Central Banks
City livery company for bankers - and central bankers
After centuries of hanging on to others' coat tails, bankers are set to gain their own liveried guild in London.
New light on the Fed's history
Allan Meltzer finds the Fed at fault for the Great Depression, but he may not have the complete picture contends Tim Congdon.
Interview: Otmar Issing
As the board member responsible for economics and research, Otmar Issing has been a principal architect of the ECB's monetary policy. Here he discusses many of the key issues facing the ECB today and explains the rationale for some of its more…
Interview with Zdenek Tuma
With accession on the horizon, the governor of the Czech National Bank evaluates the progress of economic transition and discusses his concerns over joining the euro.
Interview: Michael Bonello
Having successfully defended its peg for 30 years, Malta appears well placed to join ERM II. The governor of the Central Bank of Malta outlines the path to the eurozone and the pitfalls along the way.
Why has Brown ditched his prudence?
Howard Flight analyses the transformation of Gordon Brown's Treasury from fiscal forbearance to public sector profligacy.
Iraq's botched currency reform
Prescriptions by the official sector institutions for Iraq ignore political realities and their own findings argue Steve Hanke and Matt Sekerke.
The SDR: an international reserve liability
The SDR is central to the work of the International Monetary Fund, but it remains a deeply ambiguous unit.
Challenges for central banks in the new member states
Max Watson assesses the task facing accession countries in safeguarding financial stability. He starts by recognising the big strides already taken, and then considers the risks that lie ahead.
Making markets work - the central banker's role
For financial markets in transition countries to develop effectively, a broad policy overview is needed. Central bankers have an important role to play in this, argues John Chown, and so they should not confine themselves only to their core functions.
Sweden's Heikensten on current monetary policy
In a speech on 'Monetary policy - some current issues' given on 10 February, Lars Heikensten of the Sveriges Riksbank said there are signs of an upturn in the euro area now, although the picture is not as clear-cut as in the United States.
What monetary regime for Iraq?
This article, co-authored by Professor Steve Hanke and Matt Sekerke, says that the choice of monetary regime for Iraq remains wide open despite measures to establish an independent central bank, framework for bank regulation, and Saddam-free bank notes.
Asian currencies may be linked to China's yuan
In an interview, Avinash Persaud said that people have tended to view Asia as being on a dollar peg when in reality it is, in his view, on a renminbi peg. He also said it was unlikely the Chinese would respond to criticism of their currency regime but…
Bank of England Inflation Report, February 2004
In its latest Inflation Report, the Bank of England revised upwards its growth forecast over the next two years, saying the risks to the overall outlook were broadly even. Mervyn King told a news conference that inflation was expected to rise steadily to…
Russian for ex intervention hits record $3bn
The central bank of Russia spent a record $3 billion on Tuesday 10 february to hold down the ruble. The intervention represented the biggest foreign-exchange intervention in Russia's history.
ECB board member says euro rates appropriate
In a speech on Tuesday 10 February, European Central Bank executive board member Gertrude Tumpel-Gugerell said the ECB is not currently considering a cut in rates and that despite the euro's rise growth predictions remain the same.
Zhou: China's 'stable and healthy' monetary policy
People's Bank of China Governor Zhou Xiaochuan said on Tuesday 10 February that China will allow its money supply and credit loans to keep growing at an appropriate pace in 2004.
Greenspan sees vigorous growth, warns on deficit
In testimony on Wednesday 11 February, Fed Chairman Alan Greenspan said the U.S. economy has good odds for sustained robust growth, but that policy-makers can be patient about interest-rate rises. He warned there could be problems "in the relatively near…
Wounded Bosnia heals with NZ money policy
Want evidence that New Zealand's general approach to monetary policy works whatever the environment? In this article Peter Nicholl, governor of the central bank of Bosnia, says a main ingredient of good central bank law is operational independence and…
Jenkins on economic confidence in Canada
In a speech on 'Economic Confidence and the Work of the Bank of Canada' given on 9 February, Paul Jenkins of the Bank of Canada discusses two of the Bank's key functions that help to reinforce confidence in Canada's economy: the issuance of bank notes…
Call for new central bank rules in Syria
This article looks at what it calls the 'erratic' actions of the central bank of Syria in its interest rate setting policy. It calls for the introduction of new rules and practices into the system to regain confidence.
Argentina holds 'constructive' IMF talks
Argentina's Economy Minister Roberto Lavagna described talks with IMF chief Horst Koehler on Monday as constructive but said there was no change in its offer to repay its defaulted debt at 25 cents on the dollar.
Euro rate not major target for ECB says Issing
European Central Bank chief economist Otmar Issing said that the euro foreign exchange rate is not a major target of the ECB's monetary policy strategies but does play an important role in the assessment of price risk.