Central Banking
No set course for rates says ECB's Noyer
Bank of France governor Christian Noyer said on Tuesday 16 May that the European Central Bank has not decided on a predetermined direction for eurozone interest rates and will consider the economic data.
Comment: The commodity boom revisited
A recent research note by Morgan Stanley chief economist, Stephen Roach, provides some interesting numbers on the extent and historical significance of the current commodity boom.
Weber on oil price shocks and monetary policy
In the speech 'Oil price shocks and monetary policy in the euro area' given on 11 May Axel Weber of the Deutsche Bundesbank said the inflationary risks connected with runaway record oil prices are likely to increase as the economic recovery in the…
ECB's Trichet on two successes of the euro
In the speech 'Two successes of the euro: the single monetary policy and European financial integration' given on 11 May Jean-Claude Trichet of the ECB said that the central bank is on high alert over inflationary dangers, is exercising "strong vigilance…
How bold a move from the ECB?
According to this article published Friday 12 May, a rate increase at the European Central Bank's upcoming meeting is almost certain, with estimates ranging between 25 and 50 basis points.
Comment: Inflation expectations
Ever since Milton Friedman's famous analysis of the "leads and lags" between interest rate changes and price- and output movements in 1961, the need for "forward-looking" monetary policy has been universally accepted.
FX reserves, US deficits and global imbalances
This article published Thursday 11 May provides detailed information on foreign reserve holdings. Global reserves continue to mount this year, it says, amid renewed downward pressure on the U.S. dollar and a fresh rise in oil prices.
Bahrain Monetary Agency - Annual Report 2004
According to the Bahrain Monetary Agency's Annual Report 2004, in 2004, the global economy experienced one of its strongest years of growth with overall global economic output rising by 5.1%.
Euro critical when Issing goes missing?
Sunday 14 May's Frankfurter Allgemeine Sonntagszeitung contained a portrait of ECB chief economist Otmar Issing under the headline "The preacher". Without Issing the euro could weaken considerably, it said.
How Bernanke's rate hikes could slam China
According to this article published Monday 15 May, China is realising the power of Federal Reserve chairman Ben Bernanke on its way to ruling the global economy.
RBA's Lowe on payments system reforms
In a speech given on 15 May Philip Lowe of the RBA said the changes that we have seen in the payments system to date are in the direction we expected.
BoE's new money market framework
The Bank of England published on Monday 15 May the lists of banks and building societies participating at the launch of its new framework for implementing the Monetary Policy Committee's interest rate decisions.
Turkmenistan's central bank chief sacked
The Turkmen president on Saturday 13 May sacked the central bank governor on national television, saying he should go and become a teacher, according to Reuters.
Economist says yuan should be allowed to rise 5%
China has to speed up the pace of yuan appreciation to 5 percent for this year and ease its huge foreign exchange surplus if it wants to keep domestic bank lending under control, government researcher Zhu Baoliang told reporters on Monday 15 May.
RBM to lose 100 staff - report
About 100 people have been earmarked for retrenchment at Reserve Bank of Malawi (RBM) following the central bank's decision to outsource some of its services, The Daily Times reported on its website.
National Bank of Belarus - Annual Report 2004
According to the National Bank of the Republic of Belarus's Annual Report 2004, the economic situation in 2004, on the whole, was characterised by a deceleration of inflationary and devaluation processes and higher rates of GDP growth.
Fed's Kohn on investing in payment innovations
In the speech 'Investing in payment innovations: A Federal Reserve perspective' given on 11 May Donald Kohn of the Federal Reserve said changing electronic payment systems benefit both institutions and consumers, but also expose them to new risks,…
ECB's Trichet on European financial integration
In the speech 'The process of European financial integration' given on 11 May Jean-Claude Trichet of the ECB said European financial integration still lags behind, particularly in retail banking and financial infrastructure services, despite the progress…
Comment: Flawed convergence criteria?
Willem Buiter and Anne Sibert, two London-based academics, have slammed the Maastricht criteria for entry into the eurozone. They point to a number of inconsistencies in way the conditions are applied and suggest that the current formulation "makes no…
Richmond Fed welcomes chief HR officer
Tammy H. Cummings will join the Federal Reserve Bank of Richmond as vice president of human resources for the Fifth District, effective 15 May.
RBI's Reddy on global imbalances
In the speech 'Global imbalances - An Indian perspective' given on 11 May Dr.Y.V.Reddy of the Reserve Bank of India said any large adjustments in major currencies and global interest rates would have a significant impact on the economy.
China needs more central bank independence - IMF
A new paper from the International Monetary Fund says that China should adopt an explicit, long-run inflation objective, strengthen its banking sector, and give its central bank operational independence.
ECB pledges price stability, oil risks worsen
The article "ECB bankers pledge price stability, oil risks worsen" published Thursday 11 May says that the oil shock threatens to push up core inflation in the eurozone, a danger the European Central Bank ignores at its peril.
Hungary's Jarai calls budget 'undisciplined'
Hungary's central bank governor launched a strongly worded attack on the budgetary management of Hungary's socialist prime minister, Ferenc Gyurcsany on Thursday 11 May.