Central Banking
BoE's King on the UK's new inflation measure
In a speech given on 20 January, Mervyn King of the Bank of England said reinforced expectations of higher borrowing costs in the UK, saying that the BoE's new inflation target would not mean looser policy than otherwise would have been.
Bank of England MPC Minutes 7/8 January
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 21 January for the meeting of 7 and 8 January 2004. Sir Andrew Large was the sole dissenter on the MPC for the second month in a row, voting for a quarter-point rate rise.
Issing's testimony to the European Parliament
In testimony before the Committee on Economic and Monetary Affairs given on 20 January, Otmar Issing of the ECB backed Brussels' legal action against EU capitals for shirking the EU's deficit rules.
Ukraine adopts anti-money laundering program
The Ukrainian government and the National Bank have backed a program for 2004 to guarantee implementation of 40 recommendations of the Financial Action Task Force.
Solbes confident of euro stability
Speaking on Tuesday 20 January, Pedro Solbes, the EU's monetary affairs commissioner, said he believes the euro will not rise excessively, following EU ministers warning of dangers amid a record rise in the currency's value.
Report says Bundesbank wants 600 tonnes gold sale
A report said Germany's Bundesbank has registered its intention to sell a total of 600 tonnes of gold over the next five years.
IMF's Krueger says more flexible rupee desirable
Anne Krueger said on Wednesday 21 January that the Indian rupee must be allowed more flexibility and the Reserve Bank of India should intervene less in the currency market.
EU to base regulators in London and Frankfurt
European Union finance ministers agreed on Tuesday 20 January to base two new financial regulatory committees in London and Frankfurt.
Rapid yen moves will be acted on - Tanigaki
Japanese Finance Minister Sadakazu Tanigaki said at the weekend that Japan will keep acting against rapid and speculative moves in foreign exchange markets.
As euro soars ECB must be ready to cut - Rogoff
The euro could strengthen to $1.40 or beyond and the European Central Bank must be prepared to cut interest rates in response, former IMF chief economist Kenneth Rogoff was quoted as saying.
Fazio's address to the Euro-Mediterranean seminar
In his welcoming address to the Eurosystem and Mediterranean Central Banks Euro-Mediterranean seminar, Antonio Fazio said the talents that the central banks have brought to the European system is founded on autonomy and independence, sometimes carefully…
Venezuela's central bank under pressure
This article looks at the position of the central bank of Venezuela (BCV) following calls from President Hugo Chavez to hand over $1 billion from its reserves. Chavez has called it 'absurd' and 'crazy' for the reserves just to sit in the bank, and…
RBI faces tough issues to resolve the 'trilemma'
This article looks at a school of thought which believes that the Reserve Bank of India has failed to find out an inflexion point for short-term rates. The result, it says, is an unabated inflow of capital and excess of rupee-liquidity in the inter-bank…
BOJ makes changes to policy guidelines
At the Bank of Japan's Monetary Policy Meeting held on Tuesday 20 January, the bank decided to change the main operating target in the guideline for money market operations.
Bank of Canada lowers rate target to 2.5%
The Bank of Canada announced on Tuesday 20 January that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent.
OECD report UK 'well placed' for economic recovery
The OECD said on Tuesday 20 January that Britain is "well placed" to benefit from the current global economic recovery, but a tight grip must be kept on public finances to avoid a rising deficit.
Fukui vows to fight deflation as credit eased
Bank of Japan chief Toshihiko Fukui on Tuesday 21 January renewed his pledge to fight deflation with sustained credit easing while saying the risk of a high yen curtailing the economic recovery has not increased.
Prodi's pride in the euro
Speaking to the London School of Economics on Monday evening, Romano Prodi, president of the European Commission until October 2004, made some unscripted remarks on the international role of the euro. CentralBankNet reports.
Central banks in 2004
Following years of growth the number of central banks, and the number of staff they employ now looks set to fall, according to research carried out for the 2004 edition of Central Banking Publications' Central Bank Directory.
HKMA's Yam on issues in monetary policy
In a speech on 'Issues in Monetary Policy' given on 19 January, Joseph Yam of the Hong Kong Monetary Authority said that the HKMA had no concerns about the recent strengthening of the Hong Kong dollar.
BoE's Fisher on E-Commerce and the FX Market
In a speech on 'E-Commerce and the FX Market - Have the Promises Been Met?' given on 19 January, Paul Fisher of the Bank of England said CLS provides a major milestone in risk reduction in the foreign exchange market, this initiative is fast becoming a…
Broaddus on US economic outlook for 2004
In a speech on 'The Economic Outlook for 2004' given on 16 January, J. Alfred Broaddus of the Federal Reserve Bank of Richmond said he thought the U.S. economy would outpace consensus forecasts for 4 percent growth in 2004 and inflation would stay "under…
Japan raises view on economy
Japan raised its assessment of its economy on Monday 19 January, saying strong exports are boosting output and beginning to filter through to consumption.
Mundell proposes $1.30 ceiling on euro
Nobel-prize winning economist Robert Mundell was quoted on Monday 19 January as saying Group of Seven rich nations should intervene to halt a euro rise beyond $1.30.