Central Banking
Greenspan on globalization
In a speech on 'Globalization' given on 13 January, Alan Greenspan of the Federal Reserve renewed a warning that "creeping protectionism" could hurt the flexibility of the global economy, something that has played an important role in helping the United…
EU to take court action over budget rules
The European Union's head office decided on Tuesday 13 January to take finance ministers to court for letting Germany and France off the hook for violating euro budget rules. An EU spokesman said the move to vary the rules "was not the appropriate…
Germany's dwindling share of the euro
Following a redistribution of the European Central Bank's share capital, the Bundesbank now owns only 23.4% of the ECB. According to CentralBankNet's calculations this dwindling shareholding means a loss of seigniorage income of about €60-70m each year…
Fed's Ferguson on the Economic Outlook
In the a speech on the 'Economic Outlook' Roger Ferguson of the Federal Reserve said the macroeconomic fundamentals seem to be in place for an increase in the pace of economic growth.
Gjedrem on the outlook for the Norwegian economy
In a speech on 'Monetary policy and the outlook for the Norwegian economy' Svein Gjedrem of Norges Bank said inflation has slowed over the past 12 months and is now considerably below target.
Fed's Gramlich on rental housing challenges
In remarks on preserving and improving affordable rental housing, Edward Gramlich of the Federal Reserve said that there is no shortage of questions to be asked about rental housing, where significant challenges lie ahead.
BoJ may ease rules on asset-backed securities
Proposed rule changes to the Bank of Japan's asset-backed securities purchase will be on the agenda for discussion when the BoJ Policy Board convenes on Jan 19-20.
German central banker calm over euro strength
A senior member of the Bundesbank has played down warnings from business leaders and politicians that the strength of the euro's exchange rate is hurting economic recovery.
'Brutal' FX moves unwelcome - Trichet
Group of 10 Chairman Jean-Claude Trichet said on Monday 12 January that Europe views volatile and brutal currency movements as unwelcome; however, the subject of foreign exchange did not predominate as the world's top central bankers discussed building…
Pakistan to bring in new bank monitoring system
The State Bank of Pakistan said on 9 January that it is to introduce a new system of surveillance, monitoring and supervision of banks.
Korea considering revaluation, W100,000 notes
Bank of Korea Governor Park Seung said on Sunday 11 January that after the general election in April, the central bank would propose a currency revaluation, and also issue W100,000-bills.
Bank of England court case set to begin
The Bank of England will go to court for the first time in its 300-year history on Tuesday 13 January when it defends its role in the £10bn collapse of the Bank of Credit & Commerce International.
Legal action likely over budget rules fudge
The European Commission is expected to back legal action on Tuesday 13 January against last November's decision by eurozone finance ministers to suspend the single currency's budget rules in the case of France and Germany.
ECB press conference with questions and answers
Speaking on Thursday 8 January, ECB president Jean-Claude Trichet said that available indicators point to an ongoing economic recovery in the euro area and that the assessment has not fundamentally changed but he said the ECB did not like excess…
Bank of Japan semi-annual monetary report
Japan's economic activity remained virtually flat in the first half of fiscal 2003, the Bank of Japan's Semi-annual Report on Currency and Monetary Control showed.
Sources of exchange rate fluctuations in S Africa
IMF Working Paper on the "Sources of Nominal Exchange Rate Fluctuations in South Africa" published December 2003.
Noyer-ECB policy offers best conditions for growth
Christian Noyer, governor of the Bank of France, said on Friday 9 January that the ECB would not give in to external pressure on its strategy and that current monetary conditions in the eurozone offered the best possibilities for growth.
Inflation falls within central bank target- Mexico
A modest rise in inflation in December took the annual rate to 3.98%, just under the central bank's target of a 2 to 4 per cent target range for 2003.
Kansas Fed's Hoenig optimistic on 2004 growth
Kansas Fed President Thomas Hoenig said on Thursday 8 January that he expects robust and sustainable growth for the new year which should help improve employment levels.
Fukui to attend Basel BIS meeting
Toshihiko Fukui is due to attend a meeting of the Bank for International Settlements (BIS) in Basel, Switzerland, the BOJ said on Friday 9 January.
Russia to issue more secure bank notes
The Central Bank of Russia is planning to issue new-look bank notes later this year in an effort to beat counterfeiters.
Ex Russian c bank chief forecasts dollar recovery
Viktor Gerashchenko, the former Chairman of the Central Bank of Russia, has said that "the exchange rates of the dollar and the euro will align within the next year or year and a half."
Longworth on monetary and financial stability
In a speech given on 9 January, Deputy Governor of the Bank of Canada David Longworth discusses how the interaction between sound monetary and financial stability policies contributes to solid economic performance.
Venezuelan president threatens to take over c bank
On Wednesday 7 January Venezuela's President Hugo Chavez threatened to take over the country's independent central bank if it did not agree to his demand to hand over $1 billion in reserves to finance farming projects.