Central Banking
Raffarin says ECB should react to euro rise
Speaking on Thursday 26 February, French Prime Minister Jean-Pierre Raffarin said he shared Gerhard Schroeder's views that the ECB should think about varying eurozone interest rates given the euro's strong rise against the dollar.
Cleveland's Pianalto - US job growth on the up
Federal Reserve Bank of Cleveland President Sandra Pianalto said on Wednesday 25 February that strong US productivity and job outsourcing has helped explain weak US employment creation, but that conditions were on the mend.
Poland's Monetary Policy Council hold rates
Poland's Monetary Policy Council kept interest rates on hold on Wednesday 25 February . The decision was expected due to the recently completed council changeover, but the council suggested rates were more likely to rise than fall.
Buba's Stark says strong euro is not export burden
The Vice-President of Germany's Bundesbank Juergen Stark said on Wednesday 25 February that the strong euro did not have too much of an impact on exports and that the eurozone was slowly recovering.
America's dangerous deficit
We distribute this article from the International Herald Tribune, with permission, as it is among the first that we have seen in the mainstream media publicly speculating about the possibility of the US effectively restricting access of central banks to…
PMA chief Haddad accuses Israel
The governor of the Palestine Monetary Authority, Amin Haddad, on Thursday 26 February accuses Israel of "daylight theft at gunpoint" after Israeli troops seized over $8 million from banks in the West Bank city of Ramallah.
IMF MD Horst Kohler's statement on visit to Korea
During his visit to Korea International Monetary Fund (IMF) Managing Director Horst Kohler issued a statement in Seoul Thursday. He expressed his great pleasure at returning to Korea for a second time.
Fed's Gramlich on budget and trade deficits
In a speech on 'Budget and Trade Deficits: Linked, Both Worrisome in the Long Run, but not Twins' given on 25 February, Edward Gramlich of the Federal Reserve warned that large persistent U.S. budget and trade deficits could lead to "significant economic…
IMF Working Paper on inflation targeting
In the IMF Working Paper "Inflation Targeting and Exchange Rate Rules in an Open Economy" published on 24 February, the authors find that the exchange rate regime and measure of inflation targeted have crucial implications for the effect on output and…
Floating the renminbi is a red herring
This article by Gerald P O'Driscoll Jr and Lee Hoskins says the citizens of both China and the US will benefit when China moves closer to a market economy. But in the meantime, the leaders of both countries need to avoid protectionism in all forms,…
Qualitative aspects of effective risk management
In the a speech on 'Qualitative Aspects of Effective Risk Management' given on 25 February, Susan Schmidt Bies of the Federal Reserve said the recent accounting scandal at Italian business giant Parmalat shows corporate governance issues are global in…
Greenspan: growth vigorous, spending cuts needed
In a speech on 'Economic outlook and current fiscal issues' given on 25 February, Alan Greenspan of the Federal Reserve said the US economy has turned the corner from recession and is on the verge of "sustainable" growth. To ensure that, Congress must…
Serbia replaces central bank chief
Serbia's parliament sacked national bank governor Kori Udovicki on Wednesday 25 February in a 129-109 vote following allegations that the vote electing her to the post was rigged. Radovan Jelasic was later voted in to replace Udovicki.
France's Noyer reassures over 'very stable' euro
Bank of France governor Christian Noyer played down the rise of the euro on Wednesday 25 February, saying the rate was "very stable" and that the exchange rate was not far from the launch rate of the euro in 1999.
China and US meet on yuan, but no quick fixes seen
U.S. and Chinese officials met on Wednesday 25 February for talks on China's financial policies, including discussion on the yuan peg. John Snow said he understood Chinese policymakers arguments that China cannot change yuan policy overnight.
Schroeder urges ECB consider rate cut
German Chancellor Gerhard Schroeder said on Wednesday 25 February that the European Central Bank should "most intensively" consider cutting interest rates to halt the euro's appreciation against the dollar.
IMF's Koehler supports Japan's FX intervention
Visiting the International Monetary Fund (IMF), Managing Director Horst Koehler said on Wednesday 25 February in Tokyo that he could understand Japan's currency intervention policy.
Tumpel-Gugerell: Central banks in an enlarged EU
In the speech 'Challenges for central banks in an enlarged European Union and euro area' given on 20 February, Gertrude Tumpel-Gugerell of the ECB said a new and changing environment requires new concepts and innovation in the field of central banking.
Papademos on the competition for new ECB premises
In his introductory statement at the Deutsches Architektur Museum given on 20 February, Lucas Papademos of the ECB said the ECB is very satisfied that the results of the international architectural competition have fulfilled its expectations.
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia published its First Quarter 2004 Survey of Professional Forecasters on 23 January. Prospects for economic growth look stronger now than they did just three months ago, according to the 32 forecasters surveyed.
ECB's Issing tries to deflate Greenspan's bubble
While Federal Reserve Chairman Alan Greenspan is taking his victory lap, other central bankers and private-sector economists are questioning what they see as a case of premature hubris.
BOJ chief's coronation may be premature
This article looks at Bank of Japan governor, Toshihiko Fukui who was described recently as "the toast of Tokyo financial circles" and named central banker of the year by a magazine. If Fukui can succeed where none of his predecessors has over the last…
IMF's Koehler: Japan economic growth 'sustainable'
Speaking on Tuesday 24 February on a visit to Asia the head of the International Monetary Fund said that Japan can sustain its recent recovery and praised reforms in the nation's financial sector.
Greenspan on Fannie and Freddie
Greenspan today (February 24) called for Congress to appoint a regulator and impose debt ceilings on Fannie Mae and Freddie Mac. Without such action, the rapid growth of these huge agencies was "likely" to cause systemic difficulties.