Central Banking
ECB no comment on FX intervention rumours
Market rumours that the ECB intervened in the foreign exchange markets were met with a 'no comment' answer on Wednesday 10 December, according to Reuters.
Rate hikes could deflate bubbles - Sweden's Nyberg
Deputy governor of the Sveriges Riksbank Lars Nyberg said on Wednesday 10 December that central banks could use interest rates to prick asset price bubbles. In a speech at an event arranged by the Bank of Indonesia in Jakarta he said that in his view…
Italy withdraws proposal on ECB statutes
EU Presidency holder Italy is reported to have withdrawn a proposal to simplify procedures for changing the ECB's statutes in response to protests from the central bank, according to Boersen-Zeitung. Jean-Claude Trichet wrote to Italian Foreign Minister…
ECB's Issing: Rate impact from deficits action
European Central Bank Chief economist Otmar Issing has said in a newspaper article that the decision to effectively suspend the stability and growth pact carries serious risks for the eurozone, according to Reuters.
Israel central bank head sees economic progress
Bank of Israel Governor David Klein said that the recovery in the global economy, and improvements in the political and security environment should help Israel emerge from a three-year-long recession, according to a Reuters report.
IMF warns of 'downside risks' to Canada's economy
The IMF said on Tuesday 9 December, in its annual report on Canada, that the Canadian economy was resilient and it agreed with the consensus view that Canada's near-term outlook is "broadly favourable", according to CNC News. But it warned of downside…
Fed upbeat about economic rebound
In their final meeting of the year on Tuesday 9 December, Fed Chairman Alan Greenspan and his colleagues offered their most upbeat assessment of the economy in recent months, reports Associated Press. In another encouraging note, Fed policy-makers said…
Britain announces new inflation measure
UK chancellor Gordon Brown announced to parliament on Wednesday 10 December that Britain will in future use the harmonised index of consumer prices (HICP) to measure inflation, reports EU business. The new measure, which is already used by the European…
Poole: Perspective on U.S. International Trade
In a speech on 'A Perspective on U.S. International Trade' given on 19 November, William Poole of the Federal Reserve Bank of St. Louis said free trade is a policy that increases economic well being for a country as a whole. Specialization and exchange…
Bergstrom on the importance of capital formation
In a speech on 'Can we be best again? The importance of capital formation for long-term growth' given on 12 August, Villy Bergstrom of the Sveriges Riksbank said that growth is now in the focus of the public debate in Sweden. It is important that we re…
Dodge on Future Trends in the Canadian Economy
In a speech on 'Past Adjustments and Future Trends in the Canadian Economy' given on 8 December, David Dodge of the Bank of Canada said the economic adjustments that Canadians made through the 1990s and talked about the adjustments that will be necessary…
Japan's economy set to grow 1.5 percent
Japan's Cabinet Office said on Tuesday 9 December that the economy is expected to grow by 1.5 per cent in 2004, according to the Mainichi Daily News. It also predicted that moderate deflation will continue through 2004, forecasting the consumer price…
RBA chief Macfarlane regrets rate rise
Ian Macfarlane, governor of the Reserve Bank of Australia, said on Monday 8 December that he was sorry interest rates had to go up as it would hurt mortgage holders, according to the Herald Sun. "I suspect it's in this group of people, who are most…
IMF says euro rise won't stall economic recovery
Anne Krueger told reporters on Tuesday 9 December thatthe euro's recent rise against the dollar was not "a negative" but was prompted by economic growth, according to a Reuters report.
Canada's Dodge sees strong end to year
Strong global demand for Canadian goods and the holiday shopping season should allow the nation's economy to finish a rough year on a high note, Bank of Canada Governor David Dodge said in a speech on Monday 8 December, reported by the Ottawa Business…
Korea to be 'major financial player' - government
The Korean government believes it is emerging as a major financial player, reports the Korea Herald, with its plans to embark on more aggressive and large-scale fund management starting next year.
Gold investors hope for new central bank accord
Since 1999 the gold price has soared by more than 39 per cent even as European central banks have sold more than 1 594 tons of bullion from their reserves. But what those central banks do next could determine where gold goes from here, reports Bloomberg.
IMF takes aim at small offshore centres
After three years examining offshore centres, the International Monetary Fund has decided to focus on smaller offshore centres which don't meet international standards. CentralBankNet here gives a sneak preview of the report in the latest edition of The…
Offshore centres complain to WTO re FATF
A group of offshore centres have lodged a complaint with the World Trade Organisation (WTO) about the imposition of international money laundering rules by the FATF, Basel committee and OECD.
US congress raises doubts over Basel II
The prospect that the US Congress would block ratification of the new accord seems to have increased following a letter from the house committee on financial services which has been scrutinising the accord.
Former Boston Fed boss to head Freddie Mac
Richard Syron, president of the Boston Fed from 1989-94 and in charge during the bailout of New England's largest bank, was appointed chief executive and chairman of Freddie Mac on Sunday 7 December.
Official gold sales may rise - ex BIS FX head
A renewal of the Central Bank Gold agreement - which runs out in September 2004 - could raise the amount sold by 20%, according to the former head of foreign exchange and gold at the Bank for International Settlements.
Ortiz gets the nod for second term
Vicente Fox, Mexico's president, nominated Guillermo Ortiz for a second six-year term as governor of the central bank on Friday 5 December. Santiago Creel, the interior secretary, said at a news conference Friday that Ortiz's nomination had been formally…
CNB's Racocha on joining EU
In a speech delivered in Australia in November, Pavel Racocho, a member of the board of the Czech National Bank looks at the impact joining the EU will have on the financial sectors in the accession countries.