Central Banking
Bank of Estonia Council to be appointed in Nov.
Bank of Estonia chairman Mart Sorg has said it will take a month for the Council's candidates to be cleared by security, according to the Baltic News Service. The candidates include politicians from both the ruling coalition and opposition, Sorg said.
Balcerowicz: 2007 euro entry depends on budget cut
Poland's adoption of the euro will depend on the success of the austerity plan, National Bank of Poland Governor Leszek Balcerowicz has said, according to the PAP news agency. Balcerowicz reiterated that the realistic date for entry to the eurozone is…
Denmark to start electronic trading in gov't bonds
Denmark will begin trading government bonds electronically from 4 November, AFX Europe reports, The Danish central bank said in a statement "Introducing electronic trading is a step forward in developing the Danish market and bringing its facilities in…
Bank Negara payments systems law effective Nov 1
Malaysia's Payment Systems Act 2003 will come into force on 1 November to ensure the efficient functioning and stability of the payments system, according to a report in The Edge Daily. "The Act empowers the central bank to designate payment systems with…
Greenspan to speak in UK at CBI conference
Federal Reserve Chairman Alan Greenspan will speak by video link to the Confederation of British Industry's national conference which is being held from 16-18 November at the ICC in Birmingham, England, according to a report by Reuters.
Bundesbank expects no solid 2003 upturn
The Bundesbank said in its October monthly report published on Monday 20 October that it forecasts a slight rise in economic performance in the third quarter this year, reports Expatica, but it does not see a sustained upturn in the German economy.
Fed's Bernanke wants public inflation objective
Fed governor Ben Bernanke told the St Louis Fed's inflation targeting conference on Friday 17 October that in the current climate of low inflation, it was important to keep the public informed about the Fed's long-run intentions, according to Reuters…
Heikensten: Introduction to monetary policy
In the speech 'Introduction to monetary policy' given on 16 October Lars Heikensten of the Sveriges Riksbank said the Riksbank's assessment is now that continued stable growth in incomes, wealth and employment will contribute to smooth and relatively…
Macfarlane on Asia's role in Australia's economy
In a speech on 'Asia's Role in Australia's Economic Future' given on 16 October I.J. Macfarlane of the Reserve Bank of Australia highlighted the vital role of Asia in our economic future. He said that in recent years, Australia had "lost sight" of Asia's…
Philadelphia Fed Business Outlook Survey, Oct 2003
Activity in the region's manufacturing sector improved in October, according to firms polled for the Philadelphia Fed's Business Outlook Survey, October 2003. Most of the current indicators increased this month, the report finds, and manufacturers' six…
Brazil "wants $10 bln IMF loan insurance"
Reports in Brazil said Finance Minister Antonio Palocci was negotiating with the IMF to secure "insurance" of $10 billion in emergency funds in case of an international economic crisis, according to Reuters. Palocci said he felt that if Brazil were to…
Inflation target could insulate Fed, Poole says
St. Louis Fed President William Poole said on Thursday 16 October that the Federal Reserve should adopt a target for an acceptable level of inflation in part to insulate itself from political pressures. He was speaking at the start of a two-day…
Eurozone recovery still fragile - ECB's Issing
The ECB's Chief Economist Otmar Issing said on Thursday 16 October that while the eurozone's recovery was still fragile it should gain strength next year, Reuters reports. He said the rise in the cost of oil did not provide a reason to change the ECB's…
Japan's economy minister: how to end deflation
Economy minister Heizo Takenaka has said that Japan's deflation could be overcome if the Bank of Japan can increase money supply growth and the government were able to increase demand through deregulation and clean up the banking system, according to the…
Look to Asia, urges RBA chief
Reserve Bank of Australia governor Ian Macfarlane has said that itsi time to look again at Asia's place in the economic future of Australia, ABC News reports.. Delivering a lecture in Sydney, he said that now the dust of the Asian crisis had largely…
International policymakers' comments on Trichet
Following Jean-Claude Trichet's formal appointment as the President of the European Central Bank, this article published by Reuters provides a selection of comments from international policymakers about Trichet. European Commission President Romano Prodi…
Daunting tasks await suave new ECB head Trichet
Jean-Claude Trichet was appointed President of the European central bank on Thursday but, according to Reuters, faces daunting challenges at the helm of the fledgling central bank including weak global growth, European budget rows, a tumbling dollar and…
ECB rejects plan to cut Finland's capital base
In a statement issued on Thursday 16 October, the European Central Bank rejected the proposal to decrease the Bank of Finland's capital base by some 700 million euros, according to Reuters, and the proposal to transfer all the central bank's profits to…
Federal Reserve on New York Fed's appointment
Statement from the Federal Reserve, 15 October, on the appointment of Timothy F. Geithner's appointment as President of the Federal Reserve Bank of New York.
Biographical summary for Timothy Geithner
Timothy Geithner, comparatively young for the position of President of the Federal Reserve Bank of New York at 42, rose rapidly after joining the US Treasury in 1988, emerging as a key figure during the 1990s international financial crises and becoming…
Federal Reserve Board - Beige Book, October 2003
The Federal Reserve Beige Book released on 15 October suggests that, on balance, the pace of economic expansion has picked up since the last report. Ten of the twelve districts indicate that activity has been expanding, while two--Boston and Cleveland-…
Sveriges Riksbank holds interest rates steady
The central bank of Sweden, the Sveriges Riksbank, held its repo rate unchanged at 2.75 per cent, 16 October. The risks in the inflation outlook are largely the same as before. However, the probability of lower inflation due to slacker international…
Trichet's successor may face reduced role
Former vice-president of the ECB Christian Noyer could be named as a replacement to Jean-Claude Trichet at the Bank of France, notes the Financial Times, but Herve Hernoun could also take the job as a less political choice. Whatever the case, the new…
PBOC to strengthen cooperation with US Treasury
The People's Bank of China will launch a technical cooperation program with the United States Treasury Department which would facilitate communication and cooperation between financial experts of the two countries, according to a bank spokesperson quoted…