Central Banking
Report says China to speed up reforms
China will speed up the reform of its interest rate mechanism and foreign exchange regime over the next five years, the Xinhua news agency reported, citing a central bank official.
Comment: Slipping behind on the euro
When ten new countries joined the EU in May last year, they did so promising that one day they would adopt the euro as their currency. At the time it seemed they hardly needed any coercing - joining the euro was something policymakers in these countries…
Poole on the Fed's monetary policy rule
In the speech 'The Fed's monetary policy rule' given on 14 October William Poole of the Federal Reserve Bank of St. Louis said Federal Reserve policymakers cannot be locked into long-term policy decisions but must instead remain ready to react to…
Fiji's Narube on the economy
In the speech 'Fiji's economy: Performances and prospects' given on 17 October Savenaca Narube of the Reserve Bank of Fiji said the economy is enjoying a long period of consistent growth and this will continue into the next three years.
Fed's Santomero on the evolving role of the FOMC
In the speech 'The evolving role of the FOMC: An insider's perspective on monetary policy' given on 17 October Anthony Santomero of the Federal Reserve Bank of Philadelphia said the transition to a new Federal Reserve chairman will be a smooth one.
BoE's Lomax on UK monetary policy
In the speech 'UK monetary policy: The international context' given on 17 October Rachel Lomax of the Bank of England said the central bank has to be careful not to dislodge inflation expectations at a time when the outlook for world oil prices remains…
EU banking sector stability report
The European Central Bank published a report on EU banking sector stability, prepared by the Banking Supervision Committee of the European System of Central Banks on 17 October.
Bank of Canada raises interest rates
The Bank of Canada announced on Tuesday 18 October that it is raising its main interest rate by 0.25% to 3%. The Bank noted there have been significant movements in energy prices and the Canadian dollar has traded in a higher range against the U.S…
ECB to act decisively if needed says Trichet
European Central Bank president Jean-Claude Trichet said in a letter to a member of the European Parliament that the ECB would 'act decisively' if the rise in oil prices pushed domestic prices higher.
ECB not yet ready to give Fazio 'dialogue' details
European Central Bank vice-president Lucas Papademos said the ECB is not yet prepared to discuss details of its "dialogue" with Bank of Italy governor Antonio Fazio.
Issing: ECB will act if inflation 'out of control'
European Central Bank chief economist Otmar Issing said in an interview that the ECB will not hesitate to raise interest rates if medium-term inflation pressures increase.
Iwata says deflation easing but no policy move yet
Bank of Japan Deputy Governor Kazumasa Iwata said on Tuesday 18 October that although the economy is emerging from deflation, the BOJ will maintain its ultra-loose monetary policy for now.
Fed's Lacker undecided on credit product boom
An explosion in the range of credit products available to Americans creates benefits for the economy but also creates risks for financially inexperienced borrowers, Richmond Fed chief Jeffrey Lacker said on Monday 17 October.
Comment: Oil's well that ends well?
In an increasingly integrated world, the economic fortunes of other countries and the health of the global economy weigh heavily on the minds of domestic policymakers. One of the most important "external" issues for monetary policymakers to deal with is…
Deutsche Bundesbank Monthly Report, September 2005
The Deutsche Bundesbank published the English version of its September 2005 Monthly Report on 17 October. The Bundesbank said German banks look set to improve their profits further in 2005.
Monetary policy & asset prices: To respond or not?
This Working Paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
BOJ's Muto on the dynamism and diversity of Asia
In the speech 'Dynamism and diversity of Asia: A central banker's view' given on 17 October Toshiro Muto of the Bank of Japan said Asian economies are stronger today even with record high oil prices compared with the 1970s when they were hit by the last…
Gonzalez-Paramo on the Stability and Growth Pact
In the speech 'The reform of the Stability and Growth Pact: an assessment' given on 13 October Jose Manuel Gonzalez-Paramo of the ECB said in EMU, fiscal rules are needed to ensure stability, growth and cohesion in the euro area.
G-20 statement following meeting in China
Finance ministers and central bank governors from the G-20 industrial and emerging economies issued a statement on Sunday 16 October after their two-day meeting in the city of Xianghe, south of Beijing, China.
Bank of England deputy governor to step down
The Bank of England announced of Monday 17 October that Sir Andrew Large, Deputy Governor for Financial Stability, is to leave the Bank almost two years early in January next year.
China to introduce intl accounting standards
China will gradually introduce international accounting standard into the state-owned commercial bank sector to encourage ongoing banking reforms, the People's Bank of China said in a statement on its website.
BOJ minutes show support for liquidity cut
Two Bank of Japan Policy Board members suggested that they may support the lowering of the current account balance target in the future, according to minutes released Monday 17 October.
ECB rates still appropriate according to Trichet
ECB President Jean-Claude Trichet said on Sunday 16 October that European Central Bank interest rates were "still appropriate" and that second-round inflationary pressures from oil prices had not developed so far.
RBZ among most disorganised central banks - report
Business Monitor International (BMI) has published a report which raises concern at the high-level of political interference in the operations of the Reserve Bank of Zimbabwe.