Central Banks
Central banks sign cooperation agreement
Greece's central bank governor, Nikos Garganas, and his Romanian counterpart, Constantin Isarescu, were due to sign in Bucharest Friday a memorandum of cooperation in the two countries' exercise of supervision competences over commercial banks operating…
Canada's Dodge warns of rising inflation
Bank of Canada governor David Dodge warned Thursday that inflation pressures are greater than expected and that the inflation rate could hit an 11-year high of 4.5 per cent this winter.
Belarus to adopt rouble for non-cash settlements
Belarus is going to adopt the Russian rouble for non-cash settlements from 1 July 2003 the chairman of the Belarusian central bank, Pyotr Prakapovich said.
UK's pro-euro campaigners face tough task-report
A new report published by the Foreign Policy Centre suggests strong public backing for euro membership is unlikely to emerge for the foreseeable future unless there is a vigorous campaign for entry.
Reserve Bank of New Zealand Press Release
PRESS RELEASE - OCR unchanged at 5.75 per cent, 23 January.
Persson on Sweden and the euro
SPEECH - In the speech 'Sweden and the Euro' Kristina Persson of the Sveriges Riksbank said monetary union presents an attractive proposition for Sweden, given that we continue to improve the functioning of wage formation and labour markets and that we…
ECB Monthly Bulletin, January 2003
REPORT - The European Central Bank published its January 2003 Monthly Bulletin on 23 January. In the bulletin the ECB reported that the outlook for economic activity in the euro area has remained broadly unchanged since early December 2002 and economic…
BIS Press Release
PRESS RELEASE - Roger W Ferguson Jr appointed Chairman of the Committee on the Global Financial System, 23 January.
Deutsche Bundesbank Monthly Report, November 2002
REPORT - The Bundesbank said in its monthly report that at present, economic activity is still too weak to relieve the labour market. What is mainly lacking at present, the report says, is some kind of positive outlook which, as experience shows, is…
RBNZ Bollard says rates may fall as currency rises
New Zealand's central bank chief Alan Bollard said on Thursday he may cut interest rates this year because a rising New Zealand dollar is slowing consumer spending and inflation.
BOJ maintains static view of economy
The Bank of Japan has maintained its assessment of the economy for the second straight month in January but warned of risks from weak private consumption as well as flat exports and output.
Takenaka says govt, BOJ should share policy goal
Japanese Economics and Financial Services Minister Heizo Takenaka on Thursday called on the Bank of Japan to foster more growth in money supply and said the government and central bank should share a policy goal.
Brazil raises interest rates in surprise move
Brazil's central bank surprised financial markets yesterday with an increase of its prime lending rate by 0.5 percentage points to 25.5 per cent, showing its intention to implement tough inflation controls. Only two weeks ago central bank chief Henrique…
ECB sticks with growth forecast in monthly report
The European Central Bank sounded a dovish note in its monthly bulletin on Thursday but economists cautioned against building expectations of another rate cut very soon.
Indian banks in a fix over 'no staples' policy
The Reserve Bank of India's recent decision to do away with stapling of new currency notes to increase the longevity of the notes has come under fire.
G30 proposes payment system security revolution
The Group of Thirty have announced proposals for far-reaching reform of the global securities markets. The highly influential group, made up of prestigious members of the central and private banking community, has drawn up a detailed and comprehensive…
BOJ under pressure to target inflation
ARTICLE - As Hayami's term is about to come to an end speculation not only mounts as to his successor but whether the Bank of Japan should introduce an inflation target under the new leadership.
The folly of inflation targets
ARTICLE - This article says that the Bank of Japan should explain what it is intending to do to end deflation and that this will be the first step in defending its threatened independence.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 22 January for the meeting of 8 and 9 January 2003. The same pattern of voting was seen at this meeting as in the previous two meetings. The nine MPC members voted…
Bank of Japan Press Release
PRESS RELEASE - Announcement of the Bank of Japan Monetary Policy Meeting decisions (unchanged), 22 January.
Gjedrem on Norway's changing economy
SPEECH - In the speech 'Norway's changing economy' Svein Gjedrem of Norges Bank said history shows that low unemployment cannot ultimately be achieved through high inflation. A monetary policy that contributes to inflation does not create higher economic…
Norges Bank Press Release
PRESS RELEASE - Norges Bank reduces interest rates, 22 January.
Hamalainen on how the ECB manages the euro
SPEECH - In the speech 'How the European Central Bank manages the euro and what is in store for 2003' Sirkka Hamalainen of the European Central Bank expressed concern over the widely-held perception that monetary policy can solve very different stability…
Norges Bank Press Conference
PRESS CONFERENCE - Norges Bank's Executive Board decided today to reduce the key rate, the sight deposit rate, by 0.5 percentage point with effect from Thursday, 23 January.