Central Banking
Brazil says oil threatens 'gradual' rate rises
Minutes from Brazil's central bank interest rate setting COPOM committee showed that the bank expects to maintain a policy of "gradual" interest rate increases while holding out the possibility that increasing oil prices and worsening inflation…
BOJ maintains policy, sees slight inflation
The Bank of Japan kept its ultra-loose monetary policy on Friday 29 October to support the economy and forecast there could be a slight rise in inflation next year, although that would not necessarily mean a change in its stance on interest rates, it…
NY Fed study warns on central bank asset buying
The New York Federal Reserve warned in a report on Thursday that U.S. interest rates would rise and the dollar would fall if Asian central banks slowed their recent heavy purchases of U.S. assets.
RBNZ increases OCR to 6.50 per cent
The Reserve Bank of New Zealand announced on Thursday 28 October that it has increased the Official Cash Rate from 6.25 per cent to 6.50 per cent.
Why the Bank of Japan keeps on doing nothing
For pretty much all of 2004, the Bank of Japan has done nothing. And looking ahead to 2005, it's not expected to do a whole lot more, this article suggests. That the BOJ isn't having a serious discussion of deflation ending anytime soon throws cold water…
HKMA's Yam on the challenges of an emerging Asia
In a speech on 'The financial stability challenges of an emerging Asia' given on 25 October, Joseph Yam of the Hong Kong Monetary Authority gave one of the most high-profile endorsements of an Asian monetary union, saying countries in the region should…
Norway's Bergo on cyclical developments
In a speech on 'Monetary policy and cyclical developments' given on 18 October, Jarle Bergo of Norges Bank said in Norway output growth has picked up after a pause in 2003. The interest rate reductions since 2002 have contributed to a turnaround and the…
Federal Reserve Board - Beige Book, October 2004
The Federal Reserve has published its October 2004 Beige Book survey. The report said the economy grew in most regions of the United States in September and early October, despite signs that higher energy costs are beginning to bite.
Trichet: EU Enlargement challenges & opportunities
In a speech on 'EU Enlargement: challenges and opportunities' given on 27 October, Jean-Claude Trichet of the ECB said the eurozone economy was likely to continue growing at its current pace, but noted that high oil prices could dampen the speed of the…
Tanigaki says Japan's economy is recovering
Japanese Finance Minister Sadakazu Tanigaki told parliament on Thursday 28 October that Japan's economy is on a recovery trend while deflation remains.
ECB's Garganas: little effect on exports from euro
European Central Bank council member Nicholas Garganas said in an interview the euro's appreciation against the dollar this month probably won't hurt European exports and will help offset the effects of surging oil prices on the economy.
China's central bank raises interest rates
The People's Bank of China on Thursday 28 October raised interest rates for the first time in nearly a decade to guide its heated economy to a path of slower growth.
Mexico's Ortiz sees inflation falling
Central bank Governor Guillermo Ortiz said on Wednesday 27 October that he expects Mexico's annual inflation rate to start declining in the second quarter of 2005, and the Banco de Mexico remains committed to fighting rising prices.
The ECB - History, role and functions
The European Central Bank published a book on its history, role and functions on Monday. The publication looks at the ECB from legal, institutional and organisational standpoints.
Norges Bank book on Historical Monetary Statistics
Norges Bank has collected and systematised historical data of relevance to price stability and financial stability, the two main areas of responsibility for central banks. This historical data has been documented in Norges Bank Occasional Papers No. 35 …
Sveriges Riksbank Inflation Report, No.3, 2004
Sweden's central bank, the Sveriges Riksbank, has published its Third Inflation Report for 2004. International growth has been slightly higher than expected, despite the rise in oil prices. At the same time, the report says, Swedish exports have shown an…
Padoa-Schioppa on enlargement and "old" Europe
In the speech 'Enlargement and "old" Europe: Blow or bless?' given on 21 October Tommaso Padoa-Schioppa of the ECB said the entry into the EU of 10 new member states last May could stimulate economic reforms in the other 15 EU member countries.
Dodge at House of Commons Finance Committee
In a speech to the House of Commons Finance Committee given on 26 October David Dodge of the Bank of Canada said with the economy expected to remain near its production capacity, core inflation is projected to move back up to the 2 per cent target by the…
Snow says US economy on right path
The U.S. economy is on the right path, but obstacles including high oil prices, deficits and business caution stand in the way of full recovery, US Treasury Secretary John Snow said on Tuesday.
ECB's Weber says euro appreciation not justified
European Central Bank council member Axel Weber said Europe's single currency may have appreciated against the dollar more than can be justified by economic arguments.
Oil will not cause recession says Dallas Fed
Stephen Brown, the senior economist for the Federal Reserve Bank of Dallas said Tuesday that high oil prices are unlikely to push the U.S. economy into a recession.
MEPs vote to alter report on ECB
Conservative and liberal MEPs voted Tuesday in Strasbourg to dramatically alter the French Green MEP Alain Lipietz's Report on the 2003 Annual Report of the European Central Bank to such an extent that the Rapporteur was forced to recommend a negative…
South Africa eases exchange controls
South African Finance Minister Trevor Manuel announced Tuesday that apartheid-era foreign exchange controls would be eased by scrapping the limits on how much companies can invest abroad.
SF Fed's Yellen on the national economy
In a speech on 'Perspectives on the national economy and monetary policy' given on 21 October, Janet Yellen of the San Francisco Fed said the Federal Reserve may need to speed up or slow down its rate-tightening campaign, depending on economic activity…