Central Banks
ECB Monthly Bulletin, September 2003
The European Central Bank published its September 2003 Monthly Bulletin on 11 September. The report said recent data confirm that economic activity in the euro area was very weak in the second quarter of 2003, with a slight decline in real GDP according…
Canada's Dodge on Fostering Confidence
In a speech on 'Fostering Confidence' given on 10 September, David Dodge of the Bank of Canada said that substantial progress has been made in building investor and consumer confidence in the face of recent economic shocks and corporate finance and…
New assignments in the Office of Fed Board Members
The Federal Reserve Board has announced the appointment of Winthrop P. Hambley as Assistant to the Board and head of the Congressional Liaison Office, 10 September. and Laricke Blanchard as Special Assistant to the Board.
Reserve Bank of Australia - Annual Report 2003
The Reserve Bank of Australia has published its Annual Report for the year ended 2003. In the Governor's Foreword Ian Macfarlane said although there were no changes in monetary policy, the RBA's operations in financial markets were at least as active as…
Mboweni on Inflation targeting in South Africa
In a speech on 'Inflation targeting in South Africa' given on 2 September, Tito Mboweni of the South African Reserve Bank said whilst inflation targeting is certainly no panacea, the Reserve Bank still regards it as the most appropriate framework for…
Iraq Council names central bank governor
Sinan Mohammed Rida al-Shibibi, an economist, was named on Wednesday 10 September as Iraq's first central bank governor since the removal of Saddam Hussein from power. The move to appoint a permanent governor comes ahead of an important donors'…
Sweden says euro referendum to go ahead Sunday
Despite the murder of Sweden's Foreign Minister Anna Lindh on Wednesday, the euro referendum will still go ahead on Sunday, Swedish Prime Minister Goran Persson said, according to Reuters.
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..
Inflation to continue falling: Canada's Dodge
In a speech on Wednesday 10 September, reported by Canada Press, Bank of Canada chief David Dodge said inflation had fallen more than expected and would likely continue the downward trend over the next few months.
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…
Greenspan welcomes Ferguson & Bernanke nomination
Statement from Alan Greenspan on President Bush's decision to nominate Roger Ferguson for a second term as Vice Chairman and nominating Ben Bernanke for a full term as a Governor of the Federal Reserve Board, 9 September.
Roger Ferguson honoured by nomination for 2nd term
Roger Ferguson expressed his honour at being nominated to serve another term as Vice Chairman of the Federal Reserve Board, 9 September.
Bernanke pleased to continue at Fed
Ben Bernanke said he was very pleased to have the opportunity to continue to work with Alan Greenspan and his Federal Reserve colleagues, 9 September.
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…
KC Federal Reserve Bank announces appointments
The Federal Reserve Bank of Kansas City has announced two appointments to represent the 10th Federal Reserve District on the Federal Advisory Council.
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…