Central Banks
Trichet nomination for president approved by ECB
The European Central Bank's Governing Council endorsed Jean-Claude Trichet's candidacy to be the next president of the ECB at its last meeting before the summer break on Thursday, EurActiv reports.
Madagascar launches new currency
The Madagascan franc will be replaced by the launch of a new currency, according to a report by AFP The reference to the franc "lost its raison d'etre since the arrival of the euro", a central bank official said.
Frankfurt reveals reforms to market operations
Under the new calendar, ECB maintenance periods will always start on the settlement day of the main refinancing operation that follows a Governing Council meeting. The bank also intends to align reserve maintenance periods with its governing council…
Chicago Fed National Activity Index, June 2003
CFNAI Indicates Economic Activity Improved Slightly in June - The Chicago Fed National Activity Index (CFNAI) was -0.32 in June, a small improvement from the May reading of -0.40. The negative value for the index in June reflected continued weakness in…
Federal Reserve Board - Beige Book, July 2003
The Federal Reserve Beige Book released 30 July said the U.S. economy sped up "a notch" in the past few weeks and "Consistent with the generally more positive assessments of current economic activity, several districts noted increased optimism about…
The new colour of money, $20 information seminars
The Federal Reserve System is offering information seminars on the new $20 note. The information seminars will discuss the features of the new $20 note and review the operating plan for releasing the new note to the public later this year.
Bulgaria rejects bid to speed up c bank election
A proposal by the deputy chair of the right wing opposition, Dimitar Abadzhiev to speed up the election of a new governor to the Bulgarian central bank before the summer recess was rejected by parliament this week, Novinite reported.
Central Europe and the euro - patience needed
This article from the Economist reflects on the cautious note the Bundesbank recently sounded on EU accession countries haste to enter the euro. Several central banks including Hungary and the Czech Republic have urged caution from their governments not…
ECB opinion on new president
The European Central Bank adopts an opinion on the appointment of a new President, 31 July.
Rumours abound on Trichet successor in France
ECB bound Jean-Claude Trichet is lobbying for Herve Hannoun to take over as governor of the bank of France when Trichet leaves. But politics may scupper the plan, the FT's Observer column reports.
Bundesbank denies sale of US debt
A spokesman for the Bundesbank said "We're not selling anything" regarding the heavy sale of debt of Fannie Mae, Freddie Mac this week, the Wall Street Journal reported. Buba denials follow similar comments from the ECB.
OECD warns euro zone on growth, deficits
In its latest survey of the 12 nation euro zone the OECD highlighted a persistent lag in innovation and research in the bloc compared with other advanced countries. The Paris based organisation also urged fiscal discipline, AFP said.
Nat cen bank sold US agency debt for ECB - source
Contrary to denials of debt sales, Reuters on Wednesday reported that a source told them he had seen orders to sell from the ECB, saying "Yes, I think it is fair to say that". The unnamed source said large sales went through from the ECB on 18 July…
Fed's Beige Book says US growth up a notch
The Federal Reserve published its influential Beige Book on Wednesday. The report said the US economy picked up somewhat since it was last published and even the long-suffering manufacturing industry has increased optimism, Reuters reported. The Beige…
ECB holds rates at 2% ahead of holiday
The European Central Bank met Thursday before its traditional August holiday and held its main interest rate steady at 2%, Bloomberg reported. The ECB's governing council also said it endorsed the candidacy of Jean-Claude Trichet, governor of the Bank of…
C bank criticises Venezuela's exchange controls
A director of Venezuela's central bank, Domingo Maza Zavala, said Wednesday the process has been "slow and insufficient" and urged the government to speed up the flow of dollars. Maza Zavala said Venezuela should release more of its foreign reserves into…
Brazil c bank sees 2003 inflation above target
The minutes from its most recent policy meeting showed Brazil's central bank may not meet its inflation target this year. However, the eight policy makers said the rate should fall below the government set target of 5.5 percent for 2004.
Testimony on National credit reporting system
In testimony on the 'National credit reporting system' given on 29 July, Dolores Smith, Director of the Division of Consumer and Community Affairs, said the Committee is to be commended for undertaking an examination of the Fair Credit Reporting Act and…
Sveriges Riksbank Economic Review 2nd Quarter 2003
The Sveriges Riksbank has published its Economic Review for the 2nd Quarter 2003. The Review includes articles 'The use of market indicators in financial stability analyses', 'Card payments in Sweden' and 'The Riksbank's submission on the final report…
IMF Working Paper on central bank independence
The IMF Working Paper "A Political Agency Theory of Central Bank Independence" proposes a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. The authors apply this theory…
Interview with Bank of England's Paul Tucker
In an interview with Dow Jones, Paul Tucker said that the outlook for the world economy remains uncertain. Tucker, who sits on the Bank of England's Monetary Policy Committee, spoke of a "delicately poised" domestic and international economy but said…
Bank of Japan plans to open office in China
The Bank of Japan plans to open an office in China, according to Bloomberg. In a statement the BoJ said "China is playing a growing role in the global economy and its ties with the Japanese economy are also becoming stronger".
Zimbabwe to abolish notes to ease cash shortage
The Zimbabwean government plans to withdraw the Z$500 note from circulation within 60 days, reports Sapa-AFP. The note will become worthless after this time providing a strong incentive for people to deposit in banks cash they are hoarding.
Interview- National Bank of Serbia's Kori Udovicki
In an interview with the Financial Times. the newly appointed governor of the National Bank of Serbia, Kori Udovicki, said she would resist pressure from the government, if it came, to invest the central bank's foreign exchange reserves. She intends to…