Central Banks
Reform of card payment systems in Australia
The Reserve Bank of Australia is considering whether it would be in the public interest for it to designate the EFTPOS payment system and the ATM payment system in Australia. Doing so would be a precursor to the bank deciding whether to determine…
Bulgaria stretches path to euro
Bulgaria will join the single European currency no earlier than July 1, 2009 according to a source quoted by Novinite.
Korea cuts coin issue
The amount of coins issued by the Bank of Korea was cut sharply last year because of declining demand, the central bank said this week.
Putin asks CBR to restore banking order
Russian President Vladimir Putin called on the Central Bank of Russia (CBR) on Friday "to restore order" in Russia's banking sector.
Fed must protect inflation credentials-Guynn
The Federal Reserve must heed signs of brewing inflation to protect its key weapon against price pressures - its credibility, a top Fed official said on Friday.
T&T central bank marks 40th anniversary
Trinidad and Tobago's central bank marked its 40th anniversary on Friday 11 June by reflecting on a problem that could lay low prospects for Caribbean development.
ECB Monthly Bulletin, June 2004
The European Central Bank published its June 2004 Monthly Bulletin on 10 June. The report said the recovery in euro area economic growth is expected to continue over the coming quarters, leading to a broader and stronger upswing in the course of next…
NY Fed's Geithner on risk management
In a speech on 'The changing face of risk management' given on 9 June, Timothy Geithner of the New York Fed said U.S. financial markets are well prepared for a gradual rise in official interest rates and should not be stressed when the Federal Reserve…
RBNZ Monetary Policy Statement, June 2004
The Reserve Bank of New Zealand increased the Official Cash Rate from 5.5 to 5.75 per cent on 10 June. Speaking at the release of the Reserve Bank's June 2004 Monetary Policy Statement, Reserve Bank Governor Alan Bollard said "The New Zealand economy has…
Federal Reserve Bulletin, Spring 2004
The Federal Reserve published its Bulletin for Spring 2004 on 9 June. The Bulletin includes a summary of papers presented at the second Conference of the International Research Forum on Monetary Policy. Among the topics examined were the Great Inflation…
Bank of England raises interest rates to 4.5%
The Bank of England's Monetary Policy Committee voted to raise the Bank's repo rate by 0.25 percentage points on Thursday 10 June. The Bank said that inflationary pressures were likely to continue building.
Prodi defends independence of ECB
Italian Prime Minister Silvio Berlusconi and his compatriot Romano Prodi, president of the European Commission, have locked swords over the strength of the euro and European Central Bank interest rate policy during the G8 summit of industrialized nations…
Bank of France urges reform to meet deficit limit
Bank of France governor Christian Noyer on Thursday 10 June called on the French government for measures to bring the country's budget deficit below three percent of output by 2005.
Fed will act when needed says Hoenig
Recent gains in US inflation should fade, but if this assessment is wrong, the Federal Reserve will act decisively to keep prices in check, top Fed policymaker Tom Hoenig said on Wednesday 9 June
IMF's Rato upbeat on global economy
New IMF chief Rodrigo Rato has given an upbeat assessment of the global economy, also pledging to listen more to the developing world and to review the crisis in Argentina.
Denmark's Andersen: Common or separate currencies?
In a speech on 'A common currency or separate currencies?' given on 25 May, Bodil Nyboe Andersen of the National Bank of Denmark said monetary and foreign-exchange issues should therefore be approached with caution by the authorities. If a change is to…
Inflation convergence across countries
OECD countries with a history of high inflation before the 1990s were shown to have subsequently experienced a larger degree of disinflation than countries with a history of low inflation. This RBA discussion paper explores further this phenomenon of…
IMF paper on interest rates/ currency pegs
This IMF working paper studies a policy often used to defend a currency peg: raising short-term interest rates. A key implication of the model is that an interest rate defense can always be successful, but has great costs for domestic agents. Hence, it…
Berlusconi calls for ECB rate cut
Italian Prime Minister Silvio Berlusconi has called on the ECB to cut its interest rates, believing the euro to be over-valued against the dollar and complaining that it is hindering Italian exports by making them less competitive.
Buoyant economic growth predicted for Ireland
A study on the EU's future economic prospects has reportedly predicted that Ireland's economy will grow at twice the rate of the 12-nation eurozone over the coming years.
Fukui says rate rises reflect changing price trend
The recent surge in Japanese long-term interest rates reflects the changing trend of prices, but deflationary pressures remain within the Japanese economy, said Bank of Japan Governor Toshihiko Fukui, according to Kyodo News.
Smallest euro coins running short- Bundesbank
Germany's central bank said on Tuesday 8 June that Europeans are refusing to pay with the small copper-coloured euro coins and letting them lie unused at home, leading to shortages in several eurozone countries.
Trichet says ECB vigilant on oil
European Central Bank president Jean-Claude Trichet said the ECB has to be vigilant over the recent rise in oil prices, but is confident that inflation in the euro zone will be below 2 pct in 2005.
Sveriges Riksbank - Annual Report 2003
The Sveriges Riksbank has published its Annual Report for the year ended 2003. Stability in the financial system continued to be good, the report said. The year also saw Lars Heikensten take office as the new governor and the no vote in the euro…