Central Banks
RBA's Stevens on recent issues for monetary policy
In a speech on 'Recent issues for the conduct of monetary policy' given on 17 February, Glenn Stevens of the Reserve Bank of Australia said the bank raised interest rates late last year because of inflationary risks and demand for credit.
Heikensten-Risk management and financial stability
In a speech on 'Risk management and financial stability' given on 17 February, Lars Heikensten of the Sveriges Riksbank said regardless of the fact that there are now outstanding issues to be resolved to improve risk management, his overall conclusion is…
SNB's Roth says euro has stabilised Swiss franc
Speaking on Monday 16 February, Swiss National Bank chairman Jean-Pierre Roth said that the introduction of the euro has stabilized the Swiss franc but has also left the economy vulnerable to sharp currency swings.
Central bankers say stability pact not dead
The EU's much maligned stability and growth pact is not dead despite a decision by finance ministers in November to suspend its rules, ECB and Bundesbank members said Monday 16 February.
Russia and Belarus agree on currency policy
The National Bank of Belarus and the Central Bank of Russia have approved a draft agreement between the governments and central banks of the two countries on common principles of currency regulation and control.
Canada's Dodge on policies for changing times
In a speech on 'Policies for Changing Times' given on 17 February, David Dodge of the Bank of Canada said the right set of macroeconomic policies helps countries to adjust to changing economic circumstances.
Hungary to delay Euro adoption to 2010
Hungary's new Finance Minister Tibor Draskovics was quoted as saying that the country will probably postpone the adoption of the Euro to 2010 from 2008 because of high inflation and budget deficits.
Finland versus the ECB (continued)
Despite a climb down by the Finnish finance ministry on a move to seize almost €750m of Suomen Pankki's capital, the ECB is still far from happy with the ministry's final proposal for a new Bank of Finland act. It argues that the proposal still…
Padoa-Schioppa: Lower rates would not boost growth
ECB executive board member Tommaso Padoa-Schioppa was quoted in an interview as saying that the central bank's current monetary policy can't be blamed for slow growth in the eurozone and lower interest rates are not the answer.
NBS to oppose review of Udovicki's election
The National Bank of Serbia (NBS) said in a statement on Saturday 14 February that it opposes a planned parliamentary review of NBS governor Kori Udovicki's election.
Prizewinning designs for the ECB's new premises
An international jury chaired by the ECB's Vice-President Lucas Papademos on 13 February chose the three winning designs in the architectural design competition for the new ECB premises in Frankfurt.
Bhutan to launch automated teller machines
The Bhutan National Bank, a commercial bank, will start operating an ATM facility from March this year. Software problems had delayed the introduction of the machines but these have now been solved.
EU considers changes to ECB board rules
European Union finance ministers are pondering establishing rules for the selection of ECB board members to avoid lobbying between countries, an EU diplomat said on Sunday 15 February.
Trichet's testimony before the European Parliament
In testimony before the European Parliament given on 16 February Jean-Claude Trichet of the ECB said recent data have strengthened the ECB's expectation of an economic recovery in the eurozone and made us "more confident" that the recovery began in the…
Forex volatility in EU accession countries
This IMF Working Paper analyses foreign exchange market volatility in four Central European EU accession countries in 2001-2003. It shows that periods of high volatility seem to be cross-correlated for Hungary, Poland and Czech, Slovak Republics. It…
Bundesbank says eurozone not hurt by weak dollar
The Bundesbank said on Monday 16 February that economic recovery in the eurozone has not been harmed by the weak dollar, with increasing global demand more than compensating for it.
Six EU PMs call for respect of Pact
Six European prime ministers including those from Italy, Spain and the Netherlands have called for the rules of the Stability and Growth Pact to be applied "without discrimination".
Central bank to cut 300 staff in Ecuador
The Central Bank of Ecuador (BCE) is to reduce its staff numbers by 28% to 777 as part of a cost cutting plan. The move brings the BCE into line with IMF recommendations and follows criticism of its high wage bill.
Bank of Canada mourns former Governor Bouey
Gerald Bouey, Governor of the Bank of Canada from 1973 to 1987, died on 6 February. In a statement David Dodge expressed sadness at the passing of a great friend.
New York Fed names Christine Cumming First VP
The Federal Reserve Bank of New York named Christine Cumming, a 24 year veteran of the Bank, as its new first vice president on Monday (9 Feb). Timothy Geithner said that her fine judgement and intellectual contribution to the bank is impressive.
Former Riksbank governor founds EU-sceptic party
Former governor of the Sveriges Riksbank Lars Wohlin has become a co-founder of a new EU-sceptical party, which plans to contest European Parliament elections in June.