Central Banks
Israel's Treasury and c bank rift intensifies
Bank of Israel governor David Klein has criticised Sunday's (26 October) cabinet approval for the establishment of a central bank advisory committee controlled by key business sector figures, according to the Jerusalme Post. Although the committee lacks…
Iraq a big factor: Fed's Greenspan at G20
Federal Reserve chairman Alan Greenspan said at the opening of a meeting of the Group of 20 nations in Mexico that the US economy is heavily influenced by the war in Iraq. according to a report by Reuters.
Finland proposes changes to ECB voting model
Finland has proposed a change to the ECB voting system that will be employed once the union expands next year, according to Helsingin Sanomat. The new system was agreed upon only last spring. In Finland's proposal, 15 members of the ECB Governing Council…
China central bank says stable yuan good for world
The People's Bank of China said on Monday 27 October that China will keep the yuan exchange rate stable, according to Reuters, as the fixed currency policy is good for its economy as well that of Asia and the rest of the world.
Bundesbank's Welteke: is US growth sustainable?
Bundesbank President Ernst Welteke said on Sunday 26 October, on the sidelines of the Mexico G20 meeting, that the world economy is in recovery but he questioned whether growth in one of its main drivers, the United States, was sustainable, Reuters…
UAE auditing office criticises central bank
The United Arab Emirates State Auditing Office has strongly criticised the central bank, according to Gulf News, accusing it of suffering unnecessary losses, failing to fully undertake its role as a government bank, and indulging in practices that…
Fed's Connolly on Preparing for Check 21
In a speech on 'Preparing for Check 21' given on 17 October, Paul Connolly of the Federal Reserve Bank of Boston said that the Check 21 legislation is intended to take some of the costs and delays of paper processing and transportation out of the check…
ECB's Solans on the international role of the euro
In a speech on 'An analysis of the international role of the euro: its impact on economic relations between Asia and Europe' given on 24 October, Eugenio Domingo Solans of the European Central Bank asked what has been the impact of the euro on economic…
Riksbank's Persson on Sweden's economic conditions
In a speech on 'Economic conditions and welfare in Sweden and the Nordic countries' given on 23 October, Kristina Persson of the Sveriges Riksbank said enlargement of the EU and the establishment of a common labour market around the Baltic could perhaps…
Sveriges Riksbank Inflation Report, No.3, 2003
Sweden's central bank, the Sveriges Riksbank, has published its Third Inflation Report for 2003. All in all, the Riksbank's assessment is that there is a risk that international economic activity will lead to lower inflation than in the main scenario…
David Dodge on risks to economic outlook
Bank of Canada Governor David Dodge told the Senate Banking, Trade and Commerce Committee on Thursday that significant risks exist to the economic outlook. These risks relate to the timing and magnitude of adjustments to global economic imbalances. In…
MasterCard battles RBA over fees
MasterCard has begun legal action against the Reserve bank of Australia regarding the level of the company's interchange fees, reports the Australian Financial review. The RBA wants to bring MasterCard's interchange fee of 58 cents per $100 transaction…
Slovenia establishes anti-counterfeiting agency
The Bank of Slovenia's board of governors has adopted new short-term guidelines for the central bank's monetary policy, according to a report by the STA news agency. The board took a decision to establish a national agency that would fight money…
ECB member urges business to cope with strong euro
ECB board member Matti Vanhala, according to a Bloomberg report, appeared to suggest on Thursday 23 October that the bank was not concerned about the euro's increase, saying that companies would have to cope with the currency's appreciation.
Forged currency centre idea for Bulgaria's c bank
Bulgaria is preparing to establish a centre to carry out analyses of all forged money seized in Bulgaria, according to the Sofia Morning News. Legislative changes will have to be made for setting up the centre, which will analyse Bulgarian levs, euros…
Bank of Japan chief plans Beijing trip to PBOC
Bank of Japan chief Toshihiko Fukui will meet with the governor of the People's Bank of China Zhou Xiaochuan during a two-day visit to Beijing, according to AFX.
Belgium cb's shares fall ahead of court rule
The National Bank of Belgium's shares fell on Friday 24 October on fears that the country's Supreme Court would rule against the central bank in a case to decide ownership of the bank's assets, according to Reuters. An action group representing…
PBOC to take over anti-money laundering role
According to a new amendment draft of a major banking law, reports Asia Pulse, the People's Bank of China is likely to replace the Ministry of Public Security to organize the fight against money laundering. The central bank will also guide banks and…
Active policy can provide stability-Fed's Bernanke
Federal Reserve Governor Ben Bernanke said in a paper due to be delivered at a Dallas Fed conference on Friday 24 October that "The fact that the Federal Reserve and other central banks actively manipulate their instrument interest rates is not…
Caruana on Prices, productivity and growth
In a speech on 'Prices, productivity and growth' given on 17 October Jaime Caruana of the Bank of Spain said the Spanish economy, despite sharing some of the structural shortcomings present in Europe, has been more buoyant in recent years than the euro…
Bergo: The role of interest rate's in the economy
In a speech on 'The role of the interest rate in the economy' given on 19 October, Jarle Bergo of Norges Bank said low real interest rates will in the short term stimulate economic growth and contribute to preventing deflation. Keeping interest rates low…
Bank of Canada, Monetary Policy Report, Oct 2003
The Bank of Canada has released its Monetary Policy Report for October 2003. Since the April Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British…
Statement by David Dodge on Monetary Policy Report
The Governor of the Bank of Canada cautioned that there are still "significant" risks attached to the bank's outlook. "There is uncertainty both about the likely changes in key global exchange rates and their effect of the Canadian economy," David Dodge…
Dodge at the House of Commons Finance Committee
David Dodge told Canada's House of Commons Finance Committee on Wednesday 22 October that the prospects for near-term growth in the global economy have improved since April, and geopolitical uncertainty has continued to decrease. The economic picture in…