News
Statement by Roger Ferguson on the IMFC meeting
The Financial Stability Forum (FSF) held its fourteenth meeting on 8-9 September 2005 in London. The issues discussed included: risks and vulnerabilities in the international financial system; the resilience of the financial system to shocks and lessons…
Italian economy minister resigns
Italy's Economy Minister Domenico Siniscalco has resigned because of government infighting over the 2006 budget and the administration's failure to oust Bank of Italy Governor Antonio Fazio over a banking scandal, the Treasury said.
BoJ's Nishimura sees no need for liquidity cut
Kiyohiko Nishimura, one of the Bank Japan's nine policy board members, sees no need to end the bank's super-loose monetary policy and cut its liquidity reserve target any time soon even as the country shows signs of pulling out of its deflationary cycle,…
Hurricanes may delay US current account correction
European Central Bank board member Lorenzo Bini Smaghi said in an interview that costs resulting from hurricanes in the Gulf of Mexico could mean that the US will be unable to correct its large current account deficit for some time.
Mersch sees threat to prices from oil
ECB Governing Council member and Luxembourg central bank governor Yves Mersch has said high oil prices are still pushing up inflation.
US, China central banks to discuss currency reform
The US has said it hopes to have more discussions this week with China on its currency reforms and ways to reverse the United States' rising trade deficit.
RBA to dispose of gold coin holding
The Reserve Bank of Australia said on Wednesday 21 September that it has decided that it does not need to continue to hold the large quantity of gold coins it has held for many years.
Fed hikes rates again, but Olson dissents
The FOMC decided on Tuesday 20 September to raise its target for the federal funds rate to 3.75%. In a statement it maintained its 'measured' pace for removing policy accommodation and revealed that Mark Olson had voted to keep rates unchanged.
Confidence in stability keeping rates low- Trichet
Interest rates in the Eurozone are at their lowest level thanks to confidence in price stability inspired by ECB policy, European Central Bank president Jean-Claude Trichet said, in an interview to be published in Le Figaro.
Bank of England's MPC united on rate vote
Minutes from the Bank of England's 7 and 8 September meeting released on Wednesday 21 September showed policy makers voted unanimously to keep interest rates unchanged.
Liebscher says property prices won't influence ECB
European Central Bank Governing Council member and Austrian Central Bank Governor Klaus Liebscher said in an interview that the ECB would not raise interest rates solely as a result of rising real estate prices in some eurozone countries.
South Africa plans no change to inflation target
Treasury Director General Lesetja Kganyago has said South Africa has no plans to modify its inflation targeting framework to aim for the middle of the established three to six per cent target range.
New Bank of Israel law agreed
The Israeli government has agreed to the wording of a new Bank of Israel Law that would transfer responsibility for setting interest rates from the central bank governor alone to a monetary committee.
NY Fed statement on credit derivatives meeting
The Federal Reserve Bank of New York hosted a meeting with representatives of major market participants and their domestic and international supervisors on Thursday 15 September.
What future for central banks?
The London School of Economics is hosting a public lecture on Thursday 24 November. 'What future for central banks?' will be presented by Howard Davies, director of the LSE and chaired by Professor Charles Goodhart.
EU calls for single payment area by 2010
Charlie McCreevy, the European Commissioner for the Internal Market and Services said on Tuesday 20 September that banks must create a single pan-EU system for payments by 2010, a demand the European Commission will underpin by legislation.
Jarai says euro target date 'hopeless' for Hungary
Hungary's "macroeconomic developments do not appear to be improving, especially in terms of the public sector", Hungary's central bank Governor Zsigmond Jarai told a press conference on Monday 19 September.
China to attend G7 Washington talks
China has accepted an invitation to a working lunch on Friday in Washington of finance ministers and central bank governors of the Group of Seven major industrialised countries, Vice-Finance Minister Li Yong said on Tuesday 20 September.
BoE's Nickell warns on growth shortfall in UK
The economy faces a 'serious risk' that economic growth will fall short of the Bank of England's forecasts, Stephen Nickell, a member of the central bank's rate-setting body told the Financial Times.
Report says IMF to cut US growth outlook
The International Monetary Fund expects the United States economy to grow less than previously expected this year and next, but will upgrade Japan's growth prospects on its upcoming world economic scorecard, German newspapers said over the weekend.
PBOC vows to maintain stable yuan
China's central bank said Monday 19 September it will keep the yuan rate basically stable as it works to improve the exchange rate mechanism introduced at the end of July.
GSE bill vote seen this week
The U.S. House of Representatives may vote on legislation to rein in Fannie Mae and Freddie Mac this week, a key lawmaker has said.
Pakistan's Hussain plans economic think tank
The governor of the State Bank of Pakistan, Dr Ishrat Hussain, has said he intends to establish an Economic Think Tank in Pakistan soon after his retirement.
Colombia central bank plans reserves sale
Colombia's central bank said on Friday 16 September it cut interest rates by half a percentage point and would sell at least $3 billion in international reserves to the government.