Central Banking
Crockett- Central banking, fin stability, Basel II
SPEECH - In a speech on 'Central banking, financial stability and Basel II' Andrew Crockett of the BIS said restoring financial stability has been at the core of the efforts to revive economic performance. Promoting financial health, however, is not just…
BoE: deflation spiral 'unlikely to hit Britain'
The Bank of England's quarterly bulletin published on Friday March 21 suggested that Britain was likely to avoid a deflationary cycle and that the zero bound for interest rates would not be tested, noted the Financial Times
Asia prepares for impact of Iraqi war on markets
Contingency plans are being made for Asian markets to maintain normal functioning during the Iraqi conflict, according to a report in the Wall Street Journal.
G7 deputies may meet at Financial Stability Forum
G7 central bankers may separate from their ministry colleagues at the meeting in Berlin on Monday March 24 of the Financial Stability Forum (FSF). Reuters reports that the meeting will include an evaluation of the impact of recent financial market…
US plans to seize Iraqi assets worldwide
Funds held worldwide by the Iraqi government will be seized and transferred to the New York Federal Reserve for holding, according to a BBC report. This includes money held under the names of the Central Bank of Iraq and the State Organization for…
Polish central bank may use reserves to repay debt
It is reported by the PAP news agency that, after first denying the suggestion, the Polish central bank will hold talks with the finance ministry on using central bank reserves to repay foreign debt.
Duisenberg to stay on at ECB?
Luxembourg's prime minister Jean-Claude Juncker said on his way to the EU Brussels summit starting on Friday night, March 21,that Wim Duisenberg could stay on, in his view, while uncertainty over his successor remains. Online reported him as saying that…
EC to consider war when evaluating Pact
Romano Prodi has indicated that war in Iraq will be taken into account when the European Commission assesses member countries' deficits under the stability and growth pact, according to a BizWorld report.
Bank of Canada appoints Desjardins to board
Jean-Guy Desjardins has been appointed to the board of directors of the Bank of Canada and will take up the position immediately, according to a report in the Toronto Star
ECB vote reform OK'd at EU summit
EU leaders agreed the proposal from the European Central Bank to reform the voting arrangements of its Governing Council, a spokesman for EU presidency holder Greece said on Friday.
Transatlantic rift not hurting central banks
Jean-Claude Trichet said on Thursday that the widening political rift between certain European countries and the US would not affect the transatlantic working relationship between central banks.
BoJ takes emergency stability measures
The Bank of Japan has taken emergency measures to shore up the financial system as the US led war on Iraq begins. Toshihiko Fukui began his first day as the governor of the BOJ saying on Thursday "The Bank of Japan closely monitors associated economic…
ECB ready to react to disturbances
The ECB reassured on Thursday that it was ready to react in the event of financial market disturbances after the start of military action against Iraq.
BoJ statement on the military action against Iraq
Statement made Thursday by the governor of the Bank of Japan at the onset of war hostilities.
Deutsche Bundesbank Monthly Report, February 2003
REPORT - The Bundesbank said in its February 2003 monthly report the recovery of the world economy slowed down noticeably in autumn 2002 even grinding to a halt in industrial countries. The report says this picture has changed little since the turn of…
Fukui taking charge
ARTICLE - This article looks at some of the pressures that will face the new governor of the Bank of Japan as he begins his term. As Toshihiko Fukui takes the BOJ helm, he faces an even more difficult economic situation than that confronted by Hayami,…
Israel's Treasury blasts central bank policy
A brochure published by Israel's Finance Ministry blames the central bank for much of the malaise dogging the country's economy. The brochure also described the Bank of Israel's monetary policy as "too restrictive".
Can Fukui pull isolated BOJ in from the cold?
ARTICLE - This article asks whether Fukui will tread his own monetary policy path in an effort to rid Japan of deflation and adopt unorthodox measures which Masaru Hayami steadfastly resisted.
ECB Press Release on the war in Iraq, 20 March
Statement of the ECB's Governing Council following the start of military action in Iraq, 20 March.
Ignatyev - Reserves to prevent ruble fluctuation
During a working meeting with the President of Russia, central bank chairman Sergei Ignatyev said that the Bank's foreign currency reserves will make it possible to prevent major fluctuations in the ruble exchange rate in the near future.
Interview - President of Central Bank of Ecuador
INTERVIEW - In a recent interview Mauricio Yepez, president of Ecuador's central bank, spoke of the technical missions to Ecuador by the IMF and other institutions. He said Ecuador expects to get 100m US dollars from the IADB later this year and a first…
ECB sees profits slide by 0.6 bn euros for 2002
On Thursday the European Central Bank revealed that profits fell by 33% in the year ended 2002. In a press release the ECB blamed the reduction on the fall in both the US dollar and euro interest rates during the year. The accounts also show that the ECB…
Federal Reserve hold rates steady amid uncertainty
Federal Reserve FOMC held rates steady at the meeting on Tuesday March 18. The Committee said in a press release that the hesitancy of economic expansion owes much to geopolitical uncertainties.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 19 March for the meeting of 5 and 6 March 2003. The minutes show that MPC members voted 8-1 in favour of maintaining interest rates at their current levels…