Central Banks
Farewell Eddie
Sir Edward George retired from the Bank of England on Monday. An article in the Financial Times looks back at his time as governor which, it says, can be looked on a successful decade which will not see him move rapidly from Who's Who to Who's He?
The case for a single currency for the planet
A recent conference in Italy debated the idea of a common global currency and a world central bank, according to the Wall Street Journal. If the euro can replace the franc, mark and lira, why can't a new world currency merge the dollar, euro and yen? A…
Deflation fears as c bankers eye global pick-up
The annual meeting of the Bank for International Settlements kicked off on Sunday 29 June with central bankers predicting a "gradual sluggish pick-up across the world moving into next year" as outgoing Bank of England Governor Sir Edward George said,…
Egypt - UK central bank agreement planned
Officials from the Central Bank of Egypt (CBE) have met for talks at the Bank of England's Centre for Central Banking Studies (CCBS) to launch a cooperation agreement between the CBE's Egyptian Banking Institute and the CCBS, according to the MENA news…
Germany plans major cuts in income tax
Germany plans wide ranging income tax cuts to stimulate Europe's largest economy, Chancellor Gerhard Schroeder said at the weekend. Both the EC and ECB have warned against financing the tax cuts through more state debt.
''The Fed has not avoided danger''
An article in the Financial Times argues that the Federal Reserve's decision to cut interest rates last week was a missed opportunity. Quantitative easing through an expansion of the money supply is needed, it argues, or the economic recovery could be…
Spotlight on central bank efficiency
Centralbanknet Monday Special Feature: How many economists does it take to set an interest rate? 320 staff toil away in the Bank of England's monetary analysis area. New Zealand's reserve bank manages with an entire staff of under 200. On the other hand,…
Olson on bank challenges with low interest rates
In a speech on 'Bank Management Challenges in a Low-interest-rate Environment' Mark Olson of the Federal Reserve said the most pronounced effect of the current climate has not been prominent in the headlines but is well known to the industry. We have…
Chicago Fed National Activity Index, May 2003
CFNAI Indicates Economic Activity Improved in May - The Chicago Fed National Activity Index (CFNAI ) was -0.39 in May, a marked improvement from the downward-revised April level of -1.04. Most of the increase reflected better readings on the output…
Bank of Canada Financial System Review, Jun 2003
The Bank of Canada published its semi-annual Financial System Review on 25 June. The Canadian financial system has continued to display impressive resilience in the face of global financial stress. Pressure on the financial positions of Canadian firms…
Croatian National Bank holds conference on reforms
9th international conference on the reforms, results and development experiences of transition and emerging market economies, organized by the Croatian National Bank, started in Dubrovnik on Thursday, June 26. This year's Conference will focus on banking…
SEACEN-BIS Seminar on central bank governance
This seminar (17-20 Feb 2004) intends to examine comparative practice amongst central banks and in particular in the area of corporate governance arrangements within central banks and highlighting linkages with independence, transparency and…
Bangladesh to increase monitoring of forex market
The central bank of Bangladesh will increase the monitoring of its foreign exchange market and import and export activities from the beginning of the next tax year, the New Nation reports. This is in order to reduce money laundering and the misuse of…
Mexico on track for 3% inflation in 2003 - c bank
The governor of Mexico's central bank, Guillermo Ortiz, is reported by Reuters to have said that the trend in inflation for the first two weeks of June suggests the country is going to be in the range of its targets for this year.
Former governor, Central Bank of Sri Lanka dies
The Central Bank of Sri Lanka announced with deep regret, the passing away of Dr Warnasena Rasaputram, a former Governor (1979-1988), a career Central Bank Officer and finally a distinguished diplomat who served Sri Lanka, 25 June.
Split may be developing over choice of RBZ chief
A split is emerging in Robert Mugabe's government over who should succeed outgoing reserve bank governor Leonard Tsumba at the Reserve Bank of Zimbabwe (RBZ). The Financial Gazette reports a number of camps have emerged within Mugabe's top leadership on…
Talks over Bulgaria's central bank head drawn out
After a second round of talks on Friday the decision on the election of a new governor of the Bulgarian national bank will resume next week. Novinite reported one of the two nominees for governor - Ivan Iskrov, gained a lead ahead of current governor…
Shyamala Gopinath appointed RBI executive director
Shyamala Gopinath has been appointed as an executive director of the Reserve Bank of India with responsibility for the departments of banking operations, supervision and financial institutions.
RBA's credit card court case draws to a close
The Reserve Bank of Australia's (RBA) six-week long Federal Court case with Visa and MasterCard over credit card reforms closed on Friday 27 June. Justice Brian Tamberlin said he hoped to deliver his judgement in two months.
ECB won't follow Fed on rates - Duisenberg
Speaking on German TV, Wim Duisenberg said euro zone interest rates were currently appropriate, Reuters reports, and that the ECB would not follow the lead of the US Federal Reserve by cutting interest rates soon.
Trichet to appear before Euro Parliament in Sept
Jean-Claude Trichet will appear before the European Parliament's Economic and Monetary Affairs Committee on 11 September, according to the EU Observer. He will then face all MEPs at the full plenary session later in the month.
Fed should focus on systemic risk from banks-Stern
Minneapolis Fed President Gary Stern said in an article on regulatory reform this week that "Risk is not evenly distributed across banks", according to a report from Reuters, and that the largest banks, or those focused on payments system processing,…
Minutes show some on FOMC wanted rate cut in May
Minutes from the Fed's May 6 policy meeting, reported by the Washington Post, showed that members would not wait indefinitely for the clouds to clear before lowering rates again in response to falling inflation rates and sluggish economic growth. The…
Federal Reserve cuts federal funds rate to 1%
Statement from the Federal Reserve released 25 June on the decision to lower the federal funds rate by 25 basis points to 1 percent.