits are unsustainable and the US is well aware of this. He reiterated ECB…
Interview with ECB's Gonzalez-Paramo
Jose Manuel Gonzalez-Paramo, member of the Executive Board of the European Central Bank, gave an interview this week to Il Sole 24 Ore. In the interview he said the Greek case [where the deficit has clearly been larger than that reported] speaks for…
Philadelphia Fed announces promotion
The Federal Reserve Bank of Philadelphia announced the promotion of John D. Ackley to Treasury Services Officer on Wednesday. Ackley was a manager in the Treasury Services Department.
Election to the Danmarks Nationalbank Board
The Board of Directors of Danmarks Nationalbank has elected Mr Niels Due Jensen, Group Chairman, to the Board of Directors of Danmarks Nationalbank, replacing Mr Bent le Fevre, General Manager, for the remainder of the term ending on 31 March 2009.