United Kingdom
Bell to leave Bank of England's MPC
The UK Chancellor, Gordon Brown, on Thursday 26 May announced the appointment of David Walton to the Bank of England's Monetary Policy Committee (MPC) to succeed Marian Bell. The appointment will take effect on 1 July.
BoE's Lambert on monetary policy-making
In a speech on 'Monetary policy-making: Fact and fiction' given on 24 May, Richard Lambert of the Bank of England reflects on his two years on the MPC and on the uncertainty inherent in setting monetary policy.
BoE's Tucker reappointed to MPC
Paul Tucker, Executive Director for Markets at the Bank of England, has been reappointed for a further three-year term as a member of the Monetary Policy Committee with effect from 1 June 2005.
Euroclear appoints John Trundle MD
Euroclear SA/NV announced on Thursday 19 May that John Trundle will become Managing Director and head of Risk Management for the Euroclear group, effective 6 June.
Mervyn King and the invisible hand
Bank of England governor Mervyn King delivered a speech this week in which he revealed his "Maradona theory of interest rates" based on the Argentine legend's second goal against England in the 1986 World Cup quarter-final.
BoE's Large on a framework for financial stability
In a speech on 'A framework for financial stability' given on 18 May, Andrew Large of the Bank of England cautioned that new entrants such as hedge funds and insurers have become active in derivatives at a time when the depth of the market is still…
BoE's King on monetary policy practice and theory
In a speech on 'Monetary policy: Practice ahead of theory' given on 17 May, Mervyn King of the Bank of England put forward his views on the virtues of an inflation targeting regime, attributing economic stability in the UK over the last decade to its…
Bank of England voted 8-1 to hold rates in May
The Bank of England's minutes from its May Monetary Policy Committee meeting released on Wednesday 18 May revealed policy makers voted 8- 1 to keep interest rates unchanged in May with Paul Tucker rejoining the majority, dropping his call for an increase.
BoE's Bell on communicating monetary policy
In a speech on 'Communicating monetary policy in practice' given on 17 May, Marian Bell of the Bank of England said that in her experience the MPC is straightforward in its communications. The MPC doesn't spin, nor is it disingenuous.
Bank of England Inflation Report, May 2005
The Bank of England published its May 2005 Inflation Report on 11 May. In the report the Bank said it expects CPI inflation to rise above the 2 pct target in the near term due to temporary factors before settling back to the 2 pct level over the two year…
Bank of England appoints Head of Internal Audit
The Bank of England announced on Thursday 5 May that Stephen Brown has been appointed Head of Internal Audit with effect from 4 July.
UK's Brown says IMF gold sales plan 'on the table'
British finance minister Gordon Brown said on Monday 25 April that his proposal to sell the International Monetary Fund's gold to finance debt relief for poor countries was still on the British agenda in spite of opposition from the US.
Bank of England MPC Minutes, 6 & 7 April
The minutes from the 6 & 7 April meeting of the Bank of England's Monetary Policy Committee published on Wednesday 20 April showed policy makers voted 7- 2 to keep interest rates unchanged this month, the same split as in March, with the majority saying…
UK's Brown rejects IMF recommendations
The Statement by the IMFC, the Fund's governing body, released on SaturdayApril 16 calls for surveillance by the Fund over all countries to remaincentral to its work.
Before & after the Bank of England's independence
This Working Paper investigates how the increase in transparency brought about by the Bank of England's operational independence has changed the way in which markets react immediately after economic announcements.
Bank of England Inflation Attitudes Survey, Mar 05
The Bank of England's February/March 2005 Inflation Attitudes Survey asked about the future path of interest rates, with 56% expecting rates to rise in the next 12 months, only slightly down from the 57% recorded in November.
BoE's King: Treasury Committee Opening Statement
In a statement to the Treasury Committee on Thursday 24 March, Bank of England governor Mervyn King said that consumer spending has turned out to be significantly weaker than policymakers had expected.
Bank of England MPC Minutes, 9 &10 March
The minutes from the 9 &10 March meeting of the Bank of England's Monetary Policy Committee published on Wednesday 23 March showed Paul Tucker voted for the second month in a row to raise interest rates, and was joined by deputy governor Andrew Large,…
BoE's Barker on monetary policy in the UK
In a speech on 'Monetary policy in the UK - The framework and current issues' given on 21 March, Kate Barker of the Bank of England said the operational independence of the Bank is crucial, but the need to command wide spread public support for central…
BoE's Lomax on inflation targeting in practice
In a speech on 'Inflation targeting in practice: Models, forecasts and hunches' given on 12 March, Rachel Lomax of the Bank of England said inflation forecasts are "highly fallible" and the BoE should ignore calls from bodies such as the IMF to produce a…
Bank of England Quarterly Bulletin, Spring 2005
The Bank of England released its Quarterly Bulletin Spring 2005, on 14 March. The Bulletin includes the article "Inside the MPC" in which Richard Lambert explains what life is like as a member of the MPC.
BoE's Bell on real interest rates and inflation
In the speech 'A matter of no small interest: Real short-term interest rates and inflation since the 1990s' given on 2 March, Marian Bell of the Bank of England said the level of interest rates consistent with full employment and a stable economy has…
The Bank should act soon
The Bank of England should act soon to raise interest rates, according to this article published on Friday 4 March by the Financial Times. With a general election expected in May, the Bank risks being accused of political motivations if it doesn't hike…
RTGS & hybrid payment systems: a comparison
This Bank of England Working Paper published on Tuesday 1 March contrasts Real-Time Gross Settlement and hybrid payment systems that are based on payment offset, using a two-period, multi-bank model. It finds that hybrid payment systems outperform RTGS…