United Kingdom
Bank of England Financial Stability Review, Dec 04
The Bank of England published its latest Financial Stability Review for December 2004 on Monday 13 December. Near-term credit, market and liquidity risks to UK financial stability have remained subdued since the June Review, and the immediate prospects…
State Street on the dollar
John Nugee of State Street Global Advisors, formerly of the Bank of England, has today released an analysis of the dollar problem. The paper argues that the main effect of the dollar weakness on central banks' willingness to hold dollars may be felt not…
Former MPC member to oversee Blunkett inquiry
Sir Alan Budd, a former member of the Bank of England's Monetary Policy Committee, has been commissioned by John Gieve, the Home Office permanent secretary, to undertake an "urgent investigation" into claims that Home Secretary David Blunkett fast…
BoE's King on facing up to uncertainty
In the speech 'What fates impose: Facing up to uncertainty' given on 1 December, Mervyn King, governor of the Bank of England said that transparency about what we know and what we don't know, far from undermining credibility, helps to build trust and…
BoE's King says UK growth 'a little stronger'
Bank of England Governor Mervyn King told the Treasury Committee on Tuesday 30 November that economic growth in the UK will probably pick up in the fourth quarter and remain at a rate that will bolster inflation in the next two years.
BoE's Bean on the UK economy
In a speech given on 25 November, Charles Bean of the Bank of England said considerable uncertainties surround the UK economic outlook.
BoE's Lomax on stability and statistics
In a speech on 'Stability and statistics' given on 23 November, Rachel Lomax of the Bank of England said that the past decade has been a time of unparalleled stability for output and inflation, creating a much better climate for business. She says it is…
BoE's Large on Financial Instrument Accounting
In the speech 'Financial Instrument Accounting' given on 22 November Andrew Large of the Bank of England said it is essential that accounting standards have a clear economic rationale, promote comparability and secure adequate disclosure.
Bank of England MPC Minutes, 3&4 November
The minutes from the 3 and 4 November meeting of the Monetary Policy Committee of the Bank of England were released on 17 November. The minutes showed that policymakers preparing their quarterly forecasts saw growth near trend and inflation on course to…
Caruana: what is next for Basel
Remarks by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the "Basel II: Reality Check" Conference, London, 10 November 2004.
Devaluation dangers for the United States
Large cross-border holdings of foreign assets and liabilities mean that exchange rate adjustment has grown in importance relative to the traditional trade balance channel, argue the authors of a new CEPR discussion paper. The paper empirically explores…
Bank of England Inflation Report, November 2004
The Bank of England published its November 2004 Inflation Report on 10 November. In the report the Bank cut its forecast for UK economic growth in 2005 to about 2.5 per cent from 3.1 per cent and said that inflation may accelerate less than expected.
UK Treasury's Brown sees recovery 'uncertainties'
UK Chancellor of the Exchequer Gordon Brown said in a speech that resilience of the global economic recovery is more uncertain in the face of rising oil prices and currency fluctuations.
BoE paper on monetary policy rules
This Bank of England Working Paper evaluates the performance of three popular monetary policy rules where the central bank is learning about the parameter values of a simple New Keynesian model. The paper argues that adopting integral representations of…
BoE's Lambert sees `low and stable' inflation
UK inflation probably will remain ``low and stable'' amid slowing economic expansion and subdued wage growth, Bank of England policy maker Richard Lambert said, indicating he sees little immediate need for higher interest rates.
Bank of England MPC Minutes, 6&7 October
The minutes from the 6 and 7 October meeting of the Monetary Policy Committee of the Bank of England were released on 20 October. All nine MPC members voted to keep interest rates unchanged at 4.75 percent this month, while there seemed to be no…
BoE's Central Banking courses 2005
The Bank of England's Centre for Central Banking Studies has published a provisional list of Seminars and Workshops to take place in London in 2005.
BoE's King: UK economy may be in 'soft patch'
Bank of England Governor Mervyn King said that five interest rate rises since November are slowing consumer spending, suggesting rates may not need to rise much further. His comments came in an interview after a speech in which he said the current…
George says France, Germany right to flout pact
Lord George, the former Bank of England governor, has hit out at the European Central Bank in an interview to be published this week, saying that its recent actions are damaging confidence in the eurozone's monetary policy.
BOE's Bell: Spending revisions meet expectations
Bank of England Monetary Policy Committee member Marian Bell said a decision by the statistics office to revise down figures for consumer spending in the second quarter matched the Bank's own expectations.
Bank of England Quarterly Bulletin, Autumn 2004
The Bank of England released its Quarterly Bulletin Autumn 2004, on 24 September. Declines in UK house prices may have a smaller impact on consumer spending than in the 1980s, even after households racked up more than a trillion pounds of debt ($1.8…
After the EU Financial Services Action Plan
A joint document by HM Treasury, the Financial Services Authority and the Bank of England "EU Financial Services Action Plan: UK Response to the Reports of the Four Independent Experts Groups, September 2004" was published on 24 September.
Former governors to give evidence in BCCI case
The Bank of England will call on former governors as it resumes the defence of its role in the collapse of the Bank of Credit and Commerce International.
Bank of England voted 9-0 to hold rates in Sept
The Bank of England said on Wednesday 22 September that it voted 9-0 to hold rates at 4.75 per cent in its 8 and 9 September MPC meeting. The Bank noted that recent labour market data was "surprisingly weak," though inflationary pressures were still…