Central Banks

Padoa-Schioppa at ECB Payments System conference

In the opening speech at the Committee of Payment and Settlement Systems Conference, Tommaso Padoa-Schioppa of the ECB said central banks need to co-operate with the private sector and particularly with the banks that are in business for profit, for the…

Hoenig on leadership, change and progress

In a speech on 'Leadership, Change and Progress' Thomas Hoenig of the Federal Reserve Bank of Kansas City said leadership is necessary to convert the energy of change into progress but the talent to lead guarantees nothing. Leaders can harm. Leaders can…

Philadelphia Fed Business Outlook Survey, Jul 2003

Activity in the region's manufacturing sector increased in July, according to the firms surveyed for the Philadelphia Fed's July 2003 Business Outlook Survey. Many of the current indexes showed improvement -- especially indexes for new orders and…

Greenspan: Risking it all for a legacy?

A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…

Snow lauds Trichet as superb choice for ECB chief

US Treasury Secretary John Snow met with Bank of France president, and ECB chief in waiting, Jean-Claude Trichet on Friday, according to a report by Agence France Presse. While not commenting on ECB monetary policy, Snow told a news conference that…

Serbian central bank loses Dinkic and two deputies

Mladjan Dinkic resigned as governor of the Serbian central bank on Friday 18 July, according to the Financial Times, with two of the Bank's three deputy governors also quitting. The resignations come after legislation was passed which Dinkic said…

YV Reddy appointed RBI Governor for five-year term

Official confirmation came on Friday 18 July that Dr Y. Venugopal Reddy will take over as governor of the Reserve Bank of India for a five-year term. Business Line reports that the present governor, Dr Bimal Jalan, is expected to move into politics.

Managing recovery on agenda at BoT seminar

The Bank of Thailand will hold its annual economic seminar on 20-21 August, the Bangkok Post reports. Assistant governor for the Monetary Policy Group Bandid Nijathaworn said the central bank expected the seminar to draw 500 people.

ECB's Welteke sees no reason to cut rates

In a television interview European Central Bank council member Ernst Welteke said "I see no need to act at the moment" on interest rates, theoretically we have room for manoeuvre", according to Bloomberg. He also said "there are a few signs of…

Korean deal on monetary board seats criticised

Two organisations that control two seats of the Bank of Korea's seven-member monetary-policy board, have criticized recent moves by the Ministry of Finance and Economy and the BOK to take over their rights to appoint board members, according to the Korea…

Bank of England to withdraw Dickens £10 note

The Bank of England intends to withdraw the £10 note featuring Charles Dickens at the end of July. The new style £10 note with a portrait of Charles Darwin will remain in circulation.

Bank of England's Court appoints John Footman

The Bank of England has announced the appointment of John Footman as an Executive Director to its Court of Directors, 17 July. John Footman (50) joined the Bank in 1969 and has worked across most of the Bank's main functions.

Dodge expects growth to strengthen at end of 2003

In his opening statement following the release of the Monetary Policy Report Update David Dodge of the Bank of Canada said a number of unanticipated developments have changed the outlook for economic activity and inflation in Canada. Factors supporting a…

Bank of Canada Monetary Policy Report Update

The Bank of Canada on 17 July released its Update to the April Monetary Policy Report. The Update reviews economic and financial trends in the context of Canada's inflation-control strategy. The July Update highlights a number of unanticipated…

Bank of Japan's Monetary Policy Meeting Minutes

Minutes of the Bank of Japan's Monetary Policy Meeting on 10 and 11 June 2003, released 18 July. One member said that, with still no prospect of overcoming deflation, the Bank should make a credible public commitment to realise an increase in the money…

Papademos - ECB may have leeway for rate cuts

ECB Vice President Lucas Papademos told Corriere della Sera newspaper in an interview Friday that the economic situation had changed little since the ECB last cut its key interest rate in June and that "we might have room for manoeuvre in the future" if…

BOJ's Fukui says stock gains outweigh bond losses

Toshihiko Fukui said the Bank of Japan has no plan to "step in" and manipulate bond yields. Speaking at a monthly press conference he said Japanese banks probably earn more from stock market gains than they lose from lower bond prices, Bloomberg reported.

Polish central bank may lend State $3-4bn

A member of the national bank of Poland's (NBP) interest rate setting RPP said the NBP may lend the government upto $3-4bn. Dariusz Rosati said the loan would go part of the way to meeting persistent demands by the government that the Bank should support…

WAMZ holds conference over common central bank

A 2-day conference in Accra will discuss the creation of a common central bank in the West African region by July 2005, The Chronicle reported. J.B. Clottey of the Bank of Ghana said he believes that through the implementation of a central bank, member…

Time 'not right' for yuan float

Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float its currency, the yuan, a Chinese foreign ministry spokesman said the current exchange rate helps China's development and the rest…

South African central banker defies ex-comrades

In an interview with Bloomberg News, Tito Mboweni of the South African Reserve Bank said markets have begun to price in a fairly successful South African story. He claims not to be an ambitious person, but at only 44 still have a lot to do in life,…

Philadelphia Fed survey rises sharply in July

The Philadelphia Fed's Business Outlook Survey improved modestly in July, BizWorld reported. Company executives polled for the survey remain "generally optimistic" that business conditions will improve over the next six months, the survey showed.

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