Central Banking
Interview with Professor JK Galbraith
INTERVIEW - The UK's Independent newspaper published an interview with the 93 year old economist John Kenneth Galbraith on Monday. In the interview Galbraith describes the belief that central bank's can control the economy simply by tweaking interest…
Iran's central bank head speaks of investment need
IRAN - The governor of the Central Bank of Iran (CBI) Mohsen Nurbakhsh said on Saturday that given the successful and good performance of the industrial and mining sectors in the last two years, more investment should be made in the said sectors.
Duhalde seeks faster deal with IMF for Argentina
ARGENTINA - Argentine President Eduardo Duhalde expressed his impatience on Saturday at the slow pace of debt relief talks with the IMF, as his top negotiator ruled out further reforms to monetary policy.
Pakistan tightens up rules on terror money
PAKISTAN - Pakistan is to announce new rules on Monday for tighter regulation of foreign currency dealers in an attempt to curb money laundering.
Central Bank of Ireland, Summer 2002 Bulletin
REPORT - The Central Bank of Ireland published on Friday its Quarterly Bulletin for Summer 2002. The report highlights that economic activity in Ireland seems to have picked up modestly from its nadir in the third quarter of last year.
Higher inflation 'all pain and no gain'
ARTICLE - "By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens" - JM Keynes. Leftists often look to Keynes. So what's Finance Minister Michael Cullen's game in his…
Hits and myths of Europe's new currency
ARTICLE - One industry lost out from the introduction of euro notes and coins six months ago: the doom-mongers, reports Monday's FT in London.
Study claims UK's 5 euro tests are already met
UK - The government's five economic tests for UK entry to the euro have already been met, according to a new academic study.
European Central Bank Publication
REPORT - Task force on portfolio investment collection systems, Final Report, June 2002.
Speech by Eduardo Aninat, Dep MD, IMF, 20 Jun
SPEECH - In a speech titled 'The Economic Foundations of Peace in Colombia' Aninat said it was his sincere hope that the new administration will be able to find ways to mobilize the multiple talents and goodwill of the Colombian people, and put the…
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve Board on Thursday released the minutes of its Federal Open Market Committee Meeting of 7 May 2002, released 27 June.
Speech by Svein Gjedrem of Norges Bank, 17 Jun
SPEECH - Gjedrem said in a speech titled 'The Norwegian economy and monetary policy' that the Norwegian economy displays a number of strong features. Government finances are solid and foreign trade is performing well. Household finances are generally…
Deutsche Bundesbank Monthly Report, May 2002
REPORT - Germany's central bank has released its Monthly Report for May 2002.
European Central Bank is indeed accountable
LETTER - Letter published in the London Financial Times on 28 June from Chris Huhne MEP.
Japan's experience should warn central banks
LETTER - Letter published in the London Financial Times on 27 June from William Smyth.
A tale of two central banks
FEATURE - It is unusual for one nation to have two central banks, but that seems to be the case in Madagascar. Following disputed presidential elections in December 2001, there are now in effect two administrations in place: that of Marc Ravalomanana,…
Polish central bank head denies resignation rumour
POLAND - Central bank president Leszek Balcerowicz denied rumours on Friday that he wanted to resign as the Polish National Bank (NBP) president and the Monetary Policy Council (RPP) head.
Armenia to reinforce protective features of notes
ARMENIA - From 1 July 2002, the Central Bank of Armenia will put into circulation 1,000-dram banknotes with an enhanced protection system and a number of changes in its design.
Search may be on for a Greenspan replacement
US - Reports indicate that the Bush administration has commenced an informal search for Federal Reserve Chairman Alan Greenspan's successor, reports the Wall Street Journal on Friday.
Soros says central banks should bailout Brazil
ARTICLE - In the wake of the current economic crisis in Brazil, George Soros has said that leading central banks should open their discount windows and refinance the holders of Brazilian debt. Indeed, he expressed surprise that central banks had not…
Intervention pushes dollar back above 120
UK - The dollar surged back over 120 against the yen on Friday and made headway against the euro after Japan's finance ministry confirmed it had asked other central banks to intervene on its behalf to help weaken the Japanese currency.
HKMA chiefs are overpaid, study finds
HONG KONG - Hong Kong Monetary Authority (HKMA) chief Joseph Yam is one of many high ranking officials who may be forced to take pay cuts of at least 12 per cent if their governing boards endorse the recommendations of a pay study.
Has the fourth euro entry test already been passed
UK - In all the coverage of Gordon Brown's Mansion House speech on Wednesday night, it went largely unnoticed that he had in effect declared that one of the five tests for euro entry had been passed. Friday's Financial Times picked up on the story.
Speech by Edward George, Bank of England, 26 Jun
SPEECH - In his annual Mansion House speech George gave a strong signal that interest rates would not be raised at next week's meeting of the Bank of England's monetary policy committee and welcomed the fall in the pound against the euro.