Central Banking
Greenspan nomination hearing will be 10 June
Federal Reserve Chairman Alan Greenspan will testify next Thursday, 10 June, before the Senate Banking Committee as it considers his nomination for a fifth term at the central bank's helm, the panel said on Thursday 3 June.
IMF's new MD Rato to assume office on 7 June
Rodrigo Rato, the new managing director of the International Monetary Fund, will officially start work on June 7, IMF spokesman Thomas Dawson said on Thursday 3 June.
Yepez made Ecuador's new economy minister
Ecuadorian President Lucio Gutierrez said on Tuesday 2 June that he had accepted the resignation of Economy Minister Mauricio Pozo and the new minister will be Central Bank Director Mauricio Yepez.
President proposed for euro finance ministers
French finance minister Nicolas Sarkozy proposed this week that the finance ministers of the 12 eurozone countries should have a permanent president for two and a half years.
Feldstein - The Next Greenspan?
As one of George W. Bush's key advisors on economic policy, Harvard professor Martin Feldstein helped design the President's tax cuts. He's working on a plan to overhaul Social Security. Could he be the next Greenspan, this article asks.
RBA's McKibbin barred from providing advice
The Governor of the Reserve Bank of Australia, Ian Macfarlane, blocked board member Warwick McKibbin from advising a residential home equity fund, the Sydney Morning Herald reported this week.
Israel's Klein in favour of hiring Arab employees
The Bank of Israel is in favour of recruiting Arab employees, but has yet to find suitable candidates for available positions, according to a letter sent by central bank governor David Klein to Hadash party MK Ahmed Tibi, Haaretz reported this week.
RBA's Macfarlane sees growth close to 4 percent
In his opening statement to the House of Representatives Standing Committee given on 4 June, Ian Macfarlane of the RBA said that the Australian economy was set to grow by 3.75 percent in 2004 and signalled the Reserve Bank was "comfortable" with interest…
Trichet on financial stability & structural change
In a speech to the Second Conference of the Monetary Stability Foundation given on 3 June, Jean-Claude Trichet of the ECB said faced with new developments in the financial markets, namely, their increasingly large role and their integration across…
ECB decision on the rules applying to OLAF
Today, 3 June, the Governing Council of the European Central Bank (ECB) adopted a Decision (ECB/2004/11) on the terms and conditions for European Anti-Fraud Office (OLAF) investigations of the European Central Bank.
Independence law for Central Bank of Taiwan
When passed into law, the amended Central Bank Act in Taiwan will define the central bank as "the national bank which exercises its duties independently as prescribed by the law," this article says. Important amendments to the Act include requiring the…
Bergstrom on risks for the Swedish economy
In a speech on 'Risk of "golden parenthesis" for the Swedish economy' given on 3 June, Villy Bergstrom of the Sveriges Riksbank said if the foundations are not laid for boosting employment and long-term capital formation the currently favourable period…
Fed's Bies on accountancy reform
In a written statement on IASB reform given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve strongly supports efforts to enhance the oversight activities of the IASCF and the standards-setting processes of the IASB. Such…
Irish financial regulator to get new powers
Ireland's new financial regulator is to be given powers to fine and name offending institutions under draft legislation going through the Irish parliament, the Dail, this week, according to the Financial Times on Friday4 June.
Belgian national bank sees GDP growth at 2.3 pct
Presenting the June forecasts, Belgian national bank governor Guy Quaden warned that a further rise in oil prices could hamper economic recovery in Europe.
World Bank wants further Russian economic reforms
World Bank chief James Wolfensohn is urging Russia to continue with economic reforms to promote investment. He also warned that how Russia deals with a tax affair involving the Yukos oil company could have major repercussions.
Supervision of banks paying off reports CBRC
The China Banking Regulatory Commission (CBRC) said Thursday its recent efforts to strengthen the supervision of banks and contain their lending risks have shown good results, according to Friday's China Daily.
RBI's Udeshi on the role of central bankers
In a speech on the 'Role of Central Bankers in Emerging Economy like India' given on 19 March, Kishori Udeshi of the RBI said the life of a central banker is one of anonymity, staid and boring. It is only in moments when the going is tough that central…
Sveriges Riksbank, Financial Stability Report
Sweden's central bank, the Sveriges Riksbank, published its first Financial Stability Report for 2004 on 2 June. Although household debt is increasing at a rapid rate, it is not considered to entail any serious risks for Swedish banks, according to the…
Norges Bank Financial Stability Report No.1, 2004
The central bank of Norway, Norges Bank, has published its twice yearly Financial Stability Report 1/2004. "The short-term outlook for financial stability is regarded as satisfactory and has improved somewhat compared with the situation six months ago,"…
ECB press conference, with Q & A session
The European Central Bank held eurozone interest rates unchanged for a 12th month on Thursday 3 June. At the post-meeting press conference Jean-Claude Trichet said the economic recovery has strengthened over recent months, but noted we have also…
Caruana on Basel II - a new approach
In a speech on 'Basel II - a New Approach to Banking Supervision' given on 1 June, Jaime Caruana of the Bank of Spain said Basel II is an important step in embracing a new, incentives-based approach to supervision. In the speech Caruana discusses how it…
Fed's Bies on Bank Secrecy Act enforcement
In testimony on 'Bank Secrecy Act enforcement' given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve has expanded its anti-money laundering program "dramatically" in the last 10 years and urged U.S. banks to take steps to…
BOJ's Haru cautious on possible rise in JGB yields
Bank of Japan Policy Board member Hidehiko Haru said on Thursday 3 June that it was expected that interest rates on Japanese government bonds to rise in line with an economic recovery but that an excessive jump may be harmful.