Central Banks
Welteke at the 2003 IMF/World Bank Annual Meeting
In a speech at the 2003 IMF/World Bank Annual Meetings in Dubai given on 23 September, Ernst Welteke of the Deutsche Bundesbank said we have to make sure that the economic upswing stabilizes and broadens in a sound financial environment. The IMF and the…
Payment systems in Russia
The Committee on Payment and Settlement Systems (CPSS) has published, under the aegis of the Bank for International Settlements, a reference work on payment systems in Russia, known as the Red Book. As part of this series, the Foreword says, the first…
Interview with central bank governor, Congo DR
Interview with the governor of the Central Bank of the Democratic Republic of Congo, Jean-Claude Masangu Mulongo. In the interview, published by IRIN News, the Governor talks about the introduction of the new 10- and 20-Congolese franc bank notes, and…
Calls for notes to replace low value euro coins
European finance ministers have called for the introduction of low value euro notes instead of coins to reduce pressure on inflation, according to a report in the Financial Times. The idea is that people do not value coins highly and are therefore more…
China's PM defends currency peg
China's premier Wen Jiabao has said that China's policy of pegging the yuan to the US dollar was "based on market demand and supply and is in line with China's reality", according to a BBC report. "To keep the renminbi (yuan) stable at an appropriate and…
Aus dollar up as RBA ponders rate rise
The Australian dollar rose sharply higher on speculation that the Reserve Bank of Australia would raise interest rates on Wednesday 8 October for the first time in 15 months, the Daily Telegraph reported. However traders dismissed the talk, saying the…
Germany's Eichel says European economy improving
German finance minister Hans Eichel has said Europe needs stability and growth, according to AFX Europe. Bank of France governor Jean-Claude Trichet said at the meeting of French and German finance ministers and central bank governors that the ECB puts…
Boardroom split at the Reserve Bank
SPECIAL FEATURE - Until recently, the question of whether banks or other firms should combine the role of chairman and CEO was one on which well-intentioned people would differ. UK corporate governance codes favour a split. US companies tended to combine…
Remsperger on inflation differentials in the EMU
In a speech on 'Inflation differentials in EMU: causes and implications' given on 13 September, Hermann Remsperger of the Deutsche Bundesbank said the ECB's Governing Council, in its recent clarification of its monetary policy strategy, spelled out its…
Bergo on monetary policy and business cycles
In a speech on 'Monetary policy and business cycles' given on 25 September, Jarle Bergo of Norges Bank said since December last year, monetary policy has been eased to a greater extent and more rapidly than has been customary. Following this phase of…
Chicago Fed's Moskow on the U.S. Economic Outlook
In a speech on the 'U.S. Economic Outlook' given on 2 October, Michael Moskow of the Federal Reserve Bank of Chicago said the road to recovery is often bumpy and this time has been no exception. But, time and time again our economy has proven itself…
Inflation differentials in the euro area
The European Central Bank has published a report entitled "Inflation differentials in the euro area: potential causes and policy implications" prepared by the Monetary Policy Committee of the European System of Central Banks. The report analyses the size…
North Korea devalues currency as reforms continue
New currency exchange offices have been set up in various areas of the North Korean capital Pyongyang, according to Reuters. The offices are manned by central bank personnel, sources knowledgeable about the country said. North Korea began exchanging the…
Iraq unveils new currency
Iraq's new Saddam Hussein free currency was displayed on Saturday 4 October by Ahmed Salman Mohammed, deputy governor of the Central Bank of Iraq, according to a report by CNN. The new banknotes will go into circulation on October 15.
Mboweni calls for central bank independence
Speaking on Saturday 4 October, the Governor of the South African Reserve Bank Tito Mboweni said "It is absolutely important that monetary policy and the power to create money are entrusted to central banks". According to Marketplace News, he said…
ECB's Duisenberg prays for gradual dollar decline
Wim Duisenberg has said that a fall in the dollar was "unavoidable" considering the "huge" trade deficit the United States has. The outgoing ECB president said in an interview with the Financial Times: "We hope and pray that this adjustment, which is…
Study backs Greenspan's view on markets
Federal Reserve governor Ben Bernanke's speech on Thursday 2 October detailed research he has done into whether the Federal Reserve could have done more to prevent the stock market bubble of the 1990s. Bernanke told a University audience that interest…
France faces heat over budget deficit breach
Ahead of key meetings of EU finance ministers this week, the EC has signalled a willingness to move forward with the next stage in the European Union's excessive deficits procedure against France, Reuters reports. Austrian Finance Minister Karl-Heinz…
Bernanke on Monetary Policy and the Stock Market
In a speech on 'Monetary Policy and the Stock Market: Some Empirical Results' Ben Bernanke of the Federal Reserve said that monetary policy was not a good tool to use for deflating stock-price bubbles, because doing so might hurt the whole economy. "A…
Santomero on Monetary Policy Post 9/11
In a speech on 'Monetary Policy in the Post 9/11 Environment: Stability through Change' Anthony Santomero of the Federal Reserve Bank of Philadelphia welcomed signs of faster growth, but expressed worry the economy could be slow to create jobs. He said …
Duisenberg receives Grand Cross honour in Portugal
Decoration for Dr. Willem F. Duisenberg, President of the European Central Bank, 2 October. Duisenberg received the Grand Cross of the Order of Henry the Navigator from Jorge Sampaio, the President of Portugal.
ECB Press Conference with Questions and Answers
At the ECB's post Governing Council meeting press conference in Lisbon on Thursday 2 October Wim Duisenberg said "There is growing evidence that most countries will miss their budgetary targets for 2003 by a significant margin and, in a number of cases,…
First batch of new Iraqi dinars reach central bank
The central bank of Iraq has taken delivery of the first batch of the new Iraqi dinars, according to the Khabat newspaper. The banknotes were printed in the UK and range from 50-dinar notes to the so far unused 25,000-dinar notes.
New Bank of Estonia council decided says chairman
The Bank of Estonia's council will finish its term of office on 16 October. Central bank chairman Mart Sorg said on Wednesday 1 October that he has a list of names of people who will serve on the new council. "Under law, the old council will carry on…