Central Banks

US signals formal end to recession

The business-cycle dating committee of the National Bureau of Economic Research on Thursday declared that the US recession ended in November 2001. The committee said GDP suggested the economy began recovering in late 2001 and has since risen above its…

Czech National Bank - Annual Report 2002

The Czech National Bank has published its Annual Report for the year ended 2002. In the Governor's Foreword Zdenek Tuma said the first ten years of the Czech National Bank's existence came to a close in 2002, and the Czech currency - the koruna - also…

BoJ's Taya on recent economic developments

In the speech 'Recent Economic Developments and Monetary Policy' Teizo Taya of the Bank of Japan said he was still against the adoption of inflation targeting. Under certain circumstances, it is considered to promote the accountability and effectiveness…

Solans on the structure of the financial system

In the speech 'Why does the structure of the financial system matter?' Eugenio Domingo Solans of the ECB said financial structures are crucial to the allocation of resources in a modern economy. They can be compared with a system of arterial circulation…

Poole on housing in the macroeconomy

In the speech 'Housing in the Macroeconomy' William Poole of the Federal Reserve Bank of St. Louis said the US has enjoyed many years of a rising stock of residential capital. Moreover, dwellings have increased in average size and quality. The nation's…

Fed Reserve Bank of Kansas - Annual Report 2002

The Federal Reserve Bank of Kansas City has published its Annual Report for the year ended 2002. In the President's Message Thomas Hoenig said the watchword at the Kansas City Fed during 2002 was uncertainty. An uneven economic recovery, erosion in asset…

ECB's biannual information on euro counterfeiting

In the first half of 2003, 230,534 counterfeit euro banknotes were removed from circulation, the ECB reported Wednesday. This compares with the 145,153 counterfeits removed in the previous six-month period. However, the ECB reports that over recent…

Waigel says ECB president deal never existed

Former German finance minister Theo Waigel said in an article published in the daily Frankfurter Allgemeine Zeitung Tuesday that no deal ever existed for Wim Duisenberg to stop down half way through his term as president of the ECB to make way for a…

Afghan central bank to restrict capital outflows

Anwar Ahady, president of Afghanistan's central bank said Wednesday the Bank will impose a limit of the equivalent of 10,000 US dollars that any individual and organization can take out of the country, Xinhua News Agency said.

ATM figures show Spain top with 1,123 per million

Figures compiled jointly by the ECB and Bank of Israel show that Spain has the highest number of ATM's per capita while Italy made the highest withdrawals from ATM's at €163 per capita, Reuters reported.

Oblath - Forint strengthening 'matter of time'

After receiving his official appointment to the Monetary Council of the national bank of Hungary, Gabor Oblath said reducing inflation was the highest priority for the Council. Oblath had previously resigned from the Council in January but agreed to…

What to do about the Yuan

This article looks at Alan Greenspan's comments this week that China's currency peg is unsustainable with a huge accumulation of US dollar reserves standing at $346.5 billion at the end of June. The pace of the increase in flows is astounding, the Asian…

Czech president against single EU currency

Czech President Vaclav Klaus, currently on a visit to France said he believes that it was unwise to adopt a single European currency because it is not necessary to get rid of one's monetary policy, one's interest rate policy and exchange rate Czech radio…

ECB Monthly Bulletin, July 2003

The European Central Bank published its July 2003 Monthly Bulletin on 17 July. In the report the ECB said that abiding by the rules of the Stability and Growth Pact would help boost economic confidence in the euro area. The report also described interest…

Bank of Canada trims growth and inflation forecast

The Bank of Canada again reduced its growth forecast for 2003 on Thursday. Bank Governor David Dodge referred to "unanticipated" developments that have caused it to lower its forecast, including SARS, BSE and the rising value of the Canadian dollar…

Monetary Policy Report to the Congress

In the Federal Reserve's Monetary Policy Report to the Congress published 15 July Fed policy makers expected economic growth, which is estimated to have run at a little more than a 1.6 percent annual rate in the first half of this year, to rise to about…

Bob McTeer on The prodigal son as central banker

In the speech 'The Prodigal Son as Central Banker' Bob McTeer of the Federal Reserve Bank of Dallas said for years Al has had the reputation for being an inflation hawk. Lately, he's becoming a hawk on deflation as well. He doesn't like inflation. He…

Hoenig on community banks and the Fed

In the speech 'Community Banks and the Federal Reserve' Thomas Hoenig of the Federal Reserve Bank of Kansas City said community banks play an important role in the financial system of the U.S. economy and in the Federal Reserve's mission. For these…

Fukui on challenges for monetary policy in Japan

In the speech 'Challenges for Monetary Policy in Japan' Toshihiko Fukui of the Bank of Japan said neither macroeconomics nor finance textbooks have yet managed to provide a practical solution to the problems related to the deflation with which we are now…

EU rejects Chirac call on stability pact

EU finance ministers have rejected calls from France for more flexibility in the stability and growth pact. Ireland's Minister for Finance Charlie McCreevy warned that, with Europe's biggest economies in breach of the pact, its credibility was coming…

BOJ says economic outlook improved

The Bank of Japan's July monthly report released Wednesday said business fixed investment is on a gradual recovery and while it reiterated that economic activity remains ``virtually flat,'' it said the outlook for exports has improved, Bloomberg reported.

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