News
Sweden holds interest rates unchanged
At its meeting on Wednesday, 23 June, the Executive Board of the Sveriges Riksbank decided to leave the repo rate unchanged at 2 per cent. The Riksbank said that the recovery in Sweden and abroad is progressing largely as anticipated.
Rates not to blame for slow growth: Padoa-Schioppa
The European Central Bank's reluctance to cut interest rates below 2 per cent isn't to blame for slow growth in the 12 nations that share the euro, said Tommaso Padoa-Schioppa, an ECB board member, in an interview with newspaper La Stampa.
IMF urges more flexible yuan policy
Rodrigo Rato, the new International Monetary Fund (IMF) managing director, on Thursday 24 June told China's leaders that now would be a good time to make their yuan exchange rate policies more flexible.
Bank of England MPC Minutes 9/10 June 04
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 23 June for the meeting of 9 and 10 June 2004. The minutes showed the MPC voted unanimously in favour of raising interest rates to 4.5% saying the outlook for the world…
IMF chief Rato calls for deficit cuts
On the first part of his first Asian trip, International Monetary Fund Managing Director Rodrigo Rato urged Washington to cut its budget deficit and called on Beijing to "slow down" the Chinese economy to a more sustainable pace.
OECD chief economist: Inflation risk 'manageable'
Jean-Phillipe Cotis, chief economist for the Paris-based Organisation for Economic Cooperation and Development said the current level of oil prices will not pose an inflationary threat to the U.S. and European economies.
Inflation too low for rate rise says Chile's Corbo
Chilean central bank president Vittorio Corbo has said that the nation's inflation rate is too low to warrant a hike in the bank's benchmark lending rate.
Fed strategy to meet demands of payment system
The Federal Reserve Banks has announced a strategy to accommodate the evolution of the nation's payments system from paper check processing to electronic processing, a development driven by a significant broad-based change in user preference, it said in…
Japanese reform efforts praised by IMF's Rato
The new head of the International Monetary Fund on Tuesday praised Japan's recent economic reforms saying the reforms had paid off and the future can be even brighter.
Weber says ECB concerned on oil price effect
Bundesbank president Axel Weber has said the European Central Bank is concerned about the possible secondary inflationary effects of the higher oil price.
PBOC denies interest rate rumour
The People's Bank of China (PBOC), the central bank, denied media reports on Monday that its research bureau had sent a report proposing an interest rate rise to the State Council, China's cabinet.
Bank of Japan to be restructured
The Bank of Japan faces major restructuring in July, the Yomiuri Shimbun reported Tuesday, with reforms to personnel policies and salaries intended to increase efficiency.
Bomb explodes near Iraq central bank
A mortar round exploded near Iraq's central bank on Sunday, injuring 10 people in the capital according to reports.
Greenspan takes oath for fifth term
Alan Greenspan Saturday evening took the oath of office as Chairman of the Board of Governors of the Federal Reserve System for a fifth four-year term commencing on June 20, 2004.
ECB's Issing says ECB mandate won't change
Moves by certain eurozone governments to alter the European Central Bank's mandate so that the bank focuses more on growth and less on inflation are doomed to fail, says the ECB's chief economist Otmar Issing in a newspaper interview published Monday.
Bundesbank optimistic for German industry
The Bundesbank said in its June monthly report published 21 June that it is expecting the recovery in the German industrial sector to continue this year.
Hungary leaves interest rates steady
The National Bank of Hungary left interest rates unchanged Monday and issued a warning about inflationary pressures in the economy.
Richmond Fed names Jeffrey Lacker President
Jeffrey M. Lacker was appointed on 17 June the new President of the Federal Reserve Bank of Richmond, effective August 1, 2004. He succeeds J. Alfred Broaddus, Jr., who announced his intention to retire back in November.
Senate vote confirms Greenspan
The U.S. Senate has voted to confirm Alan Greenspan for a fifth and final term as chairman of the Federal Reserve, clearing him to serve at the Fed into 2006.
MPC dove Nickell joins Welsh think-tank
Professor Stephen Nickell, a member of the Bank of England's Monetary Policy Committee has been appointed to a Welsh economic think-tank.
Report says Welteke rejects fine as too high
Ernst Welteke, who resigned as president of Germany's Bundesbank after accepting hospitality, won't pay 50,000 euros ($60,000) to end an inquiry by the Frankfurt public prosecutor, Welt am Sonntag reported.
Woman may join Germany's 'Five Wise Men'
For the first time a woman looks set to be appointed to the German government's so-called "Five Wise Men" panel of independent economic advisors, an economy ministry spokesman said.
Eurozone inflation rises to 2.5% in May
The European Union (EU) said that inflation in the euro zone grew to an annual rate of 2.5 percent in May from 2 percent in April, due mostly to rising costs of fuel and oil products across Europe.
Swiss National Bank raises interest rates
The Swiss National Bank on Thursday announced it was raising its key interest rate by a quarter percentage point after holding near zero for more than a year.