News
EU Parliament approves Gonzalez-Paramo to ECB
The European Parliament on Monday 19 April endorsed Spain's Jose Manuel Gonzalez-Paramo to succeed ECB board member Eugenio Domingo Solans next month.
Liikanen appointed Bank of Finland governor
Erkki Liikanen was appointed Governor of the Bank of Finland today (23 April) by the President of Finland. He will take up his duties from 12 July.
Focus on Weber, the Bundesbank's surprise choice
Little was known about economics professor Axel Weber, the German government's surprise choice to head the Bundesbank this week, who told a news conference on Wednesday 21 April that he jogs to relax.
Volcker to probe Iraq oil for food program
Paul Volcker, the former chairman of the Federal Reserve, began a high-level investigation on Wednesday 21 April into allegations of kickbacks and bribes in the UN-run oil-for-food program for Iraq.
Interview with ECB president Jean-Claude Trichet
In an interview published on Friday 23 April, Jean-Claude Trichet said the European Central Bank is proud to be a central bank with one of the highest levels of predictability. He also said he was struck by the pessimism shown by many on the potential…
Meirelles: Brazil's inflation target won't change
Brazilian Central Bank President Henrique Meirelles said on Thursday 22 April that the strict inflation targets set for 2004 and 2005 would not budge despite investor fears they may hinder badly needed growth.
Fed's Ferguson: no threat from current account gap
Speaking on Friday April 23, Roger Ferguson, Vice Chairman of the Federal Reserve, said that there was no reason to fear that the process of reining in big US trade deficits would disrupt global economic activity.
Trichet defends ECB stance on rates
ECB president Jean-Claude Trichet said in an interview that the bank is "neutral" on interest rates but insisted any changes in the economic outlook will be considered. He also said the sharp rise in oil prices poses a risk to the global economy unless…
Kansas Fed's Hoenig expects US growth this year
The president of the Kansas Fed said Thursday night that he expects a 4 1/2 percent to 5 percent increase in U.S. gross domestic product this year.
Constancio: EU's 10 new members must curb deficits
Vitor Constancio, the governor of the central bank of Portugal, said Friday that the 10 countries set to join the European Union on May 1 should remain outside the eurozone until their public deficits are well below the EU's three percent limit.
Welteke's parting words
Here we republish Ernst Welteke's personal statement on his resignation from the Bundesbank. In the statement Welteke said the Bundesbank's independence continued to be flouted and that the trust between himself and the Ministry of Finance had been …
Fukui to visit Washington for G-7, IMF meetings
Bank of Japan (BOJ) Governor Toshihiko Fukui will visit Washington for a five-day stay from Thursday 22 April to attend weekend meetings of the Group of Seven (G-7) finance ministers and central bank chiefs, the BOJ said Wednesday.
Meirelles tells Wall St Brazil is on right track
Brazilian Central Bank President Henrique Meirelles attempted to calm investor worries over Brazil on wednesday 21 April by stressing that the economy would meet its fiscal targets for 2004.
IMF upgrades outlook for world economic growth
The International Monetary Fund said in its twice-yearly World Economic Outlook report that it was lowering its 2004 eurozone growth estimate by a tenth of a point from its forecast last September, to 1.7 percent.
Report says China to move towards floating rates
A senior Chinese official told the UK Financial Times that Beijing no longer favours a fixed exchange rate and will move toward a floating system as part of reforms to loosen capital controls and give market forces more scope, the newspaper reported…
Sweden's Heikensten on financial developments
Sveriges Riksbank Governor Lars Heikensten on Tuesday 20 April spoke in Vastervik at a seminar. Besides touching upon future developments in inflation, Heikensten discussed some financial aspects.
Bank of England MPC Minutes 7/8 April
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 21 April for the meeting of 7 and 8 April 2004. Eight of the nine MPC members opted to keep interest rates unchanged with only deputy governor Andrew Large supporting a…
BOJ's Suda says must tolerate rate rises
Bank of Japan Policy Board member Miyako Suda said on Wednesday 21 April that small rises in interest rates need to be tolerated because they reflect Japan's recovering economy.
Stability Pact crucial for EMU says Trichet
ECB President Jean-Claude Trichet said on Dutch television that the stability pact was crucial for the European Monetary Union and that the Netherlands had taken appropriate steps to avoid a budget deficit of above three per cent.
Speed of US rate rise key - Padoa-Schioppa
The risks to the US economy from a rise in US interest rates will depend on the speed at which the Federal Reserve moves, European Central Bank executive board member Tommaso Padoa-Schioppa said on Tuesday 20 April.
Vigorous growth yet to produce inflation-Greenspan
Federal Reserve Chairman Alan Greenspan said on Wednesday 21 April in testimony titled "The economic outlook" that the U.S. economy is in a `vigorous expansion' that has not yet produced `broad-based' inflation pressures.
Germany nominates new central bank head
An economics professor, Alex Weber, is the German government's surprise choice for Bundesbank president. Government officials officially nominated the 47-year-old University of Cologne professor after a cabinet meeting on the morning of Wednesday 21…
Minutes from the Sveriges Riksbank Meeting, 31 Mar
Minutes of the Sveriges Riksbank Executive Board meeting on 31 March, published 20 April. The minutes said the Swedish economy would recover gradually and largely follow the developments estimated in the Riksbank's December Inflation Report. This meant…
OECD calls for eurozone interest rate cut
Eurozone interest rates should be cut by the European Central Bank, the head of the OECD suggested Monday.