Central Banks
ECB Monthly Bulletin, May 2005
The European Central Bank published its May 2005 Monthly Bulletin on Thursday 12 May. The regular survey of professional economic forecasters conducted by the ECB showed the experts have downgraded their growth forecasts for the euro zone economy for…
Norway's Gjedrem on financial stability
In a speech on 'The macroprudential approach to financial stability' given on 12 May, Svein Gjedrem of Norges Bank said there has been substantial development in the way we think about financial stability.
IMF's Rato on economic development in the Americas
In a speech on 'Opportunities and challenges for economic development in the Americas' given on 20 April, Rodrigo de Rato of the IMF said Latin America is likely to see a further decline in inflation in 2005.
EMEAP announces ABF2 moves to implementation phase
The eleven central banks and monetary authorities from East Asia and the Pacific which make up the EMEAP Group announced on Thursday 12 May that the Asian Bond Fund 2 (ABF2) has moved into its implementation phase.
US Treasury denies China visit report
A US Treasury Department spokesman denied media reports on Wednesday 11 May that officials planned to visit China next week for talks with Chinese economic authorities.
Tanigaki says yuan revaluation won't push up yen
A revaluation of China's currency wouldn't immediately strengthen the yen, Japan's Finance Minister Sadakazu Tanigaki said on Thursday 12 May.
SARB deputy says economy can sustain brisk growth
South African Reserve Bank deputy governor Ian Plenderleith said on Wednesday 12 May that South Africa can sustain economic growth of at least 4 per cent over the next few years and investor confidence in the country has improved.
House prices overvalued says Spain's Caruana
Bank of Spain Governor Jaime Caruana Wednesday said that in the central banks view house prices are overvalued as a result of an extended property boom, but ruled out the possibility of a "disorderly adjustment" in the market.
Atlanta Fed's Guynn on the US economy
In the speech 'Make a difference' given on 7 May, Jack Guynn of the Federal Reserve Bank of Atlanta said the U.S. economy is robust and enjoys an upbeat outlook.
SNB's Roth at the AGM of shareholders
In a speech given on 29 April, Jean-Pierre Roth of the Swiss National Bank said 2004 was a relatively favourable year for the Swiss economy, but a few clouds have recently appeared on the horizon.
Chicago's Moskow on bank structure and competition
In a speech given on 6 May, Michael Moskow of the Federal Reserve Bank of Chicago said lawmakers and regulators need to be sensitive to potential problems at the U.S. pensions guarantee fund.
Central bankers have to practise silence
This article published on Wednesday 11 May says central bankers have an obligation to speak out when politicians' actions threaten price stability, but on matters of tax and expenditure policy, central bankers, including Alan Greenspan, should tread…
Bank of England Inflation Report, May 2005
The Bank of England published its May 2005 Inflation Report on 11 May. In the report the Bank said it expects CPI inflation to rise above the 2 pct target in the near term due to temporary factors before settling back to the 2 pct level over the two year…
PBOC official says prepared for yuan reform
A deputy governor of the People's Bank of China said the central bank is now "technically" prepared to carry out currency reforms, according to a report on Wednesday 11 May.
Fed rate increases appropriate says Poole
A top Federal Reserve officials said on Wednesday the Fed was correct to raise interest rates gradually because recent indications of an economic soft spot are misguided.
Fed's Hoenig: statement error a 'doggone mistake'
Kansas City Fed President Thomas Hoenig said on Tuesday 10 May that the omission of a reassurance about the long-term inflation outlook in last week's Federal Reserve policy statement was just a mistake.
Fed's Fisher sees US economy in 'sweet spot'
Dallas Federal Reserve President Richard Fisher said on Tuesday an apparent soft spot in U.S. growth may have been influenced by technical factors making March data look especially weak, but in fact the economy is pulling ahead well.
Japan's MOF may yield to BOJ on reserves
Japan's Ministry of Finance is expected to approve the Bank of Japan's plans to build up its reserves beyond the amount legally required, the Nihon Keizai Shimbun reported.
Revolution in Kyrgyzstan
Robert Pringle recounts how central bank leadership averted a banking panic in Bishek.
IMF's Krueger on macro policies for EU accession
In the speech 'Macroeconomic policies for EU accession' given on 6 May Anne Krueger of the IMF said the turnaround in Turkey's economic performance has been remarkable. There is every reason to expect further rapid growth, sustainable over a long period.
IMF paper on emerging bond markets
The IMF Working Paper "The impact of macroeconomic announcements on emerging market bonds" examines how emerging bond markets react to macroeconomic announcements.
Tumpel-Gugerell: Interchange in a changing market
In the speech 'Interchange in a changing market: Observations from the euro area perspective' given on 6 May Gertrude Tumpel-Gugerell of the ECB said we are aware of the problems and issues at stake in relation to interchange fees. For the moment, we see…
Malaysia's Zeti on the Islamic financial system
In the speech 'Brief overview of the Islamic financial system' given on 15 April Dr Zeti Akhtar Aziz of the Central Bank of Malaysia said with the strengthened Islamic financial infrastructure now being firmly achieved in the first phase of the Financial…
Bank of Japan Minutes, 15 and 16 March
The Bank of Japan's minutes from its 15 and 16 March monetary policy meeting published on 9 May showed policy makers agreed they can keep the target for reserves available to lenders by changing the way the bank conducts money-market operations.