News
Chilean economy minister leaves post for bank seat
CHILE - Chile's Economy Minister Jose de Gregorio announced late on 18 June that he will step down from his post in order to seek congressional approval to join the Central Bank's five-member monetary policymaking board.
Euro € - Five economic tests have not started yet
UK - Chancellor Gordon Brown has quashed speculation that assessment of the five tests necessary for Britain's entry in the single currency have already begun and narrowly avoided a 'banana skin' during a BBC radio interview on 18 June.
Soros avoids the euro
EUROPE - In an interview with the German Sunday newspaper, Welt Am Sontag, George Soros says that betting on the euro is a mug's game.
Basle 2 'rules will leave banks short of capital'
SWITZERLAND - New rules on the amount of capital international banks must hold have been criticised as failing to meet necessary standards for the regulation of the global banking industry. It is suggested that banks will have an incentive to 'game' the…
Basle 2 'Developing countries fear poor loan loss'
GUATEMALA - The Basle 2 regulations, requiring banks in industrialised countries to make increased provisions for loans to their counterparts in developing countries, would make funds more expensive and scarce for those countries classed as the biggest…
Bank of Japan makes policy board appointment
JAPAN - Shin Nakahara has been appointed to the policy board of the Bank of Japan. He succeeds Susumu Taketomi whose term has ended. Nakahara was deputy president of Bank of Tokyo-Mitsubishi.
Welteke - UK exchange rate problem for euro entry
GERMANY - Bundesbank President Ernst Welteke said on 18 June the chances for a UK entry into European Monetary Union have increased with the re-election of the Labour government, but the current high exchange rate of sterling is a problem.
Euro-zone inflation over 3 percent for first time
EUROPE - Inflation in the 12-nation euro-zone soared to 3.4 percent in May, a surprisingly high increase that pushed the rate above 3 percent for the first time since the European single currency was launched in January 1999.
Tax havens act to avoid sanctions
CARIBBEAN - Some Caribbean tax havens are tightening anti-money laundering rules in an attempt to avoid punitive action threatened by the world's biggest economies.
Canada's inflation target setting could be better
CANADA - The Bank of Canada's new regime for setting inflation targets is an improvement on the old, but the bank could do even better, according to a new report from the C.D. Howe Institute.
BOJ board keeps monetary policy unchanged
JAPAN - The Bank of Japan (BOJ) kept its already super-loose policy unchanged on 15 June, resisting political pressure for even more monetary firepower to stop the economy from deteriorating further.
IMF Sri Lanka trip reviews economic data standard
SRI LANKA - A mission from the International Monetary Fund is in Sri Lanka to assess whether economic data reported by state institutions are transparent and conform to international standards, officials said on 15 June.
German and French central bankers back strong euro
EUROPE - French and German central bankers have reacted to sharp rises in inflation within the euro-zone by reaffirming their support for a stronger euro and expressing confidence about the longer-term inflation outlook.
IMF names first deputy MD and department heads
US - The IMF has confirmed the appointment of Anne Kreuger as first deputy managing director. She succeeds Stanley Fischer who is stepping down.
No plan to change Japanese growth outlook
JAPAN - Japanese Minister of Finance Masajuro Shiokawa said on 13 June that at present, he is not considering revising the government's projection of 1.7 percent economic growth for fiscal year 2001, ending in March 2002.
Hungary introduces inflation targeting system
HUNGARY - The central bank council has approved that the National Bank of Hungary (MNB) operate a monetary system based on implicit inflation targeting, MNB president Zsigmond Jarai announced at a news conference 12 June.
PBC attacks international monetary system
UK - Strong criticism of the current international monetary system was expressed in a paper by an Assistant Governor of the People's Bank of China and delivered on his behalf at a conference on South-East Asia held at the Bank of England, 12 June.
Hacker fears prompt security check for Bacs
UK - The bank system that runs direct debits and electronic payments, Bacs, is reviewing its security amid calls for tighter protection against hackers.
Paraguay appoints chief banking regulator
PARAGUAY - Angel Gabriel Gonzales has been re-appointed as chief banking regulator in Paraguay.
Fed names three senior staff to new positions
US - Three senior Federal Reserve staff will move into new roles at the Federal Reserve Board, the Fed said on 11 June.
New Deputy Governor joins Barbados central bank
BARBADOS - The Central Bank of Barbados has welcomed its new Deputy Governor, Carlos Holder. Mr. Holder took up responsibilities for the Research and Bank Supervision Departments, effective 1 June.
Indonesia Bank deputy takes economic minister post
INDONESIA - Floundering Indonesian President Abdurrahman Wahid reshuffled his economic ministers on 12 June, a move analysts dismissed as pointless and not enough to save him from impeachment in August.
Trichet says there are no divisions on ECB council
FRANCE - Bank of France governor Jean-Claude Trichet said on 12 June that the governing council of the European Central Bank spoke with one voice and had no real difference of opinion with eurozone finance ministers.
Polish MPC should explain not preach
POLAND - Poland's Monetary Policy Council (MPC) needs to explain better to the public the rationale behind its high interest rates or face a "war" with an increasingly hostile government, a top independent economist said on 12 June.