Opinion
Bulwarks against chaos
The sixtieth anniversary of the Bretton Woods agreement has prompted comment in the media and provided a peg for a number of conferences. At least two of these were held last month in beautiful surroundings in Italy. The Editor of Central Banking journal…
Central bank coxswain can't fully trust the crew
The Bank of England sees its role as a manager of other people's behaviour, this article says. A bit like the coxswain in a rowing race, the Bank both barks out orders and has a well-trained hand on the tiller. Central bankers, inevitably, like to think…
IRAQ'S NEW CENTRAL BANK
In April 2003 the central bank of Iraq was reduced to rubble. Its offices were ransacked, its records burnt, its vaults partly flooded (it sits on the banks of the Tigris), and its governor had fled. One of Saddam Hussain's sons had taken about $1…
Common West African central bank by July 2005
A common central bank for the five West African countries, Nigeria, Guinea, Ghana, Sierra Leone and The Gambia will have begun operations by July 2005, this article says. To be officially known as the West Africa Central Bank (WACB) the policy-guiding…
What's with Greenspan's hawkish talk?
This article says Alan Greenspan's recent more hawkish comments in testimony to Congress on July 20-21 have a lot to do with whom Greenspan was speaking for and to whom he was speaking. Mainly, his stern words about guarding against inflation reflect his…
Retired bank grandees face grilling in BCCI trial
Monday 19 July marks the first day of the Bank of England's defence in the BCCI court case. The final judgement could still be two years away. Special CentralBankNet report.
Earlier release of Fed minutes would help market
This article says the Federal Open Market Committee rarely agree over the wording of the statement on the "why" even when they are unanimous about the "what." It suggests the committee should take a step favoured by some members and rejected by the…
With Euro as a model, group pushes global currency
The first meeting of the Single Global Currency Association met last Friday 9 July, with a modest attendance of seven. The group signed a resolution calling for the nations of the world to develop "a comprehensive plan for the implementation of a single…
WHY AM I HERE?
This week's CentralBankNet Special looks at the differing ways in which central banks define their purposes. One doesn't think of central bankers as being preoccupied with existential questions. But some are. Under Mervyn King's stewardship, for instance…
House prices force velvet revolution at Bank
Revolutions can be noisy affairs but central bankers are known for their inherent conservatism. So if there is a revolution taking place in the corridors of the world's major monetary institutions, we are not likely to hear a great deal about it, this…
Lessons from the past productivity booms
Distinguished lecture on economics in government: Lessons from past productivity booms by Roger Ferguson and William Wascher. The experience in the US suggests that extended periods of strong productivity growth are characterized by innovations in…
Asian central banks see increasing role for euro
This article looks at the growing trend of Asian central banks shifting part of their assets into euros, though the US$ remains the major reserve currency, it says.
Taiwan combining regulators to bring in investors
Taiwan is combining its insurance, securities and banking regulators, reducing the watchdog role of the central bank and the Ministry of Finance, to help lure overseas investors and reduce conflicts of interest. The convergence of institutions is seen in…
Inside the Bank of England
This article asks whether the Bank of England will succeed in trying to contain a housing bubble. An "admirable steadiness" has won Mervyn King a top reputation in the rarefied world of central banking with the BOE being considered by many a model of…
Will ECB independence threaten ECB independence?
The Federal Reserve is about to join the club of central banks that has embarked on a course of normalizing short-term interest rates, this article says ahead of the Fed's much awaited FOMC decision. And with the ECB meeting on Thursday it describes the…
Safety features for credit derivatives
Alan Greenspan is right (and Warren Buffett wrong) about the benefits of credit derivatives. However, argue Ian Marsh and Wolf Wagner, certain safety features need to be in place.
All eyes on Ireland
Ireland's single financial services regulator was a year old last month. Unusually for a single regulatory authority, it has been established as a wing of the central bank. Chief executive Liam O'Reilly spoke to Michael Imeson about its achievements so…
Structural handicaps limiting growth says Trichet
European Central Bank president Jean-Claude Trichet said in an interview published Monday that structural handicaps such as labour market regulations and high public spending are the main limit to European growth.
Interview with Mervyn King
In an interview with Scotland's The Herald newspaper published 15 June, Mervyn King said that the Monetary Policy Committee was not in the business of trying to shock consumers or the market and would only do so when the situation had materially changed…
Independence law for Central Bank of Taiwan
When passed into law, the amended Central Bank Act in Taiwan will define the central bank as "the national bank which exercises its duties independently as prescribed by the law," this article says. Important amendments to the Act include requiring the…
Interview with Professor Rifaat of the IFSB
Increasingly, central banks are working together to ensure consistent regulation of Islamic banks. The latest issues of The Financial Regulator journal includes an interview with Professor Rifaat, Secretary-General of the Islamic Financial Services Board…
Greenspan, his limo rides, and interest rates
The Republican central banker's visits to the White House have nearly quadrupled since Bush replaced President Clinton, according to this article. His visits lead to two intriguing questions, the article says. How involved is the Fed chairman in setting…
The extraordinary Greenspan
This editorial from The Washington Times says it is quite unlikely that the American and world economies would have experienced such good fortunes as they have over the past 20 years were Mr. Greenspan not leading the world's most powerful central bank…