Central Banking
Boston Fed's Minehan warns of slow recovery
Cathy Minehan, president of the Federal Reserve Bank of Boston, said on Friday 14 January that businesses continue to hoard cash, making the current economic recovery among the weakest of the past half-century if measured by job growth.
Eichel says EU 3% deficit limit to stay in revamp
German Finance Minister Hans Eichel said on Monday 17 January that planned changes to European Union rules that limit budget deficits and debt levels in the euro region won't alter the two existing numerical thresholds.
ECB's Trichet on the euro; successes & challenges
In a speech on 'The euro; successes and challenges' given on 14 January at the Anglo-American Press Association in Paris, Jean-Claude Trichet of the ECB reiterated his view that "sharp" gains in the euro are "unwelcome and undesirable for economic growth…
ECB's biannual information on euro counterfeiting
The European Central Bank revealed on Thursday 13 January that in the second half of 2004, a total of 287,000 counterfeit euro banknotes were withdrawn from circulation, both in euro area and in non-euro area countries.
ECB decides on the design for its new premises
At Thursday's meeting, 13 January, the European Central Bank reached a decision on the design of the ECB's new premises in Frankfurt am Main, Germany. The Governing Council concluded that the revised design concept of COOP HIMMELB(L)AU best meets the…
Faster growth may lead to higher rates, says Weber
European Central Bank council member Axel Weber said that the central bank may have to increase interest rates if the eurozone economy expands more quickly than it expects.
Slovenia central bank sees euro criteria met in 06
Slovenia will meet the EU convergency criteria for countries that want to join the eurozone by the middle of 2006, according to the Bank of Slovenia.
Thailand plan may cut central bank powers
According to a report published on Friday 14 January, Thailand's finance ministry is planning an overhaul of the financial regulatory system, which would restrict the power of the Bank of Thailand by creating a new independent agency to supervise banks…
Korea holds rates at record low
South Korea's central bank on Thursday 13 January froze its key interest rate for January at a record low of 3.25 per cent, citing robust exports.
Danmarks Nationalbank, Monetary Review 4th Q 2004
The Danmarks Nationalbank's Monetary Review for the fourth quarter 2004 includes the articles: Recent economic and monetary trends, Volatility in the overnight money-market rate, The EU Constitutional Treaty and EMU and Transparency in capital markets.
Fed's Ferguson on recessions and recoveries
In a speech on 'Recessions and recoveries associated with asset-price movements: What do we know?' given on 12 January, Roger Ferguson of the Federal Reserve said detecting asset-price overvaluations and undervaluations is controversial in hindsight and…
Minehan on the US economy: 2005 and beyond
In a speech on 'The US economy: 2005 and beyond' given on 12 January, Cathy Minehan of the Federal Reserve Bank of Boston said increased regulatory red tape is harming business spending, the IPO market and jobs growth.
BIS: Asset prices and banking distress
This BIS Working Paper links banking with asset prices in a monetary macroeconomic model. It finds that the effect of falling asset prices is indirect, non-linear, and involves feedback from the banking system in the form of a credit contraction. The…
NZ/Australian banking regulation
In January 2004, New Zealand's Minister of Finance and the Australian Treasurer announced a proposal for closer integration of the prudential regulation of the New Zealand and Australian banking systems. The RBNZ made public on Wednesday 10 January the…
Iraq's cb gets recommendations from USAID program
Bank Supervision advisors under the United States Agency for International Development (USAID) Iraq Economic Governance II program have delivered a set of recommendations to the Central Bank of Iraq on assessing risks and designing enforcement actions…
NBS governor considers intervention a success
The governor of the Slovak National Bank (NBS), Ivan Sramko, said the intervention on Monday 10 January by the central bank against the strong crown was a success. Following Wednesday's Cabinet meeting, Sramko told reporters he believed the interventions…
Fukui: Zero-rate policy will become more effective
Bank of Japan governor Toshihiko Fukui told a meeting in Tokyo on Thursday 13 January that the zero-rate policy will become more effective as the economy extends a recovery.
Snow says US trade deficit reflects strong growth
Speaking on Wednesday 12 January, US Treasury Secretary John Snow said that the country's record trade deficit set in November was a result of US economic growth outpacing that of other countries.
ECB press conference with questions and answers
Speaking at the ECB's press conference on Thursday 13 January, after the Governing Council left eurozone interest rates unchanged, Jean-Claude Trichet said there is no significant evidence that underlying domestic inflationary pressures are building up…
ECOWAS central bank governors conclude meeting
The 15th meeting of the Committee of Governors of the ECOWAS central bank took place in Accra on Wednesday 10 January, with a call on member States to strive for viable and productive economies that could compete and withstand the shocks from the global…
Roth on the SNB's new inflation forecast
In a speech on 'The Swiss National Bank's new inflation forecast' given on 16 December, Jean-Pierre Roth of the Swiss National Bank said economic growth in Switzerland has lost some of its momentum. While still expecting economic growth to be close to 2%…
EC's Barroso says stability pact deal possible
In an interview with Italian daily La Stampa, European Commission president Jose Manuel Barroso said he believes it will be easier for EU states to reach a compromise over reforms to the stability and growth pact than on future contributions to the EU…
SAMA chief sees greater role for euro
The head of the Saudi Arabian Monetary Authority said that although he didn't see any new shift in world currency reserves from dollars to euros, he expected the single currency to have a greater role in the future in terms of international reserves.
Fed's Gramlich plays down talk of housing 'bubble'
Federal Reserve Governor Edward Gramlich said on Wednesday 12 January that high U.S. housing prices did not necessarily signal a "bubble" but might just reflect scarcity of available land for building.