Central Banking
Argentina on brink of new IMF default
Argentina was on the brink of a new debt default with the IMF on Tuesday 9 March as last-minute discussions went to the wire while the Argentine government studied an IMF proposal.
Basel regulators press US over accord, say sources
Reports on Monday 8 March said that European regulators have given the US a deadline of 1 April for proposals required to finish the Basel II agreement, with concern from top central bankers that the accord be completed on time.
Germany changes position on governing council post
It was reported on Tuesday 9 March that the German government had changed its position that large countries should automatically retain seats on the ECB's executive board.
EU need 'unchallengeable' choice for IMF, says Mer
Francis Mer has said that the EU should agree on an "unchallengeable" contender as Horst Koehler's replacement at the IMF, to avoid a repeat of the squabbling over its previous nomination.
Interview: Heraldo Muoz
Since September 11th the tracking of global terrorist funding has been more important than ever. CBNet spoke to Heraldo Muoz, Chilean ambassador to the UN and chairman of the Security Council Al-Qaeda and Taliban Sanctions Committee to ask exactly how UN…
Paris seminar on the EU accession process
The fifth central bank seminar on the European Union (EU) accession process was held in Paris on 4 and 5 March 2004. The purpose of this seminar was to exchange views on important central banking issues ahead of EU accession.
Hong Kong's foreign currency reserve figures
The Hong Kong Monetary Authority (HKMA) announced on Monday 8 March that the official foreign currency reserve assets of Hong Kong amounted to US$123.5 billion at the end of February 2004.
New law governing the Central Bank of Iraq
Ambassador L. Paul Bremer, Administrator of the Coalition Provisional Authority, announced on Sunday 7 March the issuance of a new law governing the Central Bank of Iraq.
Euro central banks reach new gold sales agreement
European central banks said on Monday 8 March that they had reached a new agreement that increases the limits on their annual gold sales to 500 tons annually over the next five years.
BIS Quarterly Review March 2004
The BIS September 2003 quarterly review, released 8 March, said global equity markets rallied in early 2004 due to investors strong risk appetite, not just economic and corporate fundamentals.
Welteke 'relaxed' on asset bubbles
Ernst Welteke, president of the Bundesbank, said on Sunday 7 March that he was "relaxed" on the issue of asset bubbles, a growing concern among central bankers in the wake of strong equity market gains over the last year.
Ireland, Belgium likely to lose bid for ECB seat
Ireland and Belgium look set to lose their battle to win a seat on the six person executive board of the European Central Bank (ECB). Eurozone finance ministers were due to discuss the position on Monday evening, 8 March, with Spain's Jose Manuel…
PBOC says no plan to revalue yuan soon
Deputy governor Li Ruogu of the People's Bank of China said on Sunday 7 March that China does not plan to revalue the yuan in the near future and that the dollar pegged currency is valued correctly.
Jarai says delay ERM II if euro entry delayed
National Bank of Hungary president Zsigmond Jarai said on Friday 5 March, according to state news agency MTI, that if Hungary delays adoption of the euro, it should also delay joining the Exchange Rate Mechanism II.
Global recovery strong and long lasting says G10
G10 central bankers meeting in Switzerland said on Monday 8 March that the world economic recovery is strong and risks that it could be scuppered are fading.
IMF statement on Kohler's resignation
Following Horst Kohler's decision to resign from the IMF, the Fund released this statement on Thursday 5 March. First Deputy Managing Director Anne Krueger will be Acting Managing Director until the IMF's Executive Board names a successor.
Serbia's Jelasic moves into office
The new governor of the National Bank of Serbia, Radovan Jelasic, officially took control of the bank on Monday 1 March.
Kazakhstan appoints new deputy
According to a decree from President Nursultan Nazarbayev, Askar Yelemesov was appointed deputy president of the National Bank of Khasakhstan on Wednesday 3 March.
ECB board member confirmation hearing in April
The European Parliament said on Wednesday 3 March that it will hold a confirmation hearing with the nominee for the ECB's soon to be vacant seat. It spoke of a broadening of backgrounds which "would come from board members with an academic or…
Paul Sweezy dies at 93
Paul M Sweezy, a Harvard University economist who did much work on the theory of oligopoly, and left academia to become America's leading Marxist intellectual and publisher during the cold war era, died on Saturday 28 February at his New York home.
Court upholds immunity of former BSP chief Laya
The Third Division of the Philippines Sandiganbayan Court has upheld the immunity granted to former Central Bank governor Jaime Laya by the Presidential Commission on Good Government (PCGG) and dismissed the $65 million graft case against him.
Three BI insiders proposed for senior dep governor
President Megawati has proposed three names from within Bank Indonesia as candidates for the post of senior deputy governor, reflecting the government's intention to pick someone who is already familiar with the central bank's working environment.
Trichet on the EU accession process
Speaking at the 'Paris seminar on the EU accession process' on 4 March, Jean-Claude Trichet of the ECB said that as European central bankers, our destiny is intertwined with the destiny of our continent. As Europe is being rebuilt and reunited, so we are…
Guynn on growth in a time of low interest rates
In a speech on 'Growth in a Time of Low Interest Rates' given on 4 March, Jack Guynn of the Federal Reserve Bank of Atlanta said the steep interest-rate cuts of 2001 and 2002 were not neutral monetary policy. Rates were reduced in response to a…