Central Banking
S.Korean law makers push for central bank autonomy
Lawmakers in Korea aim to give the central bank more independence from the government, according to an article in The Korea Times. But the move could be opposed by the finance ministry which feels that policy cooperation is as important as independence.
Duisenberg to stay at ECB until successor ready
ECB president Wim Duisenberg has formally agreed to stay on at the euro zone central bank until a successor is ready to take over the role, according to a Reuters report.
Central bank of Kenya to remove illegal accounts
Kenya's central bank plans to crack down on illegal accounts and secret banking services, according to a report in The Nation. The governor said the bank was fully aware of the practice and was "developing thoughts" on how to eliminate it.
Bank of France to get public service contract
A draft contract covering the Bank of France's public service obligations for the period 2003-2006 has been drawn up, according to Le Monde. This is the first such contract to be drawn up by the central bank and the state.
UK ministers may fight Brown on euro vote
According to the Financial Times, a member of Tony Blair's cabinet has indicated his determination to oppose any attempt by the chancellor to rule out a referendum on the euro by saying publicly the pound had fallen to levels that would make British…
Welteke - A European perspective on world economy
In a speech on 'A European perspective on the world economy' Ernst Welteke of the Deutsche Bundesbank said uncertainty currently weighs on all debates on economic issues. Uncertainty is a feature we will have to live with for some time now, but we must…
Ferguson on Check Clearing for the 21st Century
In testimony 'Check Clearing for the Twenty-first Century Act' Roger Ferguson of the Federal Reserve said although an increasing number of payments are being made electronically, it is clear that checks will continue to play an important role in the…
ECB's Solans on the international role of the euro
In a speech on 'The international role of the euro in a globalised economy' Eugenio Domingo Solans of the European Central Bank said the euro is firmly established as the second most important currency in global markets and that although the ECB sees the…
Mersch on reform of the ECB's Governing Council
In a speechon 'The reform of the Governing Council of the ECB' Yves Mersch of the Central Bank of Luxembourg said particularly important and heartening, in his eyes, after the Council's approval of the enabling clause was the fact that a handful of…
The euro could help Iraq's economic recovery
In an article in the Financial Times Professor Steve Hanke says that to be successful, a currency reform plan in Iraq must be informed by the country's history, well crafted and available fast.
Looters strip Baghdad's banks of cash
Iraq's battered central bank has been ransacked many times by mobs of looters who hunt for any banknote not incinerated, reported Middle East Online.
BoJ can increase bank shareholdings
The Bank of Japan could increase its purchase of shares held by Japanese banks as part of its drive to protect them from falling stock prices, says BOJ governor Toshihiko Fukui as reported by Associated Press as
ECB officials give conflicting signals on rate cut
Speaking separately this week two ECB Governing Council members gave conflicting views on what a fall in inflation below the ECB's 2 per cent target would mean for interest rates, according to Bloomberg report.
Perng says SARS unlikely to harm NT dollar
The SARS outbreak is unlikely to have a significant impact on Taiwan's economy. That was the view expressed by Central Bank of China governor Perng Fai-nan to Taiwan's finance committee on Thursday 17 April, reports the Central News Agency.
New York Fed's McDonough will attend May 6 FOMC
William McDonough will attend the Federal Reserve's May 6 meeting of the FOMC before taking up his position at the SEC, the Fed said on Wednesday 16 April, Reuters reports.
Report questions virtues of inflation targeting
A study published by the National Bureau of Economic Research suggests that adopting an inflation target has no effect on a country's economic performance, according to a report by Dow Jones.
Russian Fin Min: Inflation target will be hit
The Russian finance ministry has said it expects inflation to remain under its 12 per cent target for 2003, according to the Moscow Times.
Deutsche Bundesbank Monthly Report, March 2003
The Bundesbank said in its March 2003 monthly report that growth in overall output came to a halt in the fourth quarter of 2002 and the labour market situation deteriorated further around the turn of the year.
Richmond's Broaddus on the economic outlook
In a speech J. Alfred Broaddus of the Federal Reserve Bank of Richmond said the Federal Reserve must be unusually vigilant on monetary policy given the extraordinary level of uncertainty about the US economic outlook. Broaddus also said that, in his…
St Louis Fed's Poole on shocks and more shocks
In aspeech on 'Shocks and More Shocks' William Poole of the Federal Reserve Bank of St. Louis said despite multiple shocks in recent years, the U.S. economy will probably continue to grow. "I cannot guarantee that the modest economic growth rate of last…
The Regional Economist, April 2003
The Quarterly Review of Business and Economic Conditions, The Regional Economist, April 2003 edition from the St Louis Fed includes an article 'Is Confidence High?' Economic forecasters rely on monthly consumer confidence surveys to help them determine…
Estonian c bank says gov't should balance budget
A report on Estonian Radio said that the president of the Baltic nation's central bank, Vahur Kraft, has told the ruling coalition that the budget must be balanced or investor trust will be lost.
Slovak c bank's first quarter loss near prediction
The National Bank of Slovakia reported on Monday that it made a loss for the first quarter of 2003, acording to a report from TASR. The loss was mainly due to fluctuations in the koruna currency's rate.
Bank of Russia changes exchange rate mechanism
Russia's central bank has changed the procedure by which it establishes the rouble exchange rate with the dollar. Pravda reports that the bank will now use the average-weighted rate of the US dollar at the Unified Trading Session (UTS) of the inter-bank…