Central Banking
Issing on inflation persistence in the euro area
In a speech on 'Inflation persistence in the euro area' given on 10 December, Otmar Issing of the ECB said that the degree of inflation persistence "has major implications for the optimal conduct of monetary policy".
ECB's Papademos on the role of structural reforms
In a speech on 'Determinants of growth and the role of structural reforms and macroeconomic policies in Europe' given on 9 December, Lucas Papademos of the ECB said current low interest rates are conducive to economic growth in the euro zone.
Sveriges Riksbank Inflation Report, No. 4, 2004
Sweden's central bank, the Sveriges Riksbank, has published its Fourth Inflation Report for 2004. The assessment in the October Inflation Report still stands, although new statistics received since October indicate a slightly weaker development than…
BoJs Fukui says economic growth slowdown temporary
Bank of Japan governor Toshihiko Fukui said in a speech on Monday 13 December that the growth of the economy is slowing down, but only temporarily.
Dallas Fed FOMC vote may go to Atlanta
The Dallas Federal Reserve said on Friday 10 December that the Atlanta Fed would temporarily take its vote next year on the US central bank's interest rate setting committee until it finds a replacement for departed President Robert McTeer.
French PM concerned on dollar weakness
French Prime Minister Jean-Pierre Raffarin voiced concern about the euro's surge to record highs against the dollar, but didn't comment on whether he thought the European Central Bank should intervene.
Bank of Korea says won's rise 'too fast'
The pace of the won's recent rise against the US dollar has been too fast, compared to other currencies, said Bank of Korea assistant governor Rhee Yeung-Kyun.
Bank of Spain completes branch restructuring
Spain's central bank has completed its branch restructuring program and will close 10 branches in a number of Spanish cities, reducing its total number of branches to 22.
Change in the members of the Bank Board of the NBS
A change in the membership of the Bank Board of the National Bank of Slovakia has become effective from 1 December. The four-year term of Professor Jozef Kosnar came to an end on 30 November. The NBS said in a press release he would be succeeded by…
New York Fed names new director of research
Joseph S. Tracy was named executive vice president and director of research of the Federal Reserve Bank of New York on Monday 6 December.
Interview with ECB's Issing
In an interview with Slovenian daily newspaper Delo published this week, European Central Bank chief economist Prof. Otmar Issing said the US twin current account and budget deficits are unsustainable and the US is well aware of this. He reiterated ECB…
Interview with ECB's Gonzalez-Paramo
Jose Manuel Gonzalez-Paramo, member of the Executive Board of the European Central Bank, gave an interview this week to Il Sole 24 Ore. In the interview he said the Greek case [where the deficit has clearly been larger than that reported] speaks for…
Philadelphia Fed announces promotion
The Federal Reserve Bank of Philadelphia announced the promotion of John D. Ackley to Treasury Services Officer on Wednesday. Ackley was a manager in the Treasury Services Department.
Election to the Danmarks Nationalbank Board
The Board of Directors of Danmarks Nationalbank has elected Mr Niels Due Jensen, Group Chairman, to the Board of Directors of Danmarks Nationalbank, replacing Mr Bent le Fevre, General Manager, for the remainder of the term ending on 31 March 2009.
Bank of Canada Financial System Review, Dec 2004
The Bank of Canada published its semi-annual Financial System Review on 9 December. The report says continued strong global economic growth has reduced financial vulnerabilities in Canada and elsewhere. Higher oil prices have, however, raised questions…
'The Region' from the Minneapolis Fed, Dec 2004
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for December 2004. In "The private and public risks of banking" Gary Stern warns that banking policy continues to shift too much risk taking onto the public. The…
Trichet on a stability-oriented monetary policy
In a speech on 'A stability-oriented monetary policy as a necessary condition for long term growth' given on 9 December, Jean-Claude Trichet of the ECB said uncertainty over the future of the stability and growth pact could mean higher long-term interest…
Bank of Mauritius - Annual Report 2004
The Bank of Mauritius has published its Annual Report for the year ended 30 June 2004. The Mauritian economy registered a commendable performance during fiscal year 2003-04, according to the governor Rameswurlall Basant Roi in his statement.
Korea's fin min criticised for meddling in BOK
South Korea could face another financial crisis if the Finance Ministry continues to intervene in the country's interest rate policy and management of foreign reserves, a member of the central bank's policy committee warned on Friday 10 December.
Armenian president urges central bank to act
Armenian President Robert Kocharyan has called on the central bank to act "decisively and quickly" to prevent speculation in Armenia's financial market caused by fluctuations in the rate of the dollar against the national currency.
SAFE spokesman says China central bank 'sound'
The People's Bank of China is "in sound financial condition," as a result of its strategies and achievements in managing the country's foreign exchange reserves, according to a spokesman for China's State Administration of Foreign Exchange (SAFE) on…
Gonzalez-Paramo: 'strong need' for price vigilance
Jose Gonzalez-Paramo, one of the European Central Bank's governors, said on Friday 10 December that in view of the recent surge in oil prices there is a "strong need for vigilance" over medium-term price risks.
Slovakia appoints new central bank governor
The Slovak parliament approved a new central bank governor Friday 10 December, confirming the government's nominee, Ivan Sramko, to the post.
Brazil's Senate approves central bank immunity law
Brazil's Senate has approved a law that gives central bank president Henrique Meirelles Cabinet-level status, giving him immunity from prosecution for crimes in all courts except the country's highest.