Central Banks
Fed's Stern sees no pick-up in inflation
Minneapolis Fed President Gary Stern said on Friday 21 November that if US inflation remains low, which he thinks it will, interest rates can also remain low, according to a Reuters report. "I don't expect to see any material acceleration of inflation…
IMF, EU back ECOWAS currency
Dr Michael Ojo, of the West African Monetary Institution (WAMI) told a press briefing at the weekend in Abuja that the IMF, European Union, ECB and the Bank of England are partners with WAMI in implementing the West African common currency.
Barker on UK monetary policy in a changing world
In a speech on 'UK monetary policy in a changing world' given on 20 November, Kate Barker of the Bank of England's Monetary Policy Committee said some of the major risks which face the MPC, and which have made recent decisions very finely-balanced, stem…
Trichet on Europe at the crossroads
In a speech on 'Europe at the crossroads' given on 20 November, Jean-Claude Trichet of the ECB said the euro has become a strong symbol of Europe. It makes the world "identify Europe" and helps Europeans to identify with Europe. I am grateful, Trichet…
Chicago Fed National Activity Index, October 2003
CFNAI indicates economy continued to grow in October - The Chicago Fed National Activity Index (CFNAI) released 20 November was +0.01 in October, a small decline from the September reading of +0.16.
Philadelphia Fed Business Outlook Survey, Nov 2003
Activity in the region's manufacturing sector continues to expand, according to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, November 2003. The manufacturers remain optimistic about activity over the next six months.
Bank of Japan Monetary Policy Meeting, 21 Nov
At the Bank of Japan's Monetary Policy Meeting held on 21 November, the bank decided, by unanimous vote, to set unchanged guidelines for money market operations for the intermeeting period.
BoJ confirms economy is recovering
In its November monthly report released on Friday 21 November, the Bank of Japan confirmed that the economy is recovering "gradually", according to the Business Times. Although consumption remains weak, the BoJ said "Exports are increasing and capital…
Fed's Guynn says U.S. recovery sustainable
Speaking on Friday 21 November Atlanta Fed President Jack Guynn said that the US is already growing in what appears to be a broad based and sustainable way, according to Reuters. Though consumer spending may ease in the coming months, it is likely to…
PBOC issues coins marking lunar new year
The People's Bank of China began issuing a set of commemorative coins on Friday 21 November, according to a report by Xinhuanet, marking the Chinese year of the Monkey. The set includes six gold and six silver coins.
Czech President Klaus sceptical on the euro
Czech President Vaclav Klaus told the Cato Institute's 21st Monetary conference on Thursday 20 November that he was sceptical about the benefits of the euro as a single currency, reports UPI. He said that much more economic flexibility is needed for…
Canada's Dodge will cut rates if necessary
David Dodge said on Thursday 20 November that interest rates would be cut if the Canadian dollar's rise threatened the economy, according to the Globe and Mail. He said the Bank of Canada would act to stimulate domestic demand to return inflation to the…
ECB's Trichet:: unsound budgets fuel inflation
The ECB President said on Thursday 20 November that "non-disciplined" fiscal policies would undermine confidence and thus reduce potential output and longer-term growth in the eurozone, according to a report by AFP. "The arguments in favour of the…
BoE's Barker- Debt rise wouldn't make hike certain
Kate Barker, a member of the Bank of England's interest rate setting MPC, said in a speech on Thursday 20 November, reported by Reuters, that the fundamental reason for the recent increase in UK interest rates was not curbing consumer debt or house price…
Fed's Kohn on inflation targeting
In a speech to the St Louis Fed Inflation Targeting: Prospects and Problems Conference given on 17 October, Donald Kohn of the Federal Reserve said he believes that those who propose changes from a good system have a high burden of proof. The marginal…
Parry: Role of the Federal Reserve in the economy
In a speech on 'The Role of the Federal Reserve in the Economy' given on 18 November, Robert Parry of the Federal Reserve Bank of San Francisco said it looks as if after a couple of years of sluggish performance the US economy mayhave finally found its…
Study says major cbs target asset price imbalance
A research paper published by the Centre for Economic Policy Research "Monetary Policy Rules, Asset Prices and Exchange Rates" suggests that monetary policy-makers may use asset prices and exchange rates not only as part of their information set for…
Portugal may join budget deficit breakers
Portugal's central bank has announced that its deficit will exceed the EU's 3 per cent limit, under the growth and stability pact, according to a report by EU Politix. The bank said it would probably run a deficit in excess of 4 per cent, due to the…
Greenspan: Deficits haven't hurt economy
In remarks to a monetary conference sponsored by the Cato Institute on Thursday 19 November, Fed Chairman Alan Greenspan said "creeping protectionism" may interfere with US attempts to reduce its huge trade deficit, according to Associated Press. Without…
Mexico awards software contract to ERAS
Mexico's central bank has awarded a contract to Miami-based bank software provider ERAS to drive a browser-based image clearing system for transmitting check items in Mexico, reports Business News Americas. The central bank's clearing arm CECOBAN will…
Brazil makes unexpected cut to base rate
The central bank of Brazil's Copom monetary policy committee has cut its main interest rate to by 1.5 per cent, according to AFX. The Copom said in a statement that the decision to cut the selic to 17.5 pct, with no bias, was based on its positive…
Fed's Greenspan on the current account deficit
In a speech given on 20 November, Alan Greenspan of the Federal Reserve said should globalization be allowed to proceed and thereby create an ever more flexible international financial system, history suggests that current imbalances will be defused with…
Intro of electronic funds transfer cheers BNZ
The central bank of Zambia's Currency and Payments Systems Director Morris Mulomba has said despite the important role cash plays in the economy, it is neither prudent nor convenient to pay for goods using cash, according to Zambia News Agency. He urged…
Issue of NBP revaluation reserve returns
Reports in Poland by the Polish news Bulletin said that the Finance Ministry may try to convince the Monetary Policy Council (RPP) that the central bank's revaluation reserve should be used to patch the budget deficit. However, the RPP criticised the…