Central Banking
McDonough on financial resilience
SPEECH - In the speech 'Promoting Financial Resilience' made on 17 October, William J. McDonough of the Federal Reserve Bank of New York said a general agreement exists that in order for countries to enjoy sustained and stable growth, a sound and stable…
Trichet on international financial architecture
SPEECH - In the speech 'The international financial architecture' made on 30 September, Jean-Claude Trichet of the Banque de France discussed the long list of financial crises emerging market economies have gone through in the last two decades. Against…
ECB Working Paper Series
RESEARCH - 'Monetary policy and the zero bound to interest rates: a review', by Tony Yates, October 2002. The paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. A situation familiar…
Federal Reserve Board Discussion Paper
RESEARCH - 'Monetary Union, Price Level Convergence, and Inflation: How Close is Europe to the United States?' by John H. Rogers, published 21 October. In the article the author examines the decline in European price level dispersion and whether this…
Risk Measurement and Systemic Risk
REPORT - A collection of papers that were either presented or are based on presentations at the Third Joint Central Bank Research Conference on Risk Measurement and Systemic Risk, which took place in Basel on 7 and 8 March 2002 at the Bank for…
BIS Working Paper
RESEARCH - 'Changes in market functioning and central bank policy: an overview of the issues', by Marvin J Barth III, Eli M Remolona and Philip D Wooldridge, October 2002.
Britain would be stupid to join the euro
LETTER - Letter published in the Financial Times, UK edition, 22 October, from Theresa Villiers MEP.
Talk of banks 'capturing' Basle II wide of mark
LETTER - Letter published in the Financial Times, UK edition, 19 October, from Simon Wills, Director, wholesale and regulation team, British Bankers' Association, London.
Tokyo abandons unveiling of bad loans plan
JAPAN - Heizo Takenaka, economy minister and chief bank regulator, was forced to postpone the unveiling of his plan to deal with Japan's bad loans raising suspicions that the ruling Liberal Democratic party has big disagreements with his proposals.
'Recovery may be slower' - ECB's Vanhala
GERMANY - European Central Bank (ECB) governing council member Matti Vanhala said Monday that the euro-zone economic recovery may be slower than expected, but an ECB rate cut was unlikely to boost demand significantly.
Poland's central bank warns of bad debt increase
POLAND - The National Bank of Poland (NBP) has published calculations indicating a 21 percent increase in the level of bad debts on loans granted by banks to corporate clients.
Philippines SEC outlines plan with central bank
PHILIPPINES - Securities regulators and central bank officials are set to jointly examine investment houses under their jurisdictions in the Philippines.
Major revolution in Nigeria's bank industry begins
NIGERIA - A major revolution in Nigeria's banking industry began Monday with the automation of cheque clearing among all 90 banks in the country. The launching of the Nigerian Automated Clearing System (NACS), an arm of the Nigeria Inter-Bank Settlement…
Steps needed to curb money laundering in Kuwait
KUWAIT - Money laundering is illegal but some people manage to get away with it, yesterday disclosed Talal Al-Sayegh from the Central Bank of Kuwait during a lecture organised by the Institute of Banking Studies (IBS).
ECB takes authority over foreign currency reserves
GERMANY - The European Central Bank (ECB) confirmed Monday, the Irish Times reported, that it must give permission before any euro-zone state can raid its own foreign currency reserves to ease domestic borrowing requirements.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special feature CentralBankNet looks at moves which could see a shake up in the way the ECB investigates fraud.
Dodge on the search for higher productivity
SPEECH - In the speech 'The Search for Higher Productivity' made on 17 October, David Dodge of the Bank of Canada said too much focus is placed on our day-to-day concerns with the global uncertainty. Over the long haul, the key to growing incomes and…
Statement from the Sveriges Riksbank
STATEMENT - Statement regarding the report "Stabiliseringspolitik i valutaunionen", Stabilisation policy in the monetary union, 18 October.
Sveriges Riksbank Inflation Report 3rd Q 2002
REPORT - Sweden's central bank has published its Inflation Report for the third quarter of 2002. Since the time of the June Report inflation has come down somewhat more than was expected. In August the 12-month changes in the CPI and UND1X were 2.0 and 2…
Challenges to Central Banking
REPORT - Learnings from the International Conference on "Challenges to Central Banking from Globalized Financial System" (held at the IMF in Washington D.C. 16-17 September, 2002.) Published by the State Bank of Pakistan.
Bank of Japan Monthly Report, October 2002
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, October 2002, on 16 October. In its report the Bank says that Japan's economy has stabilised as a whole, but clear signs of recovery have not yet been…
The inconsistency of the anti-euro lobby
ARTICLE - Consider these two assertions. We cannot possibly join the euro because sterling is grotesquely overvalued - locking in today's exchange rate would condemn the economy to stagnation. Giving up sterling would be madness - robbing Britain of a…
Complexity will not cut banks' risk
LETTER - Letter published in the Financial Times, UK edition, 21 October.
Estonia's case for euro membership
LETTER - Letter published in the Financial Times, UK edition, 21 October.