Central Banking
Philadelphia Fed Business Outlook Survey, Sep 2003
Manufacturing firms reported an increase in new orders in September according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2003. New orders and shipments grew again this month, but employment declined, the survey said.
12 August Minutes of Federal Open Market Committee
The Federal Reserve on 18 September released the minutes of its FOMC meeting of 12 August. The members agreed that, although economic activity had shown signs of firming, the risks to the outlook remained about the same as they had indicated in the…
Olson on the need for improved financial literacy
In a speech on 'Increased Availability of Financial Products and the Need for Improved Financial Literacy' given on 22 September Mark Olson of the Federal Reserve said interagency guidance was issued to banks on managing risks relating to subprime and…
Rosenberg-Price stability framework remains intact
Deputy Governor of the Sveriges Riksbank Irma Rosenberg gave a talk on 23 September at a conference organised by SNS Center for Business and Policy Studies and Affarsvarlden business magazine. Her talk touched on monetary policy and developments in the…
Bernanke: Fed can keep rates low
Federal Reserve Governor Ben Bernanke said on Monday 22 September that the U.S. can afford to keep interest rates low, mirroring the FOMC's recent statement, according to Reuters. Even with faster economic growth inflation is unlikely to become a problem…
Bundesbank chief Welteke dashes rate cut hopes
Bundesbank president and ECB council member Ernst Welteke said in an interview that monetary policy is not standing in the way of growth with historically low levels of interest rates, reports AFP. However, he warned that the current low cost of…
Snow says U.S. economic growth on sustainable path
U.S. Treasury Secretary John Snow said on Tuesday 23 September that the US government was committed to cutting the budget deficit in half over the next five years, according to Reuters, and described US economic growth as being on a good and sustainable…
IMF welcomes Serbia-Montenegro's economic policy
An IMF mission led by Emmanuel Zervoudakis, has held talks with a Serbia-Montenegrin delegation, headed by NBS Governor Kori Udovicki. In a statement reported on the Serbian Government's website, the IMF said the National Bank of Serbia has increased…
Euro parliament approves Trichet for ECB
On Tuesday 23 September, according to AFP, the European parliament approved the nomination of French central bank governor Jean-Claude Trichet as the next ECB president, replacing Wim Duisenberg of The Netherlands.
Japan's c bank chief pledges to beat deflation
Speaking at a joint discussion at the World Bank and the International Monetary Fund annual meetings Tuesday Bank of Japan governor Toshihiko Fukui said, according to China View "The BOJ is firmly committed to maintaining its current policy stance, until…
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…
G10 ministers and CB governors meet in Dubai
Ministers and central bank governors of the Group of Ten met in Dubai and despite an improvement in the overall economic outlook, drew attention to the "significant internal and external imbalances that persist, which could weigh on the sustainability of…
IMFC statement on IMF and the global economy
Communique of the International Monetary and Financial Committee of the IMF Board of Governors which highlights the importance of "more balanced growth with orderly adjustment", "sustained and vigorous structural reforms" and "continued focus by the IMF…
BOJ's Fukui speech to IMFC on Japan's economy
Toshihiko Fukui, Governor of the Bank of Japan, speaks to the International Monetary and Financial Committee on the Japanese economy (he reiterated that "The BoJ is firmly committed to maintaining its current policy stance until the consumer price index…
CNB's Zdenik Tma on AML and int'l standards
Governor of the Czech National Bank, Zdenik Tma, gave a speech on "Challenges of free capital movement and the role of international standards" in which he focuses on the prevention of money laundering.
Euro economic growth on pause
The euro area economy is stagnant but not in recession - yet - according to a new CEPR committee set up to date the euro-area business cycle. The committee seeks to emulate the NBER in the US, which has performed a similar role since 1980. Using data…
US claims victory over G7 call for flexible rates
US treasury secrtary, John Snow has claimed a victory in America's campaign to cajoule Asian countries to abandon pegs to the dollar. This follows the G7's communique's call for "flexibility" in exchange rates.
Include price stability in constitution says ECB
The ECB has called for price stability to be made an explicit goal of the EU in the new EU constitution which is under negotiation.
Jordan unblocks Hamas funds
Jordan's Central Bank has retracted a decision to freeze accounts belonging to leaders of Hamas, the radical Palestinian organisation.
Xiaochuan confirms yuan-dollar peg
China's central bank governor Zhou Xiaochuan on a visit to Hong Kong has confirmed the bank's commitment to the yuan/dollar peg, reports AFX Asia.
Transcript of the IMF's WEO press conference
Transcript of the IMF's September 2003 World Economic Outlook press conference in Dubai. Ken Rogoff, the IMF's Director of Research, says that "For the first time in a very long time we are reasonably optimistic about seeing a return to normal growth in…
CB Jordan under fire over Hamas freeze
Deputies in the Jordanian Parliment have called for the sacking of CBJ Governor Umayyah Tuqan after the central bank's decision to freeze funds belonging to Hamas, according to the Jordan Times.
IMF report to the IMFC on its policy agenda
Report of the IMF's Managing Director to the International Monetary and Financial Committee on the IMF's policy agenda, in which the IMF states its commitment to: "Further improving our surveillance, including our capacity to identify and reduce economic…
RBA bests Visa/Mastercard in court
The Reserve Bank of Australia has overturned a legal challenge to its regulation of credit card giants Visa and Mastercard in a landmark decision delivered in Sydney yesterday.