Central Banking
US Treasury head praises IMF-Argentina deal
US Treasury Secretary John Snow said on Thursday September 11 that he supported the IMF and Argentina for having reached a new three-year financial deal. He said, "I think we have come out with a pretty good agreement" although analysts widely condemned…
BOJ governor Fukui to visit China in October
Bank of Japan governor Toshihiko Fukui will visit China in October and meet with the governor of the People's Bank of China, according to a report by Reuters. Fukui is likely to exchange opinions with Chinese officials on the yuan currency.
Charges against BSP governor dismissed
The Philippines Supreme Court on Thursday dismissed criminal charges filed against BSP Governor Rafael Buenaventura and 20 other central bank officials, according to a report by ABS-cbnews. In a resolution dated August 11 but obtained by reporters only…
International Monetary Fund - Annual Report 2003
The International Monetary Fund has published its Annual Report for the financial year ended 2003. In the Annual Report the IMF said it was reviewing the way it assists poor nations, a subject international aid groups have emphasized is a constant source…
Stark on The Euro Area as an Economic Entity
Speech titled 'The Euro Area as an Economic Entity' by Vice President Jurgen Stark of the Bundesbank to the CEPR/ESI conference, Eltville, 12 September. In the speech Stark said "my experience tells me that central bankers and academics alike are willing…
France in hot water at EU finance meeting
After meeting his British counterpart Tony Blair in London on Thursday 11 September, French Prime Minister Jean-Pierre Raffarin claimed a "common view" was emerging about the need not just to respect fiscal discipline but to go for growth as well.,…
Basel's best bet is to keep it simple
Much progress has been made in constructing a regulatory capital framework that can benefit both the industry and its regulators. At this late stage, this article in the Financial Times says, careful revision is necessary to guarantee that the five-year…
Trichet lays down the gauntlet
Subjected to a grilling by its Economic and Monetary Affairs Committee in one of the seemingly infinite rooms of the European Parliament's nightmarishly labyrinthine buildings in Brussels on September 11, Jean-Claude Trichet gingerly and with consummate…
ECB Monthly Bulletin, September 2003
The European Central Bank published its September 2003 Monthly Bulletin on 11 September. The report said recent data confirm that economic activity in the euro area was very weak in the second quarter of 2003, with a slight decline in real GDP according…
Canada's Dodge on Fostering Confidence
In a speech on 'Fostering Confidence' given on 10 September, David Dodge of the Bank of Canada said that substantial progress has been made in building investor and consumer confidence in the face of recent economic shocks and corporate finance and…
New assignments in the Office of Fed Board Members
The Federal Reserve Board has announced the appointment of Winthrop P. Hambley as Assistant to the Board and head of the Congressional Liaison Office, 10 September. and Laricke Blanchard as Special Assistant to the Board.
Reserve Bank of Australia - Annual Report 2003
The Reserve Bank of Australia has published its Annual Report for the year ended 2003. In the Governor's Foreword Ian Macfarlane said although there were no changes in monetary policy, the RBA's operations in financial markets were at least as active as…
Mboweni on Inflation targeting in South Africa
In a speech on 'Inflation targeting in South Africa' given on 2 September, Tito Mboweni of the South African Reserve Bank said whilst inflation targeting is certainly no panacea, the Reserve Bank still regards it as the most appropriate framework for…
Iraq Council names central bank governor
Sinan Mohammed Rida al-Shibibi, an economist, was named on Wednesday 10 September as Iraq's first central bank governor since the removal of Saddam Hussein from power. The move to appoint a permanent governor comes ahead of an important donors'…
Sweden says euro referendum to go ahead Sunday
Despite the murder of Sweden's Foreign Minister Anna Lindh on Wednesday, the euro referendum will still go ahead on Sunday, Swedish Prime Minister Goran Persson said, according to Reuters.
ECBs Issing finds flaws in planned EU constitution
European Central Bank chief economist Otmar Issing said in an interview, published in EU Business, "I have difficulty in understanding why there is resistance to reinstating price stability as one of the goals of the EU" and that while there had been…
IMF agrees to reschedule Argentina's loan
Argentine President Nestor Kirchner announced on Wednesday 10 September that the outlines of a three-year $21 billion US dollar debt refinancing package had been reached with the IMF, according to Associated Press..
New global banks' rules could be delayed
Wim Duisenberg, ECB president, said on Wednesday 10 September "It could be that it [Basel II] would come in the course of or maybe toward the end of 2007", according to the Financial Times. His remarks were the first by a central banker admitting that…
Inflation to continue falling: Canada's Dodge
In a speech on Wednesday 10 September, reported by Canada Press, Bank of Canada chief David Dodge said inflation had fallen more than expected and would likely continue the downward trend over the next few months.
Belarus to shift to Russian ruble in October
Belarus has agreed to introduce the Russian ruble in electronic form on October 1, reports The Russian Journal, after Russia agreed to Belarusian President Alexander Lukashenko's demands that prices for gas, electricity and oil should be equal to Russian…
Trichet given green light for ECB presidency
On Thursday 11 September, The European Parliament's economic and monetary affairs committee backed Jean-Claude Trichet as the next president of the European Central Bank (ECB), putting the Bank of France governor a step closer to one of the most…
Deutsche Bundesbank Monthly Report, August 2003
The Deutsche Bundesbank published the English version of its August 2003 monthly report on 10 September. One difficulty in the development of the international economy, the Report says, is that, once again, the USA will probably be the sole engine of…
Greenspan welcomes Ferguson & Bernanke nomination
Statement from Alan Greenspan on President Bush's decision to nominate Roger Ferguson for a second term as Vice Chairman and nominating Ben Bernanke for a full term as a Governor of the Federal Reserve Board, 9 September.
Roger Ferguson honoured by nomination for 2nd term
Roger Ferguson expressed his honour at being nominated to serve another term as Vice Chairman of the Federal Reserve Board, 9 September.