Central Banks

Dislodging the Fed Fantasy

ARTICLE - One of the absurd ideas that took hold in the late 1990s was that the Federal Reserve, presided over by the almost-infallible Alan Greenspan, had essentially conquered the business cycle.

Euro rises above $1 mark in trading

GERMANY - The euro rose above a dollar Tuesday and hit its highest level against the U.S. currency in more than three months amid fears that the U.S. economic recovery may be faltering.

Takenaka admits Japan's debt-deflation spiral

JAPAN - Japan's economic and financial services 'super-minister', Heizo Takenaka, formally acknowledged Tuesday that the nation's economy is caught in a 'vicious circle' of debt and deflation, and that it will be difficult to get the government's own…

IADB chief praises Argentine crisis strategy

ARGENTINA - Inter-American Development Bank (IADB) President Enrique Iglesias on Tuesday praised Argentina's strategy to try and end its worst ever economic crisis, even though it has caused a standoff between the government and the IMF.

The ECB and Euro-Area Enlargement

RESEARCH - IMF Working Paper by Helge Berger, October 2002. The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. This paper looks at the consequences of such an…

Danmarks Nationalbank Monetary Review, 3rd Quarter

REPORT - Denmark's central bank has published its Monetary Review 3rd Quarter 2002. The report contains articles including, Recent Economic and Monetary Trends, Status of the Basle Committee's New Capital-Adequacy Rules for Bank, Structure of the Banks'…

Gjedrem on monetary policy in Norway

SPEECH - In the speech 'Monetary policy in Norway' made on 17 October, Svein Gjedrem of Norges Bank said with the free flow of capital, deep capital markets and the phasing in of petroleum revenues into the Norwegian economy, inflation targeting is the…

ECB Press Release

PRESS RELEASE - Publication of the European Court of Auditors' report on the efficiency of the ECB's management for the financial year 2001 and the ECB's reply, 30 October 2002.

Minutes of Japan's Monetary Policy Meeting

MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 17 and 18 September 2002, released 5 November. The Policy Board noted Japan's economy has almost stabilised as a whole thanks to an export increase and the associated expansion of…

BOJ must set inflation target to prompt growth

ARTICLE - As the government's effort to end the bad-debt quandary is apparently shifting into a higher gear, concerns are growing that accelerated bad-loan write-offs could worsen, at least in the short term, the deflation that is sapping Japan's…

Banking Bunkum

ARTICLE - The Asia Times takes a look at central banks and suggests they have similar characteristics to libraries, where books and money serve the same purpose. They also tell us that ex Federal Reserve chairman Paul Volcker once said "central bankers…

Bank of Canada won't tip its hand

CANADA - A deputy governor of the Bank of Canada answered its critics on Monday, telling a blue-chip crowd that it's not the central bank's job to fine-tune the markets' expectations about future interest rate moves.

Tokyo shares surge as Asia awaits Fed

JAPAN - Japanese shares jumped nearly three percent Tuesday, while most other Asian stock markets paused to pocket profits, as investors looked forward to an expected cut in U.S. interest rates.

Latvia: New Era party announces coalition deal

LATVIA - Latvia's election-leading New Era party, headed by former central bank chief Einars Repse, said Monday that it has negotiated a four-party center-right coalition deal to lead the country into the European Union and implement Western-style…

Brazil's Fraga urges Lula reforms to help debt

BRAZIL - Brazil's Central Bank President Arminio Fraga on Monday urged President-elect Luiz Inacio Lula da Silva to press ahead with reforms that would assuage investors and cut the cost of servicing Brazil's $260 billion mountain of debt.

IMF upbeat on Ukrainian monetary policy

UKRAINE - The International Monetary Fund has approved the monetary policy of the National Bank of Ukraine because it enabled Ukraine to maintain stable prices and keep the low inflation rate, the head of the IMF mission in Ukraine, Emanuel van der…

Indian banks to take up forward trading in gold

INDIA - In what is seen as a possible first step in opening up the Indian bullion market, all scheduled commercial banks authorised to deal in gold have been permitted to enter into forward contracts with their constituents (exporters of gold products,…

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