Central Banking
Bell calls Bank of England forecasts 'ambitious'
Former Bank of England Monetary Policy Committee member Marian Bell said in an interview that the central bank's forecasts for economic growth are "ambitious" and that if she was still on the MPC she would consider cutting rates.
LDP calls on BOJ to set nominal growth target
Japan's ruling Liberal Democratic Party said on Thursday 15 December that it wants the Bank of Japan to set a target for nominal economic growth in accordance with the government.
Trichet: ECB must act before inflation develops
European Central Bank president Jean-Claude Trichet said in an interview the ECB must not wait for inflation to develop before taking action against it.
UK's Brown to meet Bernanke on Friday
British Chancellor Gordon Brown will meet the new designated future chairman of the U.S. Federal Reserve, Ben Bernanke, in Washington on Friday 16 December.
Fazio may face ECB probe
The European Central Bank may decide at its council meeting Thursday 15 December to open a formal inquiry into Bank of Italy governor Antonio Fazio's links with former Banca Popolare Italiana CEO Gianpiero Fiorani, said Corriere della Sera in an…
Comment: Brazil's surprise IMF settlement
Earlier this week Brazil announced that it plans to pay off its entire $15.5 billion in debt to the IMF by the end of the month. In doing so, the country will meet its outstanding IMF obligations two years ahead of schedule.
RBA's Stevens on Asia's financial system
In a speech to the 18th Australasian Finance and Banking Conference 2005 given on 14 December Glenn Stevens of the RBA said the development of Asia's financial system had not kept pace with its rapidly accelerating economies.
Accounting, risk management, prudential regulation
The BIS has released the Programme from its "Accounting, risk management and prudential regulation" Workshop held on 11-12 November in Basel.
Bank of Canada Financial System Review, Dec 2005
The Bank of Canada has published its semi-annual December 2005 Financial System Review. In general, the financial health of Canadian financial institutions, households, and non-financial corporations remains robust.
New York Fed's Economic Policy Review, Dec 2005
The Federal Reserve Bank of New York has published the December 2005 edition of its Economic Policy Review. The articles in the latest edition were presented at a conference organised by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics…
Gold is more than a hedge
According to this article published on Monday 12 December, the latest idea to grip the markets is that gold is poised to become the world's fourth major currency.
Brazil announces intention to repay IMF debt
Brazil announced on Tuesday 13 December its intention to make an early repayment of its entire outstanding obligations to the International Monetary Fund amounting to SDR 10.79 billion (about US$15.46 billion).
Fed raises rates, tweaks statement
The Federal Open Market Committee decided on Tuesday 13 December to raise its target for the federal funds rate by 25 basis points to 4-1/4 percent. In its statement the FOMC removed the term 'policy accommondation' but suggested rates could rise further…
Central bankers are not magicians says BoE's King
Bank of England governor Mervyn King said in an interview with a Swedish newspaper published on Wednesday 14 December that central bankers cannot do magic tricks and politicians shouldn't make comments about the monetary policy of independent central…
Germany against gold sale to fill budget holes
Conservatives in German Chancellor Angela Merkel's ruling coalition remain opposed to using central bank gold reserves to fill budget holes, a senior lawmaker was quoted as saying on Wednesday 14 December.
Fazio confident despite banker arrest
Bank of Italy Governor Antonio Fazio said he did not break the law, after Gianpiero Fiorani was arrested for suspected embezzlement, but a leading newspaper on Wednesday 14 December called on Fazio to quit.
St Lucia to introduce single financial regulator
A Single Regulatory Unit (SRU) involving all parties in the financial sector is currently being introduced in St Lucia. The SRU should come into effect during the last quarter of 2006.
Comment: Fed signals end to rate cycle
The Fed this week increased interest rates by 25 basis points for the 13th consecutive time. While the move itself was a foregone conclusion, the removal of the word "accommodative" from the accompanying monetary policy statement, indicates that the…
Word junkies get ready for a fix from the Fed
According to this article published on Monday 12 December, while there is little doubt the Fed will raise the funds rate by another 25 basis points to 4.25 percent on Tuesday, the main issue is the language of the statement.
BIS's Knight on developing corporate bond markets
In the speech 'Sharing experiences in developing corporate bond markets' given on 17 November Malcolm Knight of the BIS argues that a robust financial system requires a diversity of financing channels, in which banks and fixed income markets compete in…
Philadelphia Fed Business Review, 3rd Quarter 2005
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2005. The latest edition includes articles titled, The changing patterns of payments in the United States, The economics of asset securitization, and…
Canada's Dodge on inflation targeting
In the speech 'Our approach to monetary policy: Inflation targeting' given on 12 December David Dodge of the Bank of Canada said the BoC must set interest rates looking at the country as a whole and not get caught up in growth rates that vary from region…
RBA's Macfarlane on recent economic developments
In the speech 'Some observations on recent economic developments' given on 13 December, Ian Macfarlane of the Reserve Bank of Australia said the Australian economy is more resilient and able to adjust to economic shocks as global interest rates rise…
Russia changes gold reserves publication rules
In January 2006 details of Russia's gold reserves will be published on the basis of gold evaluations according to quotes by the Central Bank of Russia, the bank's external and public relations department said.