News
AGCC adopts monetary union criteria
Gulf Arab states agreed on Wednesday 7 April on several key criteria to integrate their economic and fiscal policies for their anticipated monetary union, Kuwait's central bank governor said.
Welteke takes leave from Bundesbank
Reports on Thursday 8 April said that the Bundesbank is resisting pressure from the German government to install Deputy Finance Minister Caio Koch-Weser as president to replace Ernst Welteke who agreed to take leave on Wednesday.
Four more countries face stability pact scrutiny
The European Commission has put Britain and the Netherlands under formal surveillance for letting their budget deficits breach an EU target. It also issued a warning to Italy and said it expected Greece to breach the limit.
African common currency 'will open up economies'
The introduction of the "ECO" as a common currency for Ghana, Sierra Leone, Nigeria, Guinea and The Gambia will open up the economies of member states to increase trade and commerce, according to Lanto Harding.
Basel supervisors urge more work on terror funds
Top banking supervisors on Wednesday called for more action to deprive terrorists of funding by sharing information and cracking down on informal money transfer networks.
German government calls for quick Welteke decision
Bundesbank chief Ernst Welteke can be replaced "very quickly" if he resigns or is removed by the central bank over a hotel stay paid for by a commercial bank, the German government said Wednesday.
IMF see 'sweet spot' in financial stability report
The global economy has hit a "sweet spot" according to the International Monetary Fund's April 2004 Global Financial Stability Report, published Tuesday.
ECB accepts planned accounting rules
A report said that the European Central Bank is no longer worried over the introduction of planned accounting rules to help improve transparency in financial reports.
Papademos says 'no' to stability pact changes
Lucas Papademos, vice president of the ECB, has rejected calls for changes to the eurozone's stability and growth pact saying any improvements could be made within the current framework.
ECB appointee against short-term rate changes
European Central Bank appointee Jose Manuel Gonzalez-Paramo has said he opposes "short-term" interest rate moves to stimulate growth.
Welteke asks Bundesbank Board to review conduct
Ernst Welteke said on Tuesday 6 April that he had asked the Bundesbank's executive board to review his conduct in accepting a hotel stay paid by one of the country's major commercial banks. The move follows a decision by Welteke to pay the bill Monday.
Philippines steps up anti-counterfeiting drive
The Bangko Sentral ng Pilipinas (BSP) launched an intensified campaign against counterfeit money on Tuesday 6 April, with the promise of rewards to whistleblowers with information that would lead to the arrest of counterfeiters.
RBNZ foreign exchange intervention principles
The Reserve Bank of New Zealand on 30 March released a letter from the Bank to the Minister of Finance outlining how it intends to undertake foreign exchange market interventions.
BoJ's Haru: deflation unlikely to end this year
Bank of Japan (BOJ) Policy Board member Hidehiko Haru has suggested that Japan is unlikely to overcome deflation by the end of 2004, saying greater increases in consumption holds the key to a full economic recovery.
Report says ECB rate cut 'blocked'
A UK newspaper has reported that the ECB was effectively blocked from cutting interest rates last week after German and Dutch governors resented political pressure to ease eurozone monetary policy further.
Bank of Korea admits system crash
The Bank of Korea has confirmed that its computer network suffered an unprecedented five-hour crash on Friday reducing the central bank to executing transactions with faxes.
Italy calls for stability pact revamp
Italy has demanded a revamp of the EU Stability and Growth Pact to devote more attention to nurturing economic growth than curbing deficits.
Poland says to adopt euro by 2007
Poland, which on May 1 will become a member of the European Union, should adopt the euro as its national currency by 2007, the country's central bank chief said.
Silver euro unveiled to mark EU expansion
The European Union's Irish presidency unveiled a special 10-euro silver coin on Saturday minted to commemorate the bloc's upcoming historic enlargement.
Bundesbank chief Welteke pays disputed bill
The president of the Bundesbank sought to head off calls for his resignation on Monday by agreeing to pay back a controversial luxury-hotel bill which was covered by a private bank.
IMF agreement close as Lemierre pulls ahead
EU finance ministers hope to thrash out agreement on Europe's choice for the next head of the International Monetary Fund at weekend talks, the EU's Irish presidency said this week.
Gaddafi calls for African central bank
The Libyan "Leader of the Revolution" Colonel Muammar Gaddafi has called for the establishment of an African Central Bank.
Hearing set for ECB Board candidate
A hearing for the nominee for a position at the Executive Board of the ECB will take place on Tuesday 6 April.
Ex cb chief banned from leaving Haiti
Haiti's new justice minister has barred 37 members of the former government from leaving the country. Included is former central bank governor Venel Joseph.