News
Dinkic and Zivkovic hold 'constructive' talks
Serbia's national bank governor, Mladjan Dinkic, held what were described as constructive talks with the premier on Wednesday 9 April, according to a report by Beta News. . The finance minister also through his support behind Dinkic after the recent…
Bank of England holds interest rates steady
As most analysts predicted, the Bank of England held interest rates steady at 3.75 on Thursday 10 April amid continuing uncertainty, reports the Financial Times.
Outlook clouded but inflation to ease: ECB
Even though the war in Iraq has increased uncertainty somewhat the European Central Bank said on Thursday in its monthly bulletin that it expected inflation to drop back below its 2 percent target this year, according to Reuters.
ECB should tolerate higher inflation - IMF report
The IMF's semi-annual World Economic Outlook report released on Wednesday 9 April urged the ECB to loosen its inflation target slightly to help stave off the threat of deflation for weaker eurozone economies such as Germany, according to Reuters.
Court to rule on euro symbol ownership
A court was due to rule on Thursday April 10 whether the ECB owns the "€" symbol representing the euro, reports Business & Finance. British company Travelex claimed the use of the logo was a blatant rip off of its own logo, which it has used since 1989.
US plan to e-process checks has critics
A Federal Reserve proposal to allow banks to process checks electronically and substitute a new type of check for traditional paper checks has been endorsed by the banking industry, says Associated Press. But consumer groups say it would increase the…
Brussels forecasts Italy will break deficit rules
According to a report in the Financial times, the European Commission says Italy is likely to break the stability and growth pact's deficit limit of 3 per cent of GDP in 2004.
Malaysia's central bank governor's term extended
The governor of Malaysia's central bank Datuk Dr Zeti Akhtar Aziz has been reappointed for another three year term. The move reinforced confidence of the political leadership in Dr Zeti's stewardship of the central bank, The Star Online quoted sources as…
Swedish unions fail to support euro entry bid
With Sweden set to vote on the euro in September, the yes camp has suffered a blow, Reuters reports, after a leading union refused to give its backing to the single currency.
Serbia's PM attacks central bank
A report by the Tanjug news agency quoted Serbian prime minister Zoran Zivkovic as saying that the National Bank of Serbia does not exist and that central bank president Mladjan Dinkic could be sacked. However, speaking on Serbian TV Dinkic said he was …
Inflation fighter named Bank of Canada No. 2
W. Paul Jenkins, a deputy governor at the Bank of Canada who has spoken of the need to maintain central bank credibility on inflation control, was named the central bank's senior deputy on Wednesday.
BoJ considers purchase of asset-backed securities
Japan's central bank was reported by the Financial Times as saying on Tuesday 8 April that it may take unconventional steps, such as buying securities, to push the nation's economy toward recovery while keeping cash circulating in the financial system.
Fed plans emergency economic rescue
With new fears of recession the Federal Reserve may be formulating an emergency economic rescue plan, accordintg to a report by Associated Press. The plan could involve three elements including lending massive amounts of money directly to commercial…
Bank of Japan monetary policy meeting release
At its monetary policy meeting held on 8 April the Bank of Japan said continued uncertainty and geopolitical risks meant the Bank would provide liquidity when necessary to secure financial market stability.
Bank of Japan statement on securities purchase
Examination of Possible Purchase of Asset-Backed Securities by the Bank of Japan, 8 April.
EC report casts doubt on eurozone benefits
The European Commission's spring forecast published on Tuesday 8 April said growth rates in euro member countries was lower than for EU members outside the single currency, the Financial Times reported.
Strengthening of the US financial system
A Regulators Issue Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System was published on 8 April. The paper identified sound practices to strengthen the resilience of critical U.S. financial markets.
Budget: UK euro decision date set for June
In his annual budget address on Wednesday 9 April UK chancellor Gordon Brown said that the decision on whether Britain had passed the five euro entry tests would be made public by the first week of June, according to Reuters. He also praised the Bank of…
Bank of Canada appoints Jenkins
The Bank of Canada announced the appointment of Paul Jenkins as Senior Deputy Governor in a press release, 9 April.
IMF Managing Director Issues Statement on Turkey
Turkey has finally fulfilled the conditions for obtaining its latest loan tranche from the IMF. The letter of intent sets out further reforms aimed at fixing shaky public finances and transforming the state dominated economy into a free market system.
Venezuela c bank rejects interest rate demands
Demands from President Hugo Chavez that the central bank of Venezuela reduce interest rates have been rejected, reported Associated Press. A director at the bank said pressure to impose rates would be resisted.
Iraqi central bank looted by residents
A report from Associated Press on the war in Iraq contained details of what was described as looting at the central bank in Baghdad. The looting apparently included the removal of carpets, chairs and other fixtures from the Bank.
ECB chief to stay on while successor found
The weekend meeting of Ecofin in Athens agreed a deal whereby ECB president Wim Duisenberg will stay on until a successor can be named, according to a Reuters report. "I will be president of the European Central Bank up until the day that my duly…
Architects compete to design new ECB premises
The ECB has selected 80 architects to submit a design for the bank's new premises. The design must meet "the requirements of a modern central bank in the 21st century serving an enlarged euro area".