News
Bank of England Press Release
PRESS RELEASE - Following the announcement that Mr Mervyn King will replace Sir Edward George as Governor of the Bank of England when he retires at the end of June 2003, Sir Edward welcomed the appointment on Wednesday.
Biography - Mervyn Allister King
Mervyn King is the Deputy Governor of the Bank of England responsible for monetary policy, and a member of the Monetary Policy Committee.
Mervyn King named next governor of Bank of England
The announcement was made on Wednesday that Sir Edward George will be replaced by the current deputy governor for monetary policy, Mervyn King when Sir Edward steps down in June 2003.
ECB worried inflation hasn't slowed with economy
The European Central Bank is concerned that inflation in the euro zone hasn't slowed as much as growth has this year, Chief Economist and Executive Board member Otmar Issing said in a newspaper interview.
BOJ to consider all possible easing measures
Bank of Japan board member Hidehiko Haru said Wednesday the central bank would consider all possible easing measures, including unorthodox steps, if economic and financial conditions warrant such a move. The Bank is under great pressure to get the…
Polish central bank cuts interest rates
Poland's central bank decided Wednesday to lower key interest rates, its eighth cut this year in response to record low inflation and the country's sluggish economy. Last month the central bank cut rates and said at the time that the rate cutting cycle…
Law on Yugoslav National Bank dismissed
Yugoslav Parliament Chamber of Citizens on Wednesday dismissed the Yugoslav National Bank Bill which regulates the issue of prices, monetary policy and bank control.
ECB Press Release
PRESS RELEASE - European Central Bank launches international architectural competition, 26 November.
ECB to study lending policies with survey
The European Central Bank will begin conducting a quarterly survey next year of credit policies practised by banks operating in the 12-nation euro zone. The move comes just days after the Irish central bank warned lenders to stick within guidelines.
Poland sees risk of delaying EMU entry
A member of the Monetary Policy Council (RPP) of the central bank, Boguslaw Grabowski, sees a risk of delay in Poland's accession to the euro zone because of possible problems in reducing the budget deficit.
Reserve Bank of Australia Press Release
PRESS RELEASE - The Reserve Bank today announced the appointment of Dr Tony Richards as Head of Economic Research. This follows the decision of Dr David Gruen, the previous Head, to accept a secondment to the Commonwealth Treasury, 26 November.
Economy satisfactory - Ghana central bank chief
The Governor of the Bank of Ghana, Dr. Paul Acquah said that the economy has performed well over the last year but cautioned that the government needs to sustain its macroeconomic policies with emphasis on consolidating efforts on fiscal and monetary…
Moskow expects US to hit growth potential in 2003
Michael Moskow has followed up Robert McTeer's comments we reported yesterday, saying the central bank's accommodative monetary policy will help US economic growth recover to full speed by next year. He is just the latest in a line of Federal Reserve…
Brazil president to name new central bank head
President-elect Luiz Inacio Lula da Silva is likely to unveil his cabinet and new central bank chief within the next two weeks before a meeting of his left-wing Workers' Party (PT), one of his top advisers said Monday. We recently reported that Arminio…
George says public spending will prop up growth
Speaking on Tuesday the Bank of England's governor, Sir Edward George said public spending will underpin UK economic growth once consumer demand starts to wane, but any "substantial and generalised" public sector pay rises will push up inflation. He gave…
Chicago Fed Press Release
PRESS RELEASE - Federal Reserve Bank of Chicago Purchases 17-acre Site Near Eastern Market for New Detroit Branch Office, 21 November.
G20 countries disagree on debt defaults
Last weekends meeting of Group of 20 central bank governors and finance ministers from rich and developing nations failed to make much progress as differing views on how best to resolve emerging market debt defaults divided delegates.
Korea hosts EMEAP
The Bank of Korea began its 24th Executives' Meeting of East Asia and Pacific Central Banks (EMEAP) deputies on 25 November on the southern resort island of Cheju. It is expected that around 35 central bank deputy-governors and executives from EMEAP…
Bimal Jalan downplays fears of financial crisis
Saturday saw the governor of the Reserve Bank of India, Dr Bimal Jalan play down any threat of a domestic financial crisis. He reassured people that macro-economic indicators of the Indian economy were strong with low inflation, reasonably good growth…
'Goose the US economy' says McTeer
The latest Federal Reserve official to publicly voice his support for the FOMC's recent interest rate reduction is Bob McTeer, president of the Dallas Fed. McTeer showed himself to be in favour of a rate cut back in September, voting against the FOMC…
New e-cash system in France
Regulators following the development of e-commerce will be interested to learn that the revolutionary electronic cash system for small transactions that has been tried out in several French provinces since 1999 went live in Paris in November.
Fed's Kohn on US trade gap
Federal Reserve Governor Donald Kohn said on Friday it was "hard to imagine" the imbalance in the U.S. current account could continue indefinitely and that a rough correction of the situation was a distinct risk.
BIS Press Release
PRESS RELEASE - Hague Arbitral Tribunal decision regarding the repurchase of privately held shares of the Bank for International Settlements, 25 November 2002.
BIS forced to pay $390m shareholder compensation
Following a decision by the Arbitration Tribunal in the Hague, the Bank for International Settlements (BIS) will have to pay another $390m to compensate private shareholders whom the bank banned last year from holding shares.