News
ECB's Papademos seeks Commission role on pact
The ECB's vice-president has said the weakest aspect of the Stability and Growth Pact is the arrangement for enforcing it, the Irish Times reported. 'It is essential that greater flexibility and pragmatism in the implementation of the Stability and…
Saddam's son took $1bn from central bank pre war
A report in the New York Times said that just before the war in Iraq began US$1bn in cash was removed from the central bank by one of Saddam Hussein's sons. Three tractor-trailers were needed to cart the money off, an Iraqi official said and it took a…
Philippine c bank chief returns to work
After spending the last two months in the US for medical treatment Governor Rafael Buenaventura of the Philippines central bank will return to work this week, the Philippine Daily Inquirer reported.
Bank of Israel supervisor cleared by comptroller
The Bank of Israel's supervisory office has been cleared of a direct failure in monitoring the embezzlement at Trade Bank Ltd.
Brazil debates intervention in currency market
A debate has emerged in Brazil regarding the central banks intervention in the currency market after the government said last week it would not be desirable for the real to strengthen further.
No to the euro will cost the UK
The costs are certain for the UK in delaying joining the euro - but the benefits are not - argues a report by 11 world-renowned economists published today. CentralBankNet reports from the presentation.
Strike in Israel disrupts central bank operations
A cut in interest rates by the Bank of Israel will not come into affect until bank business resumes as the country is currently gripped by a national strike Reuters reports.
Bundesbank's Stark unconcerned about euro rise
In an interview Vice President of the Bundesbank reported by Reuters, Juergen Stark said the global economy was not heading towards a major crisis and pointed to the fact that a strong euro made imports - particularly oil - cheaper, stimulating the…
Ireland's long awaited financial regulator arrives
The Irish government has launched the new Central Bank and Financial Services Authority of Ireland, according to a report by BizWorld. Described as a historic day by the governor, John Hurley, the new Authority will establish a code of conduct for banks,…
Argentine c banker: priorities for new president
The head of Argentina's central bank Alfonso Prat Gay said on Thursday 1 May that the new president of Argentina, to be elected this month, should put sustainable growth at the top of the agenda and establish a long-term IMF deal and debt restructure,…
Swedes become more hostile to the euro
Four polls since 15 April suggest opponents of the euro outnumber supporters in Sweden by an average of 8 per cent, according to report by Bloomberg. This compares with six months ago when pro-euro campaigners led by 3 percentage points.
Norway's plans to sell Royal Mint stir up storm
Norway's central bank has said that by 2007 it will not be economically feasible to print notes and mint coins in the country, according to Aftenposten, but the move has caused controversy with many saying that printing notes and coins has "symbolic…
Brazil's Copom resisted April rates cut
Minutes of Brazil's central bank Copom meeting released on Friday 2 May showed that the bank resisted cutting interest rates in April as although inflation slowed in March, it failed to ease at the pace predicted, according to AE Brazil.
BoJ chief ignores bank share pressure
Speaking on Friday 2 May, Bank of Japan chief Toshihiko Fukui said the central bank cannot take limitless risk, which is a job that only the government can do. His comments, reported by Associated Press, were a response to government pressure to step up…
Senior appointment at the RBA
The Reserve Bank of Australia announced on Wednesday April 30 that its head of economic analysis, Guy Debelle, will take a year's leave at MIT and be replaced by Dr Philip Lowe.
ECB opinion on appointment to the Executive Board
ECB Opinion on the appointment of a member of the Executive Board of the ECB, 30 April 2003.
EC transfers payments system observatory to ECB
The electronic Payment Systems Observatory has been successfully transferred from the European Commission to the European Central Bank, 30 April 2003.
Japan vice finance minister praises BOJ move
The Bank of Japan's decision to further relax its ultra loose monetary policy gained support from the government on Thursday 1 May,when Vice Finance Minister Masakazu Hayashi said he hoped the move would have a positive effect on the economy, Reuters…
Iraq war effect on Mideast less severe - IMF
An IMF official told Reuters on Thursday 1 May that the Iraq war was unlikely to have as severe an effect as expected on the Middle East economy because the conflict was relatively short.
Monetary policies working well for Canada: Dodge
Canadian Press reported that Bank of Canada chief David Dodge said on Wednesday 30 April that the Canadian dollars independence from the US has allowed it to rise in recent months, on the back of a strong economy, while the US has suffered sluggish…
NY Fed hopes to name new chief in coming weeks
The head of the committee to find a successor for the New York Fed's retiring President William McDonough said the Bank hopes to make an announcement in the next few weeks, according to a Reuters report.
Central bank governor says Turkey doing well
The governor of Turkey's central bank said on Wednesday 30 April that political tensions should not be allowed to influence the economy, according to aMSNBC report.
Snow outlines US Iraq help with new central bank
US Treasury Secretary John Snow said on Wednesday 30 April that priorities in Iraq will include restoring the Finance Ministry and central bank and establishing a sound national currency, according to Associated Press.
Fed held conference calls on economy during war
An early draft of Alan Greenspan's testimony to the House of Representatives Financial Services Committee which was apparently released in error, revealed that the FOMC held regular conference calls during the Iraq war to monitor the US economy,…