Central Banking
Bulgarian National Bank - Annual Report 2004
According to the Bulgarian National Bank's Annual Report 2004, economic growth in Bulgaria accelerated to 5.6 per cent in 2004.
Europe must relax inflation test for euro entrants
According to this article by Willem Buiter, published Thursday 4 May, forcing eurozone membership candidate countries to meet both an exchange rate criterion and an inflation criterion makes no economic sense.
Why India badly needs a new financial regulator
With two of its stock markets now among the world's five most active, India badly needs a modern financial regulator, according to this article published Thursday 4 May.
Is the IMF still useful?
IMF reform has been on the policy agenda for a long time. In the last year, however, reform discussions acquired a new sense of urgency, this article by Barry Eichengreen published Thursday 4 May says.
China needs more Volcker and less Greenspan
According to this article published Monday 1 May, China's recent increase in interest rates may have the opposite effect to what was intended. The move may boost the economy, instead of slowing it, it says.
Fed's Bies on current bank capital and market risk
In the speech 'Supervisory perspective on current bank capital, market risk, and loan product issues' given on 4 May Susan Schmidt Bies of the Federal Reserve said top bank managers must be involved to make sure their institutions' exposure to risks is…
Comment: Trichet sounds his warning
After having made it clear that an interest rate increase was highly unlikely, the ECB's monetary policy meeting this week was all about how to signal future rate hikes pencilled in for later this year. Jean-Claude Trichet's message yesterday, 3 May, was…
Information & interest rate-setting central banks
The Working Paper "How much information should interest rate-setting central banks reveal?" extends Morris and Shin's model to the case where the central bank must anyway convey some information by setting the interest rate.
ECB signals June rate rise
At the ECB's post-meeting press conference, after holding eurozone interest rates unchanged, on Thursday 4 May Jean-Claude Trichet said the Governing Council will exercise strong vigilance in order to ensure that risks to price stability over the medium…
ECB's Gonzalez-Paramo on financial statistics
In the speech 'Financial statistics for a global economy' given on 4 May Jose Manuel Gonzalez-Paramo of the ECB said the global statistical governance for official financial statistics will be guided by the fundamental principles of official statistics…
ADB says growth depends on oil price fall
The Asian Development Bank has said the rapid growth of the region's economies may only be sustained if there is a decline in global oil prices.
Vietnam to issue VND20,000 polymer notes
The State Bank of Vietnam (SBV) will issue VND20,000 polymer notes into circulation from May 17.
ECB warns on Sepa timetable
The European Central Bank has issued a raft of amendments to a draft Directive on harmonising payment services in the EU, and warned that any delays in adoption of the rules could wreck the proposed timetable for the introduction of a Single Euro…
Cayman Islands Monetary Authority - Ann Rep 04-05
According to the Cayman Islands Monetary Authority's Annual Report 2004-2005, the Authority completed its second full year of operational independence from the Cayman Islands Government during the period under review.
RBA raises interest rates 0.25%
The Reserve Bank of Australia raised interest rates to a 5-year high of 5.75% on Wednesday 3 May. "The Board judged at its May meeting that inflationary risks had increased sufficiently to warrant an increase in the cash rate," RBA governor Ian…
Bernanke couldn't be clearer -- You hear that?
According to this article published on Wednesday 3 May, although virtually all reporters treat discussions at social events as being off-the-record, Ben Bernanke wasn't cautious enough about the ground rules when he chatted with journalists at the recent…
Issing's views return to fashion
Just as he prepares to leave the European Central Bank, Otmar Issing's views are coming into fashion, according to the article 'Issing's views return to fashion as he prepares to leave ECB' published on Wednesday 3 May.
Fed and ECB communications stumble
Things have gone somewhat awry the past month for major central banks which pride themselves on clear communications, this article published on Tuesday 2 May reports.
Gieve urged to resign from BoE
Sir John Gieve, deputy governor of the Bank of England, is being urged to resign following revelations of financial mismanagement at the Home Office, where he was permanent secretary, The Independent on Sunday reported on 30 April. The report said the…
Too early to declare end of deflation - Koizumi
Japanese Prime Minister Junichiro Koizumi told reporters on Tuesday 2 May that it's too early to declare an end to deflation in Japan.
Exporters should watch Swiss franc says SNB chief
Swiss National Bank president Jean-Pierre Roth said in an interview that Swiss exporters should keep a close eye on the Swiss franc and protect themselves for possible volatility.
Ringgit rise 'orderly' says Malaysia
Malaysia has said the strengthening of the ringgit currency to an eight-year high against the dollars is "orderly" and in line with expectations, newspaper reports said.
Fed's Bernanke on community revitalization
In the speech 'Community revitalization: Lessons from Anacostia' given on 3 May Ben Bernanke of the Federal Reserve said reviving economically distressed communities takes teamwork between the government and private developers and a creative vision of…
Comment: Global impacts of US monetary policy
A recent ECB working paper finds that emerging markets stock markets returns can be reduced by more than 10% in response to a 100 basis point increase in US monetary policy rates. On average global equity markets fall by 3.8%.