Central Banks

ECBs Issing finds flaws in planned EU constitution

European Central Bank chief economist Otmar Issing said in an interview, published in EU Business, "I have difficulty in understanding why there is resistance to reinstating price stability as one of the goals of the EU" and that while there had been…

IMF agrees to reschedule Argentina's loan

Argentine President Nestor Kirchner announced on Wednesday 10 September that the outlines of a three-year $21 billion US dollar debt refinancing package had been reached with the IMF, according to Associated Press..

Belarus to shift to Russian ruble in October

Belarus has agreed to introduce the Russian ruble in electronic form on October 1, reports The Russian Journal, after Russia agreed to Belarusian President Alexander Lukashenko's demands that prices for gas, electricity and oil should be equal to Russian…

Trichet given green light for ECB presidency

On Thursday 11 September, The European Parliament's economic and monetary affairs committee backed Jean-Claude Trichet as the next president of the European Central Bank (ECB), putting the Bank of France governor a step closer to one of the most…

Deutsche Bundesbank Monthly Report, August 2003

The Deutsche Bundesbank published the English version of its August 2003 monthly report on 10 September. One difficulty in the development of the international economy, the Report says, is that, once again, the USA will probably be the sole engine of…

Reserve Bank of India - Annual Report 2002 - 2003

The Reserve Bank of India has published its Annual Report for the year ended 2002 -2003. The Annual Report released 27 August 2003 said cautious optimism characterised the stance of macroeconomic policies during 2002-03, notwithstanding the continuing…

Argentina defaults on $3 Billion IMF debt

Argentina defaulted on its IMF debt on Tuesday 9 September, according to a Reuters report. The Cabinet Chief's office said "To avoid compromising 25 percent of (central bank) reserves, the government has decided to suspend the payment that was due today".

Wellink: EU 'budget sinners' need sanctions

In an interview to be published, Dutch central bank chief Nout Wellink said sanctions could be imposed against countries whose public deficits exceed agreed limits under the Stability and Growth Pact, according to AFP. "Penalties are part of the system…

Swedish PM says euro vote will be tight

Swedish Prime Minister Goeran Persson has said the race will be tight in the euro referendum vote on Sunday, according to Associated Press. "I think it's going to be somewhere in the 53-47 interval. But which way I don't know," he said.

Ex-banker files case against BSP chief

The former president of the now defunct Urban Bank, Teodoro Borlongan, filed a case against Philippines central bank governor Rafael Buenaventura at the Supreme Court on Wednesday 10 September, according to a report by INQ7 Money. Borlongan said he would…

Duisenberg testimony to the European Parliament

In testimony before the Committee on Economic and Monetary Affairs of the European Parliament on 10 September, Wim Duisenberg of the European Central Bank resisted calls to lower interest rates and blamed political leaders for weak growth even as the…

Duisenberg eyes recovery, says ECB rates correct

Wim Duisenberg said in testimony on Wednesday 10 September: "Indications of an upturn in economic activity starting in the second half of the year have strengthened" and that the key ECB interest rates are considered "appropriate at present", according…

RBNZ Monetary Policy Statement, September 2003

The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for September 2003. Speaking at the release of the Monetary Policy Statement Reserve Bank Governor Alan Bollard said "New Zealand has enjoyed an extended period of strong…

Bollard issues warning to real estate buyers

Extract from an address to the Property Council of New Zealand on 9 September by Alan Bollard of the Reserve Bank of New Zealand. Bollard repeated his warning that people purchasing real estate in pursuit of capital gains face risks.

Essays on Financial Stability from Bank of Canada

The Bank of Canada has published four "Essays on Financial Stability". The essays provide a useful overview for anyone interested in understanding the issues and policy environment surrounding financial system stability. The first three essays consider…

Riksbank's General Council say 'yes' to the euro

All eleven members of the Riksbank's General Council vote "yes" to Swedish membership of the Eurosystem, 4 September. The Council said "The campaigners advocating a "no" vote claim to safeguard the krona and the Riksbank, but we eleven who appoint,…

Lars Heikensten on the Riksbank and the euro

In the speech 'The Riksbank and the euro' given on 4 September Lars Heikensten of the Sveriges Riksbank said in his opinion, the value of conducting a national interest rate and exchange rate policy is exaggerated in the EMU debate. On the other hand, it…

German inflation rate picks up in August

Final figures for August inflation in Germany showed the rate was unchanged from the July figure of 1.1 percent, AFP reported. The final data were revised downwards slightly from preliminary estimates published at the end of August.

Brazil allowed to draw $4.3B from IMF

After reviewing Brazil's economic performance the IMF has given the go ahead to release $4.3 billion, the second-to-last part of its $30 billion loan, the Associated Press said. Talking to reporters in Brasilia, the nation's capital, Finance Minister…

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