Central Banking
Bank of Japan says recovery not expected soon
The Bank of Japan Wednesday left its core economic assessment for December unchanged from November in its December monthly report, repeating that Japan's economy has bottomed but there is strong uncertainty over the economy's future course.
Solans on EMU macroeconomic stability and growth
SPEECH - In the speech 'Macroeconomic stability and growth in the European Monetary Union' Eugenio Domingo Solans of the ECB defended the ECB's 'two pillars' saying that having a flexible and all-encompassing monetary policy strategy like the Eurosystem,…
Reserve Bank of New Zealand Press Release
PRESS RELEASE - New RBNZ senior manager to be sought, 13 December.
Reserve Bank of New Zealand Bulletin, December 02
REPORT - The Reserve Bank of New Zealand has published its quarterly Bulletin for December 2002. The December issue contains three articles on a range of topics reflecting the Reserve Bank's responsibilities. In "The Reserve Bank's forecasting…
The Region from the Minneapolis Fed December 2002
PUBLICATION - The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for December 2002. This issue includes an interview with the first deputy managing director of the IMF Anne O Krueger who discusses currency boards, the…
UK inflation rate hits four-year high of 2.8%
UK inflation jumped in November to its highest level in more than four years. In its recent inflation report the Bank of England said that the rate was likely to rise in the short term but fall back towards the 2.5 per cent target at the end of 2003.
BOJ keeps monetary policy steady
The Bank of Japan kept its monetary policy unchanged on Tuesday but stepped up its support for the funding of small businesses in an effort to prevent banking sector paralysis from causing an economic crisis.
ECB overhaul raises hopes of softer price target
The ECB has often been criticised as slow to react with interest rate moves. But with the constraint of a narrow inflation target its hands have been tied, restricting its ability to provide the euro zone economies with the stimulus they need. But now we…
Bundesbank chief sees chance of further rates
Despite the ECB's recent rate cut, Ernst Welteke, the Bundesbank president, said Monday that the European Central Bank still had some leeway on interest rates, although monetary conditions were already favourable for eurozone growth.
Race for BOJ job heats up, private sector favoured
The article suggests that Nobuyuki Nakahara, a recent member of the Bank of Japan's policy board may be in line for the job of governor when Hayami steps down early next year. Nakahara was noted for favouring radical easing policies.
ECB's Papademos backs inflation target
Recent criticism that the European Central Bank's inflation target is too ambitious is unwarranted, ECB Vice President Lucas Papademos said on Monday. His comments appear to go against the proposed re-appraisal of the Bank's inflation target.
Belgium sees electronic banking on the rise
Some 12.5 billion Belgian francs have still not been exchanged for euros, nearly a year after the single currency was introduced, according to the latest report from the country's central bank Monday.
Ukraine's central bank head admitted to hospital
The head of the National Bank of Ukraine, Volodymyr Stelmakh, was admitted to the Feofaniya hospital (in Kiev) at about noon (1000 gmt) Tuesday, a news agency reported from the hospital director, Volodymyr Svyrydov.
Central bank pledges support for Saddam Hussain
At the end of the second conference for Iraqi banks on Monday the Governor of Iraq's central bank, Ossam Rashid Howash pledged his support for President Saddam Hussein.
Bank of Estonia prepares for ECB transfer system
The Bank of Estonia has launched preparations to accession to TARGET, the Trans-European Automated Real-time Gross settlement Express Transfer system of the European Central Bank.
Bank of Japan Press Release
PRESS RELEASE - Announcement of the Monetary Policy Meeting, 17 December.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - Mervyn King's appointment as governor of the Bank of England isn't the only change in leadership we have to report. Last week saw three new recruits ushered in to the top spots at the central banks of Brazil, Argentina and the Cleveland…
Olson on the importance of market structure
SPEECH - In the speech 'The Importance of Market Structure' Mark Olson of the Federal Reserve said the consolidation of banks and other types of financial institutions was one of the most notable features of the international financial landscape over the…
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve on 12 December released the minutes of its FOMC meeting of 6 November. The minutes reveal last months half-point interest rate cut was taken "to ensure that the current soft spot in the economy would prove to be temporary"…
Bank of England Quarterly Bulletin, Winter 2002
REPORT - The Bank of England released its Quarterly Bulletin, Winter 2002, on 16 December. In the report the Bank warned that increased debt levels among British consumers could lead to a problem if the economy turns sharply weaker. "Overall, changes in…
Howard's way needs to divide
ARTICLE - An article suggests it will be difficult to replace Sir Howard Davies as chairman of the FSA, and describes the UK regulatory authority as the most powerful regulator anywhere in the world.
Padoa-Schioppa - Where does the euro stand?
SPEECH - In the speech 'International currencies: where does the euro stand' Tommaso Padoa-Schioppa of the ECB said the role of the euro as an international reserve currency has remained subdued, although the international role of the currency has been…
The Fed's only woman
ARTICLE - An interesting article published by the Buffalo News on Saturday gives an insight into Susan Schmidt Bies of the Federal Reserve Board. Among other things the article reveals Bies is a qualified soccer referee and at first qualified as a…
Duisenberg wants to be succeeded by 'clone'
After the recent shake ups in central bank presidencies we now hear that ECB chief Wim Duisenberg has said a clone of himself would be the best choice to succeed him next year. Jean-Claude Trichet of France is the frontrunner.