Central Banking
Fed raises rates, maintains measured stance
The Federal Open Market Committee decided on Tuesday 9 August to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. The FOMC maintained its measured stance on monetary policy accommodation.
Shadow on the Euro
An article published this week notes that five months after central banks talked of increasing their euro reserves at the expense of the dollar, the speculation now is about how long the euro will last. With its credibility in danger the article asks…
Bank of England Inflation Report, August 2005
The Bank of England published its August 2005 Inflation Report on 10 August. In the report the Bank said the UK's growth outlook has weakened slightly in the near term, pulled down by sluggish consumer spending.
Growth dynamics: The myth of economic recovery
This IMF Working Paper published on Monday 8 August uses panel data for a large number of countries, and finds that economic contractions are not followed by offsetting fast recoveries.
IMF letter on prospects for ECB rate cut
In a letter published by the Financial Times on Tuesday 9 August, Michael Deppler of the IMF said international developments suggest that the worst may be over on growth in the eurozone but point to further upward pressure on headline inflation because…
China reveals details of yuan basket
China announced major currency market reforms on Wednesday 8 August and also published details of the basket of currencies to which the bank refers in managing the float of the yuan.
Government to discuss Bank of Italy on 26 Aug
The Italian government will hold a ministerial meeting on Aug 26 to discuss the Bank of Italy and its recent clearances of bank takeover bids, a report by news agency Radiocor said.
RBI's Reddy says oil prices need careful response
Reserve Bank of India Governor Y.V. Reddy said on Wednesday 10 August that the central bank would carefully respond to volatile oil prices as it impacts inflation and the exchange rate.
Belgium's central bank offloads 30 tonnes of gold
Belgium's central bank said on Wednesday 10 August it had sold 30 tonnes of gold in July and August, leading to an increase in the yield on its assets.
Doubts on Bank of England's forecasting
Nobody could say that Mervyn King, governor of the Bank of England, was defensive at yesterday's press conference on the latest Inflation Report (who has ever seen Mervyn on the defensive?), but he certainly knew he had some explaining to do.
Central Bank of Namibia - Annual Report 2004
The Central Bank of Namibia has published its Annual Report for 2004.
The Netherlands Bank - Annual Report 2004
The Netherlands Bank has published its Annual Report for the year ended 2004. The world economy performed splendidly in 2004, growing by around 5%, the annual report said.
RBA Statement on Monetary Policy, August 2005
The Reserve Bank of Australia published its August 2005 Statement on Monetary Policy on 9 August. The global expansion is continuing to provide a favourable backdrop for the Australian economy, according to the report.
Why interest rates could plunge as low as 3.5%
The 6th May 1997 is a date that is burnt into the minds of Bank of England employees, according to this article published on Monday 8 August. Since being granted its independence, the Bank has built up an eight-year track record of independent thought…
IMF Paper: The use and abuse of Taylor Rules
The IMF Working Paper "The use and abuse of Taylor Rules: How precisely can we estimate them?" published on Tuesday 9 August draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice.
US Treasury confident of China yuan moves
The Bush administration expects China will continue to move toward greater currency flexibility even though the steps taken so far have been small, a top Treasury Department official said.
BOJ chief says public-sector reform vital
Bank of Japan governor Toshihiko Fukui told a press conference on Tuesday 9 August that public-sector reform is vital to domestic economic growth.
ECB's Issing sees positive signals on economy
European Central Bank chief economist Otmar Issing said in an interview there have been a series of positive signals on the economy, but said high oil price could curb growth.
Bank of Italy bomb scare is false alarm
Police alerted by an anonymous phone call checked for a bomb near the Bank of Italy's headquarters in Rome on Tuesday 9 August but later called off the search when no device was found, authorities said.
Fed expected to raise rates again
It was expected that the Federal Reserve would increase US interest rates again for the tenth consecutive time at the conclusion of its FOMC meeting on Tuesday 9 August.
COMMENT BY CENTRALBANKNET
The fear that demand in many leading economies has been sustained only by a housing and real estate "bubble" is often seen as one of the biggest risks facing monetary policymakers.
Central Bank of Malta - Annual Report 2004
The Central Bank of Malta has published its Annual Report for the year ended 2004. Malta's accession to membership of the European Union on 1 May 2004 has opened up new opportunities for economic and social development, the report said.
National Bank of Moldova - Annual Report 2004
The National Bank of Moldova has published its Annual Report for the year ended 2004. The world economy in 2004 denoted further recovery trends: the growth rate of global economy increased for the third consecutive year and accounted for an estimate of 5…
Trichet at the memorial service for Wim Duisenberg
In a speech during the memorial service for Wim Duisenberg given on 6 August Jean-Claude Trichet of the ECB called Duisenberg a great European and friend.