Central Banking
Wim Duisenberg on the prospects for EU enlargement
SPEECH - In the speech 'Perspectives on EU enlargement' made on 14 October Wim Duisenberg of the ECB said the prospect of EU accession has triggered reform in these countries with macroeconomic stability achieved through structural reforms. However,…
Ben Bernanke on asset price bubbles
SPEECH - In the speech 'Asset-Price "Bubbles" and Monetary Policy' made on 15 October Ben Bernanke of the Federal Reserve said the Fed lacked the knowledge, foresight or precision tools to pre-empt a stock market bubble, "and even if it could identify…
Inflation target an option but not now - Hayami
JAPAN - Bank of Japan Governor Masaru Hayami said on Wednesday that the central bank may consider an inflation-targeting policy in the future but not at the moment as Japanese prices continue to fall.
CBN chief speaks on ways to support WAMZ
NIGERIA - As part of plans towards the establishment of a common currency in the Economic Community of West African States (ECOWAS) sub-region under one central bank next year, the director of research at the Central Bank of Nigeria (CBN), Dr. O.J…
GCC seeks EU help in monetary union
SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the…
BOT chief downplays concern over weakening of baht
THAILAND - Bank of Thailand's Governor Pridiyathorn Devakula has downplayed mounting concern over the weakening of the baht against the US dollar, saying it would be a temporary phenomenon.
Fed's Stern sees steady growth for near term
US - Gary Stern, president of the Federal Reserve Bank of Minneapolis, sees the economy growing at a relatively firm rate in coming months before growth accelerates in the second half of 2003.
US interest rate level not a problem - Fed's Guynn
US - Atlanta Federal Reserve Bank President Jack Guynn said on Tuesday U.S. interest rate levels were not hindering business or consumer spending, suggesting he sees little need for lower rates.
Fed 'lacks knowledge and tools' to burst bubbles
US - The Federal Reserve lacks the knowledge, foresight or precision tools it would need to pre-empt a stock market bubble, a senior Fed official said yesterday, and any attempt to do so would risk "severe collateral damage to the economy".
Tokyo urged to improve corporate governance
JAPAN - Japan's banks will never recover their health unless they undergo a drastic improvement in corporate governance similar to that imposed on South Korean financial institutions after the 1997 financial crisis, according to a Standard & Poor's…
Philadelphia Fed Business Review, 3rd Quarter 2002
REPORT - The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2002. How does a decentralized central bank work? The events of September 11 put the Federal Reserve System, the central bank of the United…
Deutsche Bundesbank Monthly Report, September 2002
REPORT - Germany's central bank, on 16 October published its Monthly Report for September 2002. The report shows a further increase in real gross domestic product (GDP) in the second quarter of this year, although the rise on the first quarter remained…
Economic Review from the Kansas City Fed Bank
PUBLICATION - The Federal Reserve Bank of Kansas City has published the Third Quarter 2002 edition of its Economic Review. The Economic Review is a quarterly research publication with articles by Economic Research Staff on issues of relevance to the…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 16 October.
George on the current state of the UK economy
SPEECH - In a speech made on 15 October, Sir Edward George of the Bank of England said internationally and in the UK the monetary policy debate has shifted back to the possible need for monetary stimulus. He said There had been a "nervous breakdown" in…
Egypt, Russia sign banking cooperation agreement
EGYPT - The Central Bank of Egypt and the Central Bank of Russia today, 16 October, signed an agreement on promoting cooperation in banking domains between the two nations.
Russian c bank - For ex reserves growth too fast
RUSSIA - Russian Central Bank President Sergey Ignatyev has said that the country's gold and foreign exchange reserves are now close to a level that meets all conceivable criteria. He was speaking at a full-scale meeting of the State Duma (lower house)…
Setting the Record Straight: By Kenneth Rogoff
LETTER - Letter from Kenneth Rogoff, Economic Counsellor and Director of the Research Department, International Monetary Fund. Submitted to Le Monde but not published, 4 October 2002.
The Exchange Rate and Inflation in the UK
RESEARCH - External MPC Unit Discussion Paper No.11, The Exchange Rate and Inflation in the UK by Amit Kara and Edward Nelson. The paper looks at the evidence from the UK on inflation behaviour and examines the propositions from several theoretical…
A hard test for Britain's euro advocates
ARTICLE - The euro is not just about our economy but our destiny. We should only join the euro if the economic tests are met. That is clear. But if the tests are passed, we go for it." Thus did Tony Blair state his goal and the constraint upon it in his…
Anne Krueger on supporting globalization
SPEECH - In the speech titled 'Supporting Globalization' Anne Krueger, First Deputy Managing Director, International Monetary Fund said that the prospects were good for continued economic growth and globalization in the 21st century.
Ex-Fed chief steps into US audit watchdog row
US - Paul Volcker, the highly respected former chairman of the Federal Reserve, has stepped into the debate over the new US accountancy regulator, backing a candidate at the centre of a political storm endangering the career of Harvey Pitt, chairman of…
Bank defends its position on interest rates
UK - Members of the Bank of England's rate-setting body on Monday defended it against criticism that it has not done enough to prevent escalating house prices in Britain.
Brazil central bank raises interest rates to 21%
BRAZIL - Brazil's central bank yesterday sought to stave off a growing financial crisis by raising overnight interest rates by 3 percentage points to 21 per cent. The increase followed renewed pressure on the Real, the country's currency, before a likely…