Central Banking
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.
ECB introduces cartoon kit
Jean-Claude Trichet, President of the European Central Bank, launched a new information kit entitled "Price stability: why is it important for you?" on Monday 12 December.
US Treasury official calls for China FX action
A US Treasury official said on Monday 12 December that China should act on its pledge to make its currency regime more flexible.
Fed may remove 'accommodation' phrase
The Federal Reserve may say monetary policy is no longer stimulating the economy after it is expected to raise interest rates Tuesday 13 December for the 13th time, according to over half of Wall Street's largest bond trading firms surveyed by Bloomberg.
EU confirms legal action against Italy
The European Commission confirmed in a statement on Tuesday 13 December that it has decided to start legal action against Italy over the involvement of the Bank of Italy in the takeover battle for Banca Antonveneta.
Xiaochuan expects less pressure on yuan move
China's central bank governor Zhou Xiaochuan said he expects less pressure for a yuan revaluation next year, as China will move to cut its trade surplus.
Comment: Islamic banking - progress and hurdles
Recent IMF research puts the number of Islamic financial institutions worldwide above 300, having risen from only one in 1975. The total assets of these institutions, growing at 15% a year, have reached an estimated $250 billion.
The ECB's path that was not taken
The ECB risks painting itself into a corner following its recent interest-rate hike, according to this article published on Monday 12 December. The move implies more increases will follow, it says, and that will cost the Eurozone economies heavily.
Foreign exchange reserves in emerging Asia
The Bank of Canada Working Paper "An empirical analysis of foreign exchange reserves in emerging Asia" published December 2005 asks how far is the current level of US-dollar foreign exchange reserves held by Asian central banks from that predicted by the…
Bank of England Quarterly Bulletin, Winter 2005
The Bank of England released its Quarterly Bulletin for Winter 2005 on Monday 12 December. The latest Bulletin includes the article "Do financial markets react to Bank of England communication?".
Dallas Fed's Fisher on globalization & govt policy
In the speech 'Globalization and government policy' given on 2 December Richard Fisher of the Federal Reserve Bank of Dallas said the Fed must not accommodate growing federal budget deficits by compromising monetary policy, and it must continue to fight…
Indonesia's bumpy road to credibility
With inflation set to stay in double digits for much of 2006, Indonesia's central bank continues to face a precarious balancing act, according to this article published on Monday 12 December. The puzzle is how to balance monetary tightening to cool…
ECB's Liebscher sees no more hikes 'at the moment'
ECB Governing Council member Klaus Liebscher said in a media interview that the eurozone central bank is not planning any further rate rises for now but will keep a close watch on new economic data.
Quaden notes rates favour euro zone growth
European Central Bank council member Guy Quaden told Belgian TV that the ECB's benchmark rate can still foster economic growth and that policy makers haven't decided whether to add to this month's increase in rates.
ECB's Liikanen says rates support growth
European Central Bank Governing Council member Erkki Liikanen said on Monday 12 December that eurozone interest rates are low and support growth.
China 's FX reserves may reach $1 trln
China's foreign exchange reserves will exceed 1 trillion US dollars eventually, economist and People's Bank of China adviser Yu Yongding said.
Bank of England defends communication
A study published by the Bank of England on its communications on Monday 12 December that financial markets show the strongest reaction to minutes of its MPC policy meetings and the quarterly Inflation Report.
Comment: Gold soars
Gold prices soared to new highs on Monday 12 December, bringing this month's gain for the precious metal to 9%. Only a month ago gold traded at $470. What does the future hold for bullion and what role will central bankers play in this?
RBA's gain
According to this article published on Wednesday 7 December, Robert Gerard's resignation from the Reserve Bank of Australia's board leaves three important questions to be dealt with. Firstly, has the controversy damaged the RBA and its policy credibility?
ACCI sees no reason to change RBA appointments
The Reserve Bank of Australia is the most successful central bank in the world and the appointment process to its board should not be changed, Australia's business organisation ACCI said this week.