Central Banks
Bank of England Inflation Attitudes Survey, Mar 05
The Bank of England's February/March 2005 Inflation Attitudes Survey asked about the future path of interest rates, with 56% expecting rates to rise in the next 12 months, only slightly down from the 57% recorded in November.
Transparency, disclosure and the Federal Reserve
This ECB Working Paper published on Wednesday 30 March assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after…
Fed's Geithner says central bank independence key
Timothy Geithner, president of the Federal Reserve Bank of New York said in a speech on Wednesday 30 March that central bank independence is a necessary condition for effective and credible monetary policy but it is not sufficient.
Hackers steal Russian central bank transactions
Russian hackers have stolen the database of central bank transactions from April 2003 to September 2004, the Vedomosti newspaper reported on Wednesday 30 March .
IMF says Canada's economy strongest among G7
The International Monetary Fund praised Canada for its economic performance during the past decade on Tuesday 29 March, saying its economic outlook seems solid.
EU backs Wolfowitz nomination to World Bank
European leaders cautiously endorsed Paul Wolfowitz, the US nominee to head the World Bank, on Wednesday 30 March after promising to keep the institution "truly multinational."
Malaysia says reserves well-diversified
Malaysia's international reserves are well-balanced and not excessive in US dollar holdings, Bernama news agency reported, quoting Bank Negara Malaysia (BNM) Deputy Governor Ooi Sang Kuang.
IMF paper on the Stability and Growth Pact
This IMF Working Paper, Implementing the Stability & Growth Pact, analyses some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare, it…
The politics of central bank independence
The authors of this New York Fed Staff Report propose a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency, in this case the central bank.
The ECB faces a fiscal fight with its governments
There hasn't been much evidence of stability in the Stability and Growth Pact, according to this article, and now it isn't even a pact any more. Expect to see a damaging fight between the ECB and its member states, which the whole European economy will…
HKMA Quarterly Bulletin, March 2005
The Hong Kong Monetary Authority has published the March 2005 issue of its Quarterly Bulletin. This issue includes a graphical framework for monitoring the property market in Hong Kong - concluding that the risk of a property bubble developing in Hong…
Additional reference exchange rates for the euro
The European Central Bank said on Tuesday 29 March that it has decided to extend the list of currencies for which daily reference exchange rates are published. As from 1 April it will in addition compute and publish euro reference exchange rates on a…
IMF will announce gold sale plan in April - report
The International Monetary Fund plans to make proposals in April regarding selling or re-valuing some of its gold reserves, a German press report said on Tuesday 29 March.
US's Snow pleased with Brazil IMF decision
U.S. Treasury Secretary John Snow said in a statement on Monday 28 March that he was glad Brazil has decided it does not need a new International Monetary Fund loan accord.
China plans gradual forex reform, says PBOC chief
China will reform its exchange rate regime gradually on a schedule of its choosing and does not plan simply to revalue the yuan, the governor of the People's Bank of China said in an interview.
Brazil cuts inflation forecast amid slower growth
Brazil's central bank lowered its forecast for 2006 inflation, saying seven interest rate increases since September have helped reduce economic growth that was fueling a rise in consumer prices.
Japan, France fin mins concerned over weak dollar
The Japanese and French finance ministers expressed concern about the weak US dollar and agreed to bring the issue before Group of Seven finance ministers meeting in April, officials said in Tokyo.
Chicago Fed National Activity Index, Feb 2005
The Chicago Fed National Activity Index for February 2005 was +0.37, up from +0.13 in January. All four broad categories of indicators that make up the index made positive contributions last month, according to the CFNAI.
RBA's Macfarlane on Gresham's Law of payments
In a speech on 'Gresham's Law of payments' given on 23 March, Ian Macfarlane of the Reserve Bank of Australia said one of the longer term aims of the RBA's reforms was to reduce the distortions in the payments system caused by interchange fees.
Norway's Gjedrem on the economic outlook
In a speech on 'The economic outlook and monetary policy' given on 18 March, Svein Gjedrem of Norges Bank said inflation targeting has proved to be a sound system and particularly well suited for small, open economies.
Sveriges Riksbank Inflation Report, No. 1, 2005
Sweden's central bank, the Sveriges Riksbank, has published its First Inflation Report for 2005. The Riksbank's assessment is that the economic upturn will continue over the coming years and that resource utilisation will increase gradually both in…
BoE's King: Treasury Committee Opening Statement
In a statement to the Treasury Committee on Thursday 24 March, Bank of England governor Mervyn King said that consumer spending has turned out to be significantly weaker than policymakers had expected.
Canada's Dodge on bank's 70th anniversary
In an interview to mark the Bank of Canada's 70th anniversary, governor David Dodge said the bank is more open today than ever about how it goes about its business. "The day of the high priesthood of central bankers has come and gone."