Central Banking
Resolving US financial intermediaries
In the Atlanta Fed Working Paper "Resolving large financial intermediaries: Banks versus housing enterprises", the authors examine issues surrounding the possible failure of Fannie Mae or Freddie Mac. Finding parallels between resolving insolvent large…
After Alan Greenspan, who?
This article looks at some of the favourites to replace Alan Greenspan as Chairman of the Federal Reserve when he steps down. Because of the Fed chairman's enormous influence on the U.S. economy and global financial markets, the selection will be among…
Federal Reserve raises US rates
The Federal Open Market Committee decided on Tuesday 21 September to raise its target for the federal funds rate by 25 basis points to 1-3/4 percent. In its press release the FOMC said despite the rise in energy prices, inflation and inflation…
Norges Bank keeps interest rates unchanged
Norges Bank's Executive Board decided on Wednesday 23 September to leave interest rates unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 1.75 per cent. The overnight lending rate also remains unchanged.
Bank of England voted 9-0 to hold rates in Sept
The Bank of England said on Wednesday 22 September that it voted 9-0 to hold rates at 4.75 per cent in its 8 and 9 September MPC meeting. The Bank noted that recent labour market data was "surprisingly weak," though inflationary pressures were still…
ECB chief sees recovery, warns on deficit easing
European Central Bank president Jean-Claude Trichet told the Eurpoean Parliament on Wednesday 23 September that the eurozone economy was on track for modest further growth next year but condemned proposals to ease budget rules as "dangerous".
Greece doubles 2000 public defict to 4.1%
The Greek government acknowledged on Wednesday 23 September that the country's annual public deficit estimates from 2000 to 2002 had been sharply underestimated, a revelation described by the European Central Bank head as "an enormous problem".
Hungary's cb chief expects inflation around 7%
Average inflation in 2004 will be "around 7%," but will decline to 4-5% in 2005, Zsigmond Jarai, the president of central bank MNB told parliament's budget committee on Tuesday 21 September.
Dodge on Canadian monetary policy
In a speech on 'Canadian Monetary Policy in an Evolving World Economy' given on 20 September, David Dodge of the Bank of Canada spoke about the implications for Canada of world economic trends, particularly the rise to prominence of China and India. …
Trichet on International Financial Architecture
In a speech on the transformation of the International Financial Architecture given on 20 September, Jean-Claude Trichet of the ECB said we have already done a lot of research in the understanding of this new global financial system. We understand why…
Sweden's Rosenberg on monetary policy house prices
In a speech on 'Monetary policy, house prices and household indebtedness' given on 20 September, Irma Rosenberg of the Sveriges Riksbank said despite stock market fluctuations and a periodically weak economic climate, both household indebtedness and…
ECB's Tumpel-Gugerell on card payments
In a speech on 'Card payments and the European financial integration' given on 21 September, Gertrude Tumpel-Gugerell of the ECB said beyond its role of facilitator, the ECB intends to strengthen its oversight policy in the area of retail payment systems…
Fed's Gramlich at the 30th anniversary of the NHSA
In introductory remarks to an event honouring the 30th anniversary of Neighbourhood Housing Services of America (NHSA) given on 10 September, Edward Gramlich of the Federal Reserve said that there's a need to expand homeownership for lower-income…
Irish banking system sound, says cb's Hurley
Speaking at the publication of the central bank of Ireland's Financial Stability Report on Tuesday 21 September, the governor, John Hurley, said: "The central aim of this report is to analyse and assess the overall health of the financial system and to…
ECB's Issing sees inflation falling below 2%
The European Central Bank is unhappy with the current level of inflation in the eurozone but expects it to fall below 2% in the second quarter of next year, chief economist Otmar Issing said on Monday 20 September.
ECB, BOJ right on wait and see policy says OECD
OECD chief economist Jean-Philippe Cotis said that the European Central Bank and the Bank of Japan are right to maintain a "wait and see" positions in their monetary policies.
IMF sees potential hazard in US fiscal policy
The managing director of the International Monetary Fund, Rodrigo de Rato, said on Monday 20 September that the dollar would have to fall and the United States would have to tackle its growing indebtedness to avoid a threat to the world economy some time…
Fed expected to raise rates despite concerns
The Federal Reserves interest rate setting FOMC gathered on Tuesday 21 September, with the expectation they will raise US interest rates for a third time this year despite lingering signs of economic stress.
Measuring financial stability
Following the IMF's latest global financial stability review, released on Wednesday, one might expect central bankers to be relaxing. The Fund could see few threats on the horizon. In fact, central bank crisis watchers have never been busier. Mostly they…
HKMA Quarterly Bulletin, September 2004
The Hong Kong Monetary Authority has published the September 2004 issue of its Quarterly Bulletin. The latest issue includes an article "International reserve holdings - Are financial centres different?" - examining the relationship between reserve…
Srejber on new EU countries- opportunities & risks
In the speech 'New EU countries - opportunities and risks' given on 20 September Eva Srejber of the Sveriges Riksbank said for some of the other new member states a hurried transition to the euro could give rise to problems. The Baltic States are very…
Counterfeiting: A Canadian perspective
The author of this Bank of Canada Working Paper considers the economic issues that counterfeiting raises. He proposes an innovative method for estimating the quantity of counterfeit currency in circulation and develops estimates for Canada for 2001.
Bank of England Inflation Attitudes Survey, Aug 04
The Bank of England's August 2004 quarterly Inflation Attitudes Survey was published on 20 September. Asked about the future path of interest rates, 73% expected rates to rise in the next 12 months, little changed from 71% in the May survey.
China price performance remains stable, says PBOC
"The price performance in China remains stable on the whole," said Governor of the People's Bank of China Zhou Xiaochuan on Sunday.