News
Eurozone inflation edges higher
The eurozone inflation rate rose a further point to 2.3 percent it was revealed on Monday. The ECB is not considered to be worried about inflation at the moment with Ernst Welteke recently saying the bank expected inflation would head downwards.
Bank of Japan Press Release
PRESS RELEASE - Bank of Japan, Monetary Policy Meeting held 19 November.
Swedes to hold euro referendum
SWEDEN - Sweden gets the go ahead for a euro referendum from the government but as we reported last week deputy governor of the Swedish Central Bank, Eva Srejber, thinks 2006 is a realistic timetable for Sweden to enter EMU. Swedish trade unionists…
Bundesbank chief gives backing to EU growth pact
GERMANY - Bundesbank president Ernst Welteke, who sits on the ECB's interest rate setting council, throws his support behind the stability and growth pact which was labelled "stupid" by Romano Prodi recently. "The increasingly open attacks on the pact…
Bank of Japan to begin share buying plan next week
JAPAN - Japan's shock move to purchase equities in a bid to solve the banks bad loans crisis will begin next week. Last week Japan's FSA brought further concern suggesting that the problem could have been underestimated by as much as Y13,000bn.
French drive for securities regulator
FRANCE - The debate over whether Europe should have a single securities regulator continues as Paris based Eurofi, which has close links with the French government, plans to publish proposals based on a poll of financial services companies.
German coins make their mark in the eurozone
GERMANY - Though recent surveys suggest many Germans want their old marks back, it looks like German minted euro coins are poised to flood across borders. Because a third of all euro coins are produced with German national images on the reverse some…
Who Will Be the Next Fed Chairman?
US - Speculation grows as to Alan Greenspans possible successor. A recently compiled list of candidates suggests a Harvard University professor, Martin Feldstein, is a strong contender.
Gov't raising Philippine inflation target for 2003
PHILIPPINES - The Bangko Sentral ng Pilipinas has convinced the Development Budget Coordination Committee to adjust upward the inflation target for 2003 to a range of 4.5 to 5.5 percent from the original target of 4-5 percent.
'Effective micro-finance system needed' in India
INDIA - The Reserve Bank of India has said it plans to put in place a 'more vibrant' micro-finance delivery environment by encouraging complementary and competitive models of micro-finance.
Uzbek council formed to liberalise banking
UZBEKISTAN - Following a September visit from the IMF during which liberalization of the economy was discussed, Uzbek President Islam Karimov has moved to reform the banking system through a National Banking Council.
New financial regulator chief named in Ireland
IRELAND - The new Irish Financial Services Regulatory Authority has appointed Liam O'Reilly, a member of the ECB Banking Supervision Committee, as its chief executive.
IMF Issues Press Statement on Argentina
PRESS RELEASE - Ms. Anne Krueger, First Deputy Managing Director of the International Monetary Fund (IMF), underlined outstanding problems to be resolved between the Fund and Argentina in a statement on 14 November.
Sveriges Riksbank Press Release
PRESS RELEASE - Repo rate lowered 0.25 percentage points to 4 per cent, 15 November.
Swedish central bank cuts rates
SWEDEN - The Riksbank, the Swedish central bank, cut its key repo rate by 25 basis points to 4 per cent on Friday, warning there were clear signs of a weakening in industrial activity and exports.
Rising Spanish inflation widens eurozone gap
SPAIN - Inflation jumped a full percentage point in October to a year-on-year rate of 4 per cent, widening the differential with other eurozone.
Sterling coins may contain more nickel than euros
UK - Britain in Europe (BiE), a lobby group who campaign for UK entry to the euro, have come up with the perfect riposte to euro sceptics who complain that the euro coins contain high levels of nickel which can cause skin irritation. A Europhile lobby…
Fin min - Polish currency strength temporary
POLAND - Minister of Finance and Deputy Prime Minister Grzegorz Kolodko says he would like a lower exchange rate and wants the central bank to help.
Argentina defaults on World Bank loan
ARGENTINA - The Argentine government on Thursday took the extraordinary step of defaulting on a loan repayment to the World Bank, in a sign of its intense frustration over negotiations with the bank's sister institution, the International Monetary Fund.
Korea - Inflationary pressures likely to mount
KOREA - Consumer-price inflation will likely accelerate in coming months due to wage hikes and the recent rise in international oil prices, the Bank of Korea (BOK) said Thursday.
Russian gov't agrees to currency control removal
RUSSIA - Russia's government agreed in principle Thursday on a draft of a law that would abolish almost all currency controls by 2007.
Indian banks cautioned on risks in e-banking
INDIA - The Reserve Bank of India has cautioned Indian banks about the inherent risk factors that accompany the introduction of high-tech electronic delivery system in the banking sector.
MAS Press Release
PRESS RELEASE - MAS seeks industry comment from financial institutions on technology risk management guidelines, 11 Nov.
Former Canada c bank chief reveals row in new book
CANADA - Former Bank of Canada governor John Crow reveals in a new book 'Making Money' that a political row with the finance minister over inflation targeting prevented him from taking up a second term as head of the central bank.