Central Banking
Euro Parliament: More emphasis on growth for Pact
Press release on the Stability and Growth Pact by the Chair of the Committee on Economic and Monetary Affairs of the European Parliament, Christa Randzio-Plath MEP, 27 November. "A constructive debate on Stability and Growth Pact is needed: a political…
Iraq cb to issue licences to foreign banks
The central bank of Iraq is to award licences in December allowing a maximum of six banks to operate in Iraq. Central bank deputy Ahmad Salman Mohammed said "Foreign banks will bring in capital, train people, provide jobs, modernise banking services and…
De La Rue plans factory closure in UK
Bank note printer De La Rue plans to sell two of its UK factories after demand for UK personal cheques, export stamps and coin bags all slumped, according to a report in The Scotsman. A spokesman said: "It's hard to predict how long cheques will survive,…
ECB's Padoa-Schioppa sees no threat to growth pact
ECB board member Tommaso Padoa-Schioppa has said that despite the changes to the stability and growth pact, its long-term credibility is not under threat, Reuters reports. He said he did not share speculation the decision could spell the end for the…
Fed reports widespread improvements in US economy
The Federal Reserve released its latest survey of "Current Economic Conditions", known as the Beige Book, on Wednesday 26 November, according to Associated Press. The report gave the most positive assessment of business activity since before the start of…
Polish central bank's freedom threatened
The governor of the National Bank of Poland (NBP) Leszek Balcerowicz has said that the central bank's independence is threatened following the adoption of an amendment that would require the NBP to print money, according to AFP. "A central bank should be…
EU panel suggests rewriting euro rulebook
European Commission President Romano Prodi said on Wednesday 26 November that EU governments cannot use "ad-hoc measures" to suspend or amend the stability pact when they feel "its provisions are too stringent or inopportune", reports Associated Press…
OECD sees scope for ECB rate cut
The OECD's semiannual economic outlook report said that with inflation pressures waning it is assumed the ECB will hold interest rates until the recovery firms, reports AFP, but there is scope for easing policy if the economic upturn stalls or the euro…
Greek central bank warns on public debt
Nicholas Garganas, Governor of the Bank of Greece, has called for a strict adherence to the stability and growth pact, according to a report by Kathimerini. Garganas told Parliament that uncontrolled deficits will have serious consequences on interest…
Parry on the U.S. and Regional Economic Outlook
In the speech 'The U.S. and Regional Economic Outlook' given on 25 November Robert Parry of the Federal Reserve Bank of San Francisco said the picture was finally starting to brighten for the national economy. The process of technological innovation that…
Pianalto on the nature of economic change
In the speech 'The Nature of Economic Change' given on 20 November Sandra Pianalto of the Federal Reserve Bank of Cleveland said think of the steady, upward march of the US economic prosperity as climbing a ladder, where each rung is a different stage of…
Deutsche Bundesbank Monthly Report, October 2003
The Deutsche Bundesbank has published the English version of its October 2003 monthly report. Seasonally adjusted industrial output in August was down on the month, July having produced a high figure, the Report said. The slight rise in consumer prices…
ECB statement on ECOFIN budget conclusions
Statement of the European Central Bank Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany, 25 November. The ECB's press release warns: "The Conclusions adopted by the ECOFIN Council…
Heikensten on Riksbank's financial stability work
In the speech 'The Riksbank's work on financial stability' given on 25 November Lars Heikensten of the Sveriges Riksbank said it is hopefully clear that the financial markets are changing rapidly and present a development that is exciting in many ways…
Slovakia to take small coins out of use
The National Bank of Slovakia is to remove from circulation 10 and 20 halier coins over the next five years, The Slovak Spectator reported. The NBS said the small haliers are too expensive to produce.
'Computerized' bank cards coming to Korea
The Bank of Korea said Monday, according to the Chosun Ilbo, that from next year integrated-circuit (IC) chips would replace magnetic strips in bank cards. Korea's Financial Supervisory Service said it plans to issue IC credit cards on a trial basis…
Irish go back to 'hoarding' coins: central bank
Speaking at the issue of 40,000 commemorative coin sets, the central bank of Ireland's head of currency Hugh O'Donnell said Irish people have reverted to their old habits of 'hoarding' coins.
Bangladesh Bank circulates new notes
Bangladesh Bank will print 1,155 million new notes by June, 2004 to help people replace torn and soiled notes, The Daily Star reported. People have been crowding the BB's exchange counter for the last couple of days to replace torn and soiled notes with…
Russia's gold reserves on hold
Central Bank of Russia deputy governor Oleg Vyugin was quoted as saying Russia has no plans to increase gold reserves at the moment. He said current conditions were not good for buying gold which is "substantially expensive" and lacks liquidity, Reuters…
PBOC to discuss Hong Kong yuan operations
The Hong Kong Monetary Authority is holding meetings this week with officials from the People's Bank of China, Dow Jones reported. Officials from PBOC will discuss what operations Hong Kong's banks can conduct on the yuan from next year.
Italy wants ECB chiefs chosen by majority
Italy, the current holder of the EU presidency, has made a proposal to change the way top officials at the European Central Bank are appointed, Reuters said. A draft compromise circulated to EU member states said the ECB's six top officials should be…
France and Italy lead charge for EU pact change
French Finance Minister Francis Mer said Wednesday the EU should consider revising the stability and growth pact in 2005, Reuters said. While Italian Treasury undersecretary Gianluigi Magri commented "Pact 1 is finished with. We need to change the…
Dutch start negotiations on staff reduction
Central bankers throughout the euro area have their eyes anxiously fixed on the Netherlands. For it is there that the first really big job cuts in an national central bank (NCB) since the introduction of the euro are due to take place. The Netherlands…
Interview with BNB's Tsvetan Manchev
In an extensive interview published by Capital weekly, the National Bank of Bulgaria's deputy governor Tsvetan Manchev said that the BNB plans to carry out vocational training of its staff in preparation to take an active part in the banking system of…