Central Banks
ECB's E-payments in Europe conference summary
The European Central Bank held a conference on "E-payments without frontiers" on 10 November 2004. A detailed summary of the event was published by the ECB on Tuesday 15 March, together with documentation of the individual presentations by speakers.
GCC central bankers to meet on monetary union
Central bankers in the six-member of Gulf Cooperation Council (GCC) are set to meet in Saudi Arabia this Saturday, 19 March, on monetary union, the Arab News daily reported Wednesday 16 March.
BOJ raises assessment of economy
The Bank of Japan slightly raised its assessment of the economy on Wednesday 16 March, saying in its latest monthly report that industrial production is flat, rather than weak - the first upgrade since last June.
PBOC to maintain managed floating forex mechanism
China will maintain its managed floating rate mechanism for its yuan currency, state television quoted central bank governor Zhou Xiaochuan as saying.
Danish central bank posts net fall in profit
Danmarks Nationalbank, the central bank, posted a net profit of 2.844 bln dkr for the full-year ending Dec 31, 2004, down from 3.609 bln dkr a year earlier.
ECB's Tumpel-Gugerell on policies in the new EU
In a speech on 'Monetary and financial policies in the new integrated Union' given on 9 March, Gertrude Tumpel-Gugerell of the ECB pointed out that the success of fiscal adjustment and reform crucially hinges on political and public support.
SF Fed's Yellen on prospects for the U.S. economy
In a speech on 'Prospects for the U.S. economy' given on 2 March, Janet Yellen of the San Francisco Fed said the US economy is on a path toward healthy economic growth and stable inflation but interest rates remain accommodative.
Greenspan on Social Security program & retirement
In testimony on the 'Future of the Social Security program and economics of retirement' given on 15 March Alan Greenspan of the Federal Reserve issued a fresh call to Congress to move promptly to put Social Security on firm financial footing, warning…
China's Wen says progress made on yuan rate
China's Premier Wen Jiabao said on Monday 14 March that the country is working on a plan for a more flexible exchange rate of the renminbi but the specific measures may come at an "unexpected" time.
Japan's Tanigaki says deflation end needed
The Bank of Japan should take "effective measures" to end deflation, Finance Minister Sadakazu Tanigaki said on Tuesday 15 March at a press conference in Tokyo.
China technically ready on yuan move - IMF
International Monetary Fund managing director Rodrigo Rato told a press conference China is "technically" ready to adjust its currency and now is the time to move to a more flexible exchange rate mechanism.
Bundesbank reports profit fall on dollar weakness
The German Bundesbank on Tuesday 15 March reported a net profit of A€676 million (US$904 million) for last year, a figure that came in far short of government budget projections as the weak dollar lowered the value of foreign-currency holdings.
Sweden's central bank holds interest rate steady
Sweden's central bank held steady its key interest rate at 2 per cent on Tuesday 15 March, with continued expectations of a global economic recovery and steady economic activity inside Sweden.
Weber on challenges to convergence in larger EU
In the speech 'Challenges to convergence in the larger EU' given on 9 March, Axel Weber of the Deutsche Bundesbank pointed out that successfully coping with the growing diversity of the EU economy after enlargement requires that monetary, fiscal and…
Richmond Fed's Economic Quarterly, Winter 2005
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Winter 2005. The paper "Inflation and changing expenditure shares" measures the contribution of changing expenditure shares to inflation behavior by constructing alternative…
RBI constitutes payment systems Board
The Reserve Bank of India said on Thursday 10 March that it has constituted a Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) as a Committee of its Central Board.
BoE's Lomax on inflation targeting in practice
In a speech on 'Inflation targeting in practice: Models, forecasts and hunches' given on 12 March, Rachel Lomax of the Bank of England said inflation forecasts are "highly fallible" and the BoE should ignore calls from bodies such as the IMF to produce a…
Bank of England Quarterly Bulletin, Spring 2005
The Bank of England released its Quarterly Bulletin Spring 2005, on 14 March. The Bulletin includes the article "Inside the MPC" in which Richard Lambert explains what life is like as a member of the MPC.
Trichet sees continued relatively moderate growth
European Central Bank president Jean-Claude Trichet told the European Parliament on Monday 14 March that he expects continued moderate eurozone growth this year and next.
Net loss widens for ECB on euro
The European Central Bank published its annual accounts for 2004 on Monday 14 March, saying that its net loss more than tripled last year as the falling dollar lowered the value of the bank's foreign-currency holdings.
Commission says 'not sure' on euro rule reform
The EU's economics and monetary affairs commissioner Joaquin Almunia has said he is "not sure" an agreement can be reached on reforming the rules underpinning the euro- the Stability and Growth Pact.
No sign of Asian central bank dollar shift- Taylor
Concerns that Asian central banks are looking to reduce their dollar-denominated reserves are misplaced, U.S. Treasury Undersecretary for International Affairs John Taylor told Dow Jones in an interview published on Friday 11 March.
Bank of France cuts growth forecast
The Bank of France has lowered its first quarter growth forecast for the French economy by 0.1 points to 0.4%.
Zhou Xiaochuan appointed Chairman of the BIS ACC
The Board of Directors of the Bank for International Settlements announced on Monday 7 March that Zhou Xiaochuan, Governor of The People's Bank of China, will become Chairman of the BIS Asian Consultative Council (ACC).