Central Banks
Takenaka says govt expectations of BOJ 'very high'
Japan's Financial Services and Economics Minister Heizo Takenaka said on Tuesday that the government is working hard to overcome deflation and its expectations for the Bank of Japan's policies are "very high".
Economist meeting debates technology growth
Seven thousand economists from around the world examined the impact of globalization and information technology, during a weekend gathering in Washington, concluding that the period 1995 to 2000 saw a likely once only increase in technological gains…
Soberon - Cuban bank system had a successful 2002
Cuba managed to maintain monetary stability in 2002, despite difficult tests faced by its banking system in 2002 as a result of the world economic crisis and its effects on the island, Francisco Soberon, president of the Central Bank of Cuba, has said.
Garganas calls for ECB to change its rules
The eurozone's policy framework suffered a further blow when a leading central banker called for a key change in the way interest rates are set. The criticism comes after the ECB was forced to defend the stability and growth pact. However this time the…
Unicon appointed central bank auditor in Russia
Unicon/MS Consulting Group has been appointed as the main auditor of the central bank of Russia for 2002. The bank's PR department said that this decision was reached at a meeting of the National Banking Council chaired by Alexei Kudrin on 30 December.
Argentine senate approves central bank chief
Argentine lawmakers have approved the 2003 budget and ratified the new central bank chief Alfonso Prat-Gay, helping President Eduardo Duhalde's efforts to secure an aid agreement with the International Monetary Fund.
Gramlich on conducting monetary policy
SPEECH - In the speech 'Conducting Monetary Policy' Edward Gramlich of the Federal Reserve discusses inflation targeting and says that a symmetrical target (e.g. Bank of England) is most successful as this allows expansionary responses to an inflation…
The ECB and M3
LETTER - Letter published in the UK edition of the Financial Times on 6 January. The letter "Stubborn ECB does not deserve to be so badly misunderstood" follows an article regarding the ECB's supposed targeting of M3 levels.
Man threatens to fly plane into ECB headquarters
A man stole a plane at gunpoint and flew it amid Frankfurt's skyscrapers on Sunday, threatening to crash it into the headquarters of the European Central Bank.
Bank of France's Trichet begins fraud trial
Bank of France governor Jean-Claude Trichet, tipped as the next president of the European Central Bank, was due to stand trial over a decade-old banking scandal on Monday. He denies all charges.
Bank of Japan: Losing independence?
ARTICLE - This article looks at the recent initiatives by the Bank of Japan but says the BOJ's independence may be slipping as Prime Minister Junichiro Koizumi and members of his economic team want a greater say in BOJ policy-making.
Minutes from the Sveriges Riksbank Board meeting
MINUTES - Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 19 December. The Executive Board decided to lower the repo rate by 0.25 per cent, although second deputy governor Eva Srejber entered a reservation against the…
Call for Bank of Japan to adopt inflation target
The Japanese government will urge the Bank of Japan to adopt an inflation target, an influential member of the ruling Liberal Democratic party said Sunday. The comments follow those of Chief Cabinet Secretary Yasuo Fukuda who said last week that an…
Dai Xianglong leaves People's Bank of China
China has replaced its longtime central bank governor, putting a former stock market regulator in charge as it prepares to open its banking industry to foreign competition.
Yugoslav, Greek national banks sign agreement
National Bank of Yugoslavia (NBY) and National Bank of Greece governors Mladjan Dinkic and Nicholas Garganas on 27 December signed an agreement on bilateral cooperation, including data exchange on business operations and bank control.
Ukraine's new central banker praises predecessor
Serhiy Tyhypko, Ukraine's new central bank chief submitted a request on quitting parliament to the parliamentary speaker on 26 December as he was elected governor of the National Bank of Ukraine. Tyhypko praised highly the achievements of the previous…
Mfula appointed Bank Of Zambia deputy governor
President Mwanawasa has appointed Bank of Zambia (BoZ) regional director, Felix Mfula as deputy Governor (administration) for the central bank. Mr Mfula's appointment comes into effect immediately.
Broaddus on monetary policy with low inflation
SPEECH - In the speech 'Comments on Monetary Policy in a Low Inflation Environment' J. Alfred Broaddus of the Federal Reserve Bank of Richmond said much of the progress in monetary policy over the last two decades is due to exceptionally strong…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special feature, the last for this year, we look back at some of the important stories from 2002 and some you may have missed. From the introduction of euro notes and coins in January to the appointment of new central bank…
Bies on credit availability for small businesses
SPEECH - In the speech 'Credit Availability for Small Business' Susan Bies of the Federal Reserve emphasised the importance of small businesses to the Federal Reserve saying that they are critical to the strength and vigor of the U.S. economy.
Bye bye, Buba
ARTICLE - This article says the ECB should scrap money supply targeting, its "first pillar" and reduce it to the role of an indicator. It also promotes a looser inflation target, with a change to a symmetrical rate perhaps as high as 3 per cent with 1…
Welteke on a framework for monetary stability
SPEECH - In the speech 'An institutional framework for monetary stability' Ernst Welteke of the Deutsche Bundesbank said that even today there is no automatic means of ensuring stable money and stable markets. It is an ongoing task and it is the task of…
Fed's Poole: US to avoid deflation
William Poole, president of the Federal Reserve Bank of St. Louis, said on Friday that policymakers must be wary about deflation, but said there were ample reasons why the United States will avoid the errors that Japan made.
Croatian central bank council adopts projection
The Croatian National Bank (HNB) Council, chaired by governor Zeljko Rohatinski, on Wednesday adopted HNB's monetary policy projection and financial plan for 2003.