Central Banks
Trichet the internationalist
Jean-Claude Trichet, the new president of the ECB, has a reputation as a polished performer. He lived up to it at his first press conference in Frankfurt: first praising his predecessor, apologising when consistency necessitated repetition and peppering…
Slimming down the Bank of Spain
SPECIAL FEATURE - Like all the central banks of the Eurosystem, the Bank of Spain is grappling with the implications of its status as one central bank within the larger federal. CentralBankNet reports from Madrid on how the restructuring is being carried…
ECB's Trichet on financial stability
In a speech on 'Financial stability' given on 26 November, Jean-Claude Trichet of the ECB said the issues generated by the fast evolution of the financial system are very complex and demanding for public authorities. He added that some elements of the…
Tumpel-Gugerell on ECB's monetary policy issues
In a speech on 'ECB's Monetary Policy Issues in the Run-up to Enlargement' given on 14 November, Gertrude Tumpel-Gugerell of the ECB said the ECB is interested in assisting acceding countries on their way to monetary integration the best way it can. The…
Sweden's Nyberg on financial stability issues
In a speech on 'Current financial stability issues' given on 25 November, Lars Nyberg of the Sveriges Riksbank said the Nordic central banks have a joint working group for discussing cross-border crises, and we have drawn up a memorandum of understanding…
New Hong Kong banknotes
The Hong Kong Monetary Authority has announced that its new series of HK$100 and HK$500 banknotes will be put into circulation from 15 December.
Bahrain to host cb governors for IFSB Council meet
Bahrain will host the 3rd meeting of the Council of the Islamic Financial Services Board (IFSB) next week, according to AME info. The governor of the Bahrain Monetary Agency said "We are delighted to host such an important gathering of central bank…
BoJ to inject $9.1 billion to help stabilize mkt
The Bank of Japan is prepared to inject $9.1 billion into the financial system in an effort to stabilise markets, according to Associated Press. PM Junichiro Koizumi approved a decision on Saturday 29 November to purchase all of Ashikaga Financial Group…
US Fed to expand ACH payment system to Latin Am
Atlanta Fed officials have said that the Federal Reserve's ACH payment system will be expanded to include a Latin American country in 2004, according to Business News America, but the Atlanta retail payments office did not reveal the country due to…
Buba chief concerned about euro stability, growth
Bundesbank President Ernst Welteke said in an article published at the weekend by Welt am Sonntag that the Stability and Growth Pact has "not yet been buried," but it has been seriously damaged by the decision taken in Brussels. "It is now decisively…
West African central bank host to be named
The location of the West African Central Bank (WACB) will be decided in Ghana next month, according to Vanguard. Nigeria, Ghana and Guinea have all expressed an interest in hosting the WACB.
EBRD sees no sign of banking crisis in Russia
The European Bank for Reconstruction and Development's senior economist, Ivan Szegvari, has said that Russia is not in danger of a banking crisis similar to August 1998, according to Interfax. At the presentation of the EBRD's report on transition…
Trichet testifies before European Parliament
In testimony before the Committee on Economic and Monetary Affairs of the European Parliament given on 1 December Jean-Claude Trichet of the ECB said since Wim Duisenberg's last testimony in September data have confirmed the ECB's main scenario, which is…
ECB chief: Euro economy recovering
Jean-Claude Trichet urged France and Germany to respect European Union budget rules on Monday 1 December in testimony before the European Parliament's Committee on Economic and Monetary Affairs, according to a report by CNNmoney. He said "It is, in the…
Federal Reserve Board - Beige Book, November 2003
The Federal Reserve released its November 2003 survey of Current Economic Conditions, known as the Beige Book, on 26 November. The survey said the US economy is now in a broad-based expansion. "Reports received from the district banks suggest that the…
Bank of Japan Monthly Report, November 2003
The Bank of Japan published the English version of its November 2003 Monthly Report of Recent Economic and Financial Developments on 26 November. The Report said the economy was recovering - effectively upgrading its assessment for the third straight…
Trichet: ECB monetary policy strategy after May 03
In a speech on 'The ECB's monetary policy strategy after the evaluation and clarification of May 2003' given on 27 November, Jean-Claude Trichet of the ECB said EMU is based on the conviction that Europe can derive strong benefits from a "culture of…
Poole on U.S. International Capital Flows
In a speech on 'A Perspective on U.S. International Capital Flows' given on 14 November, William Poole of the Federal Reserve Bank of St. Louis said the forces driving the U.S. capital account represent a persistent, but ultimately temporary, process…
Canada's Dodge on low and predictable inflation
In a speech on 'Low and Predictable Inflation and the Performance of Canadian Labour Markets' given on 20 November, David Dodge of the Bank of Canada said because Canada's monetary policy framework reduces uncertainty about inflation, it helps both firms…
ECB rejects EU proposals re executive board
The European Central Bank has angrily rejected proposals from the Italian EU Presidency that could make it easier for governments to appoint members of the ECB's executive board, according to Biz World. "The governing council of the ECB is seriously…
EU official threatens court action over pact
EU Economic Affairs Commissioner Pedro Solbes said on Wednesday 26 November, according to AFP, that the (European) Commission's judicial service is studying the question of whether the ECOFIN ministers' decision this week to effectively let Germany and…
BOJ falls into red for first time in over 30 years
The Bank of Japan said on Thursday 27 November that it made a loss in the April-September period for the first time in 30 years, according to Reuters. The main reason for the loss was the rise in long-term yields which resulted in a 793.8 billion yen…
SARB increases dollar buying
The South African Reserve Bank said in a statement released on Friday 28 November that it increased its purchase of US dollars during November, Business Africa reports. SARB governor Tito Mboweni emphasised that these operations represented normal…
West African cb should be in Ghana - President
Ghana's President John Agyekum Kufuor has suggested that the headquarters of the proposed West African central bank should be in Ghana, according to a report by GNA. Ghana, he said, has the conducive atmosphere to generate the confidence that would…