Central Banking
New Somali central bank governor sworn in
Mahmud Muhammad Ulusow has been sworn in as the new head of the Central Bank of Somalia.
Efficient payments in the euro area-Wellink speech
Opening address by Dr A.H.E.M. Wellink, President of De Nederlandsche Bank NV, on the occasion of the "5th conference on pan-European cash & treasury management", held in Amsterdam on Mar 6 2001.
Banking supervision-Alan Greenspan speech
Alan Greenspan said on Mar 7 it was not surprising that a weaker economy was making bankers wary about lending, but he urged them not to go overboard. "Lenders and their supervisors should be mindful that in their zeal to make up for past excesses they…
B-shares and China's monetary and banking systems
The removal of restrictions on the holding of B-shares should have a generally positive effect on the development of Mainland China's monetary and banking systems, says Joseph Yam, chief executive of the Hong Kong Monetary Authority, in his weekly…
On the Long and Short of Central Bank Independence
This paper by Alberto Musalem of the International Monetary Fund finds that higher central bank independence increases fiscal discipline and results in lower inflation. However, it finds that higher central bank independence does not necessarily lead to…
Euro entry means democracy deficit-Swedish cbanker
Swedes would be less able to call the people who decide their monetary policy to account if the country joined the EU's single currency, the deputy governor of the country's central bank said on Mar 8, 2001.
No plan to drive yen lower, Hayami says
Bank of Japan Governor Masaru Hayami said on Mar 8, 2001 he was alert to the risk of a vicious deflationary cycle but firmly denied that he wanted to push the yen lower to induce inflation.
BOI Desario-Mergers not the only way to efficiency
The Bank of Italy director general Vincenzo Desario said Mar 8, 2001 that bank mergers were not the only way to achieve efficiency and competitiveness in the banking system.
Bank of Greece to up 2000 dividend
Bank of Greece, the country's central bank, said on Mar 8 that net profit in fiscal 2000 rose 52 percent to 167.2 billion drachmas ($457 million) versus 110.1 billion in 1999.
Bank of England holds rates at 5.75% for now
The Bank of England left its key interest rate steady at 5.75 percent on Mar 8, declining to cut rates despite a deteriorating global economic outlook.
Hungary Jarai-wider euro/forint band in 12-18 mos
The Hungarian forint's trading band could be widened in 12 to 18 months, recently appointed central bank governor Zsigmond Jarai told business daily Vilaggazdasag in an interview published Mar 8, 2001.
China shareholding banks must reform further-PBOC
Shareholding commercial banks must be encouraged to further improve their corporate management structure and financial services to develop in a sound, steady way, said the governor of the People's Bank of China.
RBA appoints Frank Campbell as assistant governor
The Reserve Bank of Australia has announced the appointment of Frank Campbell to the post of Assistant Governor, Corporate Services department.
Solomons stares into economic abyss- cbank chief
The Solomon Islands is just weeks away from economic collapse, with a real risk the South Pacific nation will simply disintegrate, the country's central bank governor, Rick Houenipwela, warned on Mar 7, 2001.
CBC gov favours listing of Taiwan firms in China
Perng Fai-nan, governor of Taiwan's central bank, said on Mar 7, 2201 that he personally endorses Taiwanese manufacturers that have set up companies in mainland China to get listed on the mainland's stock markets for fundraising purposes.
Performance of Norway's oil fund announced-Mar 9
Norway's Oil Fund will annouce its results on Mar 9, 2001 when it presents its annual report for 2000 at a press conference.
US rebound likely later this year-McDonough,Moskow
William McDonough and Michael Moskow, in separate speeches on separate continents, said on Mar 8 that a rebound was likely later in 2001.
Does Europe want a single market?-Malcolm Levitt
The shortcomings of Europe's single market for financial services extend farbeyond securities markets. Consumers lose, and politicians seem to lack thestomach for reform. Radical change, including the swift adoption of AlexandreLamfalussy's…
The heavy hand of the SEC-Ed Waitzer
The SEC has concluded its campaign to stop auditors undertaking consultingwork for clients. Despite the cease-fire, the "rancorous, wasteful and damaging"fight has alienated the profession and undermined self-regulation, for littlediscernible benefit,…
Interview: Walter Shipley
Walter Shipley, recently retired chairman of Chase Manhattan/J.P Morgan, has justchaired a working group on public disclosure aimed at investigating howdisclosure by large US banks and securities firms could be improved. He spoketo Central Banking's…
Gemany's Hans Eichel's shock to the system-article
The decision of Hans Eichel, the German finance minister, to establish a unifiedfinancial services regulator came as a surprise to many, and a bitter shock to theBundesbank, which had lobbied to take over bank supervision itself. KlausEngelen reports.
Joint euro steering group to tackle counterfeiters
The European Central Bank, European Commission and Europol on Mar 7, 2001 said they had jointly developed an action plan to combat would-be euro cash counterfeiters.
Yen crashes to 20-month lows against dollar
The yen fell beyond 120 to the dollar for the first time in 20 months on Mar 7, 2001 as expectation grew that Japan would tolerate a weaker yen to bolster its flagging economy.
Berlin cbank president opposes ECB rate cut-paper
The European Central Bank shouldn't move to cut interest rates before euro-zone inflation reaches 2.2%, Landeszentralbank president Klaus-Dieter Kuehbacher said in an interview.