Central Banking
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…
SARB cuts repo rate by 1.5%
With effect from Friday 17 October, reports Business Africa, the South African Reserve Bank will cut its main repo rate to 8.5 percent, Tito Mboweni said at the end of the two-day meeting by the SARB's Monetary Policy Committee on Thursday.
IMF official is named President of New York Fed
Timothy F. Geithner, 42, was named president and chief executive of the Federal Reserve Bank of New York on Wednesday 16 October, according to the New York Times. The appointment brings to an end the nine-month search for a replacement for William…
Fed's survey finds recovery in most areas
The Federal Reserve's Beige Book, released on Wednesday 15 October, said "On balance, the pace of economic expansion has picked up since the last report", according to Associated Press. The Current Economic Conditions survey, known as the Beige Book, is…
EU leaders to meet Trichet after ECB confirmation
After his confirmation as President of the European Central Bank, which was due to take place on Thursday 16 October at a two-day summit in Brussels, Jean-Claude Trichet was scheduled to meet EU leaders, according to EU Business. The EU's Italian…
Central Banks and Supreme Courts by C Goodhart
This Working Paper from the Financial Markets Group claims that a significant, large part of the reason for the differing procedures of the legal and monetary policy bodies in the UK, USA, and EU derives from a political science root. How do you deal…
BoE's King on the monetary policy framework
In his first speech as Governor of the Bank of England, Mervyn King said on 14 October that the present monetary and fiscal frameworks provide a seaworthy policy vessel, but, as all sailors know, fog, especially statistical fog, can be dangerous. So we…
Ferguson: Future of Financial Services--Revisited
In the speech 'The Future of Financial Services--Revisited' given on 8 October Roger Ferguson of the Federal Reserve said the need for Basel II arises because modern risk measurement and management practices, including the increasing ability to…
Bernanke's statement on renomination to the Board
In testimony before the US Senate on 14 October Ben Bernanke of the Federal Reserve said although economic forecasting is far from an exact science, private-sector forecasters broadly agree that the economy should grow at nearly a 4 percent rate in 2004…
Bank of Japan Monthly Report, October 2003
The Bank of Japan published the English version of its Monthly Report of Recent Economic and Financial Developments, October 2003, on 17 October. The foundation for a gradual recovery in Japan's economy is being laid, as the environment for exports and…
Basel committee vows to respect timetable
At its weekend meeting in Madrid, the Basel Committee moved forward with a proposal for how banks would treat what is known as expected credit losses, adopting the stance of the US banks. The committee pledged to stand by its timetable for implementing…
Chicago Fed's Moskow upbeat on growth
For a substantial fall in unemployment to occur the US economy must grow above potential for a "significant period of time" Chicago Fed President Michael Moskow said in a television interview Monday, Reuters reported.
Supervisory body to boost BI's accountability
Indonesia's Minister of Finance, Boediono, has repeated the importance of establishing a supervisory board for Bank Indonesia's board of governors, a report in the Jakarta Post said. The idea has been opposed by Bank Indonesia but is meant to strengthen…
Bank of Canada leaves key rate unchanged
The Bank of Canada held interest rates steady on Wednesday at 2.75 percent, the Canadian Press said. Some economists said the rate should fall to cool the rise in the Canadian dollar.
Jarai says talks underway with ECB over ERM II
Hungary's central bank governor Zsigmond Jarai said Tuesday, Interfax reported, that the MNB has begun informal talks with the ECB on Hungary's membership of the ERM II mechanism. The path to the adoption of the euro in 2008, as agreed between the…