Central Banking
Fed's Santomero on changes in US payments
In a speech on 'The Changing Pattern of Payments in the United States' given on 16 October, Anthony Santomero of the Federal Reserve Bank of Philadelphia discusses the current status of the U.S. payments infrastructure, how the roots and evolution of the…
US rates 'still simulative' says Fed's Santomero
Philadelphia Federal Reserve President Anthony Santomero said on Saturday 16 October that US interest rates remain simulative but as the expansion continues they should return to "more normal levels".
BOJ's Fukui upbeat on Japanese economy
Bank of Japan Governor Toshihiko Fukui told a quarterly meeting of branch managers on Monday 18 October that Japan's economic recovery is on track as structural reforms continue but record global oil prices require "close attention".
Hungary's Jarai against cb reform proposal
The president of Hungary's central bank (MNB), Zsigmond Jarai, has criticised a proposal to increase the number of members of the MNB's Monetary Council from nine to eleven and to allow the prime minister to choose five of the eleven members and approve…
Ireland's statistics department finally leaves cb
Staff of Ireland's department of Central Statistics office located on the top floor of the Central Bank building started vacating the building this week. The move came as a result of a three-month notice which the central bank sent to the Statistics…
Romania appoints new Board of Directors
The National Bank of Romania has a new Board of Directors, Rompres reported on Tuesday 12 October. The BNR management was agreed by parliament in late September following fierce debate.
Leiderman named favourite to replace Klein
Professor Yitzhak Swary isn't the leading candidate to be the next Bank of Israel Governor, as Professor Leonardo Leiderman, a former senior official at the central bank, has a better chance of being appointed, TheMarker.com financial news service…
McTeer set to leave Dallas Fed
Dallas Federal Reserve President Robert McTeer, the U.S. central bank's resident poet and "lonesome dove" on inflation, is likely to leave if he wins the chancellor's position for the Texas A&M University System.
RBA likely annoyed by political rate talk
In an interview with Dow Jones Newswires on Wednesday 13 October, Professor Stephen Bell, author of a new book "Australia's Money Madarins: The Reserve Bank and the Politics of Money" said the government's argument that interest rates would rise faster…
Eu-row continues
The row over how to spell the "euro" single currency was only partially solved this week when Lithuania (euras) and Slovenia (evro) agreed a compromise on the word but Latvia (eiro) and Hungary (euroo) said they plan to stick to their own spelling.
Nobel prize winner keen to continue his work
Finn Kydland, joint winner of the 2004 Nobel economics prize, was giving a guest lecture at the Norwegian School of Economics and Business Administration (NHH) in Bergen, western Norway when he was told the news he had won the prize.
The lobster trap of central banking
According to an article published this week, central banking is a gigantic lobster trap. It is set by the commercial banking industry and the government, which grants the central bank a monopoly over the control of the monetary reserves (government debt)…
Fed's Kohn on low-probability, high-impact events
In a speech 'How should policymakers deal with low-probability, high-impact events?' given at the ECB's Conference on Monetary Policy and Imperfect Knowledge on 15 October, Donald Kohn of the Federal Reserve said central banks with credibility for…
Fed's Geithner on global payments challenges
In a speech on 'Challenges facing the global payments system' given on 14 October, Timothy Geithner of the Federal Reserve Bank of New York told the SIBOS 2004 Atlanta Conference more needs to be done by financial institutions to reduce the threat of…
Japan's Fukui on global exchanges
In a speech on 'Global imbalances and exchanges' given on 13 October, Toshihiko Fukui of the Bank of Japan said central banks operate in the markets to achieve their policy goals. As a result, the effectiveness of monetary policy depends on the sound…
ECB chief sees uncertainties for eurozone outlook
In an interview on Friday 15 October, European Central Bank president Jean-Claude Trichet said that high oil prices were increasing uncertainties about the economic outlook for the eurozone, although the bank still expects the recovery to continue.
The fight over Venezuela's central bank profits
Last weekend Venezuela's President Chavez once again attacked the central bank over the amount of "foreign exchange profits" it should turn over to the government. With Chavez threatening to go to the Supreme Court on the issue, this article suggests the…
Thai cb chief rejects reform criticism
Bank of Thailand Governor Pridiyathorn Devalkula said on Friday 15 October that under his leadership the central bank had carried out more reforms than other state agencies.
Philippine cb denies bid to cap peso slide
The Philippines central bank said that it is not selling dollars in the currency market to support the peso, currently at a record low of 56.45 to the US dollar.
Pensioners to sue Bank of Canada
Canadian pensioners look set to go to court in a bid to wring up to $42 million out of the Bank of Canada, Canadian Press reported. It is alleged the bank misused their pension trust fund since at least 1993.
Greenspan not worried over oil price
In a speech titled 'Oil' given on 15 October Fed chairman Alan Greenspan said the current surge in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s.
Bank of Canada unveils new $50 banknote
The Bank of Canada on Wednesday 13 October unveiled Canada's new $50 banknote, the theme of which is Nation Building: shaping the political, legal, and social structures for democracy and equality.
Canada's Dodge on nation building
In a speech on 'Nation building' given on 13 October, David Dodge of the Bank of Canada said this has been an exciting day for the Bank of Canada. This morning, we unveiled a new $50 note that celebrates nation building: shaping the political, legal, and…
ECB Monthly Bulletin, October 2004
The European Central Bank published its October 2004 Monthly Bulletin on Thursday 14 October, saying that record oil prices are threatening to slow the pace of the economic recovery in the dozen nations sharing the euro.