Central Banking
Buba, BaFin, Bank of Italy sign agreement
The Bundesbank, Germany's financial watchdog BaFin and Italy's central bank Banca d'Italia have signed an agreement to cooperate in the regulation of Unicredito Italiano SpA following its takeover of HVB Group, according to a statement published by BaFin.
Trichet tight-lipped on future of ECB rates
European Central Bank president Jean-Claude Trichet declined to comment on Friday 2 December on the possibility of further rises in euro zone interest rates.
ECB Council Members back rate decision
European Central Bank council members Christian Noyer, Axel Weber, and Klaus Liebscher came out in defense of Thursday's decision to raise eurozone interest rates, saying it won't hurt economic growth.
RBA's Gerard resigns from Board
Australian businessman Robert Gerard resigned from the Reserve Bank of Australia's interest rate setting Board on Friday 2 December, four days after reports he had to pay $150 million ($111 million) to settle a tax dispute.
Comment: IMF criticises ECB's move
The decision by the ECB to increase interest rates by 25 basis points has come in for a fair amount of criticism in the press and from market analysts. On Thursday 1 December the eurozone's central bank received another stinging blow.
Yuan reform takes time
According to this article published on Monday 28 November, it's likely that China will permit further appreciation of its currency. What's certain, it says, is that Beijing won't allow itself to be seen as bowing to pressure.
Regulators may never police hedge fund conflicts
The US Securities and Exchange Commission is trying hard not to look incompetent in advance of its hedge-fund registration deadline in February, according to this article published on Monday 28 November.
Trichet on growth potential & structural reforms
In the speech 'Growth potential, labour productivity and structural reforms in Europe' given on 10 November Jean-Claude Trichet of the ECB said we need structural reforms to make sure that the soil is fertile enough for the seeds of technological…
Federal Reserve Board - Beige Book, November 2005
The Federal Reserve published its November 2005 Beige Book survey on 30 November. US economic activity increased across the country through mid-November but the housing market has cooled and high energy prices have raised concern about consumer spending…
Fed's Bies on developments in regulatory capital
In the speech 'Recent developments in regulatory capital' given on 30 November Susan Bies of the Federal Reserve said concerns raised by a US study of the effects of proposed Basel II bank capital standards may have delayed US implementation of the rules…
ECB raises rates, but says no series planned
The European Central Bank raised its main interest rate, for the first time in five years, by 0.25% to 2.25% on Thursday 1 December in a move that had been widely expected.
Mizuno says BOJ should shorten policy debate
Bank of Japan board member Atsushi Mizuno said in a speech the BOJ should not spend too much time debating over policy with the government or financial markets to avoid being "late" in shifting policy.
Document shows plan to shake up EU payments system
The European Union's payments system is set for a wide-ranging overhaul to cut down on the cost of cross-border transactions and save up to 100 billion euros ($117.7 billion), a European Commission document quoted by Reuters showed on Thursday 1 December.
China says revaluation to slow reserves rise
The rapid build-up in China's foreign exchange reserves should slow following the revaluation this year of the renminbi, the People's Bank of China said on Wednesday 30 November.
Snow says Europe could perform better
U.S. Treasury Secretary John Snow said Thursday 1 December G7 finance ministers would discuss a familiar list of subjects at their meeting this weekend, including slow growth in Europe.
Former RBA chief says Gerard should quit
Former Reserve Bank of Australia Governor Bernie Fraser said RBA board member Robert Gerard should resign after a report he had to pay A$150 million (US$111 million) to settle a tax dispute.
Comment: None the wiser
The ECB has raised interest rates as expected, but its explanations for the much-criticised decision reveal little on its motivations or the future path of rates.
Sveriges Riksbank Economic Review 3rd Quarter 2005
The Sveriges Riksbank has published its Economic Review for the 3rd Quarter 2005. This special edition is devoted to Dag Hammarskjold, whose 100th anniversary was marked with a seminar illustrating his work as an economist and his time at the Riksbank…
ECB paper: Near-rational exuberance
This ECB Working Paper published November 2005 studies how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods.
Hedge funds bet Asia will boost gold reserves
According to this article published on Tuesday 29 November, hedge funds, after sending the gold price to an 18-year high, are looking to China and other Asian central banks as the next big drivers of the precious metal.
Mexico's Ortiz targets inflation, spurs growth
While the Federal Reserve has been busy raising interest rates, the Bank of Mexico has headed in the other direction, cutting its key rate on 24 Nov for the fourth consecutive month, this article published Wednesday notes.
BoE's Walton sees no rush for rate move
David Walton, the newest member of the Bank of England's Monetary Policy Committee, told the Times that inflation could easily remain above the Bank's 2 percent target for some months while economic growth seemed to have recovered somewhat.
ECCB to host development conference
The St. Kitts-based East Caribbean Central Bank (ECCB) has announced it will be hosting its ninth annual development conference on Thursday 1 December in the Sir Cecil Jacobs Auditorium at the ECCB Headquarters.
FSF meets with the hedge fund community
The Financial Stability Forum (FSF) recently convened two informal workshops of senior members of the hedge fund community, their counterparties, and financial authorities.