Central Banking
ECB chief says euro zone inflation risks falling
Duisenberg's comments on Tuesday, in testimony to the European parliament, seem to strengthen feeling that the ECB will cut interest rates when it meets on Thursday. The futures market seems certain of at least a quarter point cut with a fifty per cent…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 3 December.
Bank of Canada leaves interest rates steady
Canada has bucked the global trend recently with interest rate hikes. The decision on Tuesday that the Bank will leave rates at the current 2.75 per cent comes after recent comments by David Dodge that an ease in economic growth over the next three…
Eichel insists Germany will lower deficit
The EU's Stability and Growth Pact received some much needed support with Germany's Finance Minister Hans Eichel on Tuesday insisting that Germany would ensure its budget deficit next year came in below 3pc of GDP.
Argentine government eases banking freeze
President Eduardo Duhalde eased a 1-year-old partial banking freeze on Monday, allowing Argentines unfettered access to their checking and savings accounts.
BOJ to start releasing data on stock buying policy
The Bank of Japan said on Tuesday it will begin periodically releasing data on its purchases of shares from banks, a move that could indicate the effectiveness of its efforts to stabilise the financial system. The Bank began its unprecedented policy on…
Financial Times comments on Central Banking
CentralBankNet was delighted to read that the Financial Times on Monday called our quarterly Central Banking journal the "must-read bible" of the worlds central bankers.
CentralBankNet Monday Special Feature
Mervyn King will be the next governor of the Bank of England, it was revealed this week. With Sir Edward George in the post until June next year it is expected that the changeover will be smooth. But along with headlines announcing the arrival of the…
Hamalainen - Reflection on euro area membership
SPEECH - In the speech 'Reflection on euro area membership' Sirkka Hamalainen of the European Central Bank said the approaching enlargement of the EU means the ECB must reform, particularly as most of these countries have expressed a firm interest in…
Kohn on the U.S. current account deficit
SPEECH - In the speech 'The U.S. Current Account Deficit' Donald Kohn of the Federal Reserve said the growing deficit in the US has come about because the United States has been an attractive place to invest and that US monetary policy will continue to…
Minutes from the Sveriges Riksbank Board meeting
MINUTES - Minutes of the Executive Board meeting on 14 November 2002 released 29 November. The minutes reveal the Board voted unanimously to lower the repo rate by 0.25 to 4.0 per cent.
Heading for a collision over the euro
ARTICLE - The article suggests that it would be 'extraordinary' were the UK Treasury to recommend entry to the euro after the signals they have sent out since the last general election.
Takenaka proposal on bad loans faces scrutiny
With the timetable for measures aimed at addressing Japan's bad loan problem announced last Friday, Heizo Takenaka said the proposals would be rigorously implemented.
Laws of physics show market 'anti-bubble'
Researchers from the University of California have found that when statistical methods used in physics were applied to the markets they found an 'anti-bubble' the opposite of a speculative bubble.
Bundesbank may sell some of its gold
The Bundesbank may sell some of its US$35 billion of gold to buy more profitable assets, executive board member Hans-Helmut Kotz said. In April we reported that Bundesbank President Ernst Welteke said that the international agreement limiting gold sales…
Russian, Chinese to work against money laundering
During the current visit to Beijing by Russian President Vladimir Putin, the Central Bank of Russian (CBR) and the People's Bank of China have signed an agreement on cooperation in counteracting the laundering of criminally obtained incomes and the…
Central banking in emerging economies
BOOK - Dr A. Vasudevan's book on Central Banking in Emerging Economies gives insights into the operation of central banking, which are useful for the analysis of economic policy. The review calls the book a useful addition to the library of any economist…
Report hints UK Treasury to reject 2003 euro entry
Gordon Brown has warned of the dangers of Britain accepting "rigid rules" to govern the economy, a move observers say further indicates the Treasury's intention to reject entry to the euro next year.
Claim Turkmen president staged attempt on his life
The saga of the attempted assassination on the Turkmenistan president continued over the weekend with former central bank chief Hudayberdi Orazow claiming Saparmyrat Nyyazow stage managed his own failed assassination.
Economist slams Hungarian central bank policies
ARTICLE - The article 'In the grips of the central bank; To where does the MNB's monetary policy lead?' suggests that the National Bank of Hungary has failed to learn from mistakes made over the previous several years.
Issing: ECB not satisfied with inflation rate
European Central Bank Chief Economist Otmar Issing Monday attempted to debunk talk of deflationary risks in the euro zone, indicating that stagflation is actually a bigger risk for the region. The ECB's Governing Council meets this week and is widely…
Euro group meets to study future of stability pact
Euro group finance ministers met on Monday for the first time since Brussels proposed new ideas to strengthen the 12-nation zone's much-maligned stability pact. The pact, while staunchly defended by the ECB as 'indispensable' has received much criticism…
Moskow on Perspectives on the Economy and Banking
SPEECH - In the speech 'Perspectives on the Economy and Banking' Michael Moskow of the Federal Reserve Bank of Chicago said that while the economy's road to recovery has been bumpier than expected the accommodative monetary policy stance the Fed has put…
Norges Bank Financial Stability Report No.2, 2002
REPORT - The Central Bank of Norway, Norges Bank, published its twice yearly Financial Stability Report 2/2002 on 28 November. Central Bank Governor Svein Gjedrem, said when Norges Bank presented the report that the outlook for financial stability in…