Growth
Interview: Y.V. Reddy
The governor of India’s central bank explains his watchful approach to economic development and reveals how a financial crisis was averted after May’s general election. Interview by Nick Carver.
Monetary policy to support growth
With inflation driven out of the system, Mongolia’s monetary-policy makers can look to bolster economic growth.
Argentina raises 2004 economic growth prediction
The Argentinian central bank on Thursday 22 July revised its forecast on the country's GDP growth rate for 2004 from 6 to 8 percent. The bank also predicted that the inflation rate will stand at 6.7 percent and the unemployment rate will drop from 14.5…
Bank of France raises growth forecast
The Bank of France raised its forecast for growth in the second and third quarters as June retail sales surged, manufacturers lifted production, and executives' confidence was its highest in more than three years.
ECB on Court of Justice decision on Pact
The European Central Bank (ECB) said in a statement released Tuesday 13 July that it takes note of the judgement by the Court of Justice on the Council's actions of 25 November 2003.
European Parliament on Pact decision
Christa Randzio-Plath, outgoing chair of the Committee on Economic and Monetary Affairs of the European Parliament, expressed her views on the Stability and Growth Pact issue in this press release, 13 July.
Bundesbank urges Brussels to 'reactivate' pact
The Bundesbank urged the European Commission in Brussels Tuesday to "reactivate" the European Stability and Growth Pact in its current form, following a landmark ruling on the EU's strict budget rules by the European Court of Justice.
EU proposes easing of stability pact
At its regular meeting on Thursday 24 June, the European Commission recommended that a country's economic situation should be taken into account when applying the stability and growth pact, Deutsche Welle reported.
Fukui says BOJ cannot commit to govt growth target
Toshihiko Fukui said in minutes released on Friday 30 April that while the Bank of Japan was committed to fighting deflation it could not commit to a specific growth rate, distancing the BOJ from a government growth target.
IMF upgrades outlook for world economic growth
The International Monetary Fund said in its twice-yearly World Economic Outlook report that it was lowering its 2004 eurozone growth estimate by a tenth of a point from its forecast last September, to 1.7 percent.
Stability Pact crucial for EMU says Trichet
ECB President Jean-Claude Trichet said on Dutch television that the stability pact was crucial for the European Monetary Union and that the Netherlands had taken appropriate steps to avoid a budget deficit of above three per cent.
Four more countries face stability pact scrutiny
The European Commission has put Britain and the Netherlands under formal surveillance for letting their budget deficits breach an EU target. It also issued a warning to Italy and said it expected Greece to breach the limit.
OeNB's Liebscher: reviving the European economy
Klaus Liebscher gives his view of the euro as a success story and discusses the areas he believes must be addressed to revive the Lisbon Agenda.
'Mr Euro' quits EU for Spanish fin min job
Pedro Solbes, a staunch defender of the eurozone's stability and growth pact, is stepping down as European economic and monetary affairs commissioner on 11 April to take up the post of finance minister in Spain's incoming Socialist government.
Deficits of six future EU members broke EU rules
Six of the 10 countries to join the European Union in May had public deficits greater than those allowed by the EU's Stability and Growth Pact, EU data published on Tuesday 16 March showed.
Padoa-Schioppa: Low eurozone growth not ECB fault
Tommaso Padoa-Schioppa said in an interview that low economic growth in the eurozone is not due to the ECB's current monetary policy, adding that interest rates are already low.
Stability Pact rule changes ruledout: Solbes
Pedro Solbes said on Wednesday 18 February that the current terms of the stability and growth pact will be maintained, ruling out any changes to the EU's much criticised budget rules.
Central bankers say stability pact not dead
The EU's much maligned stability and growth pact is not dead despite a decision by finance ministers in November to suspend its rules, ECB and Bundesbank members said Monday 16 February.
Six EU PMs call for respect of Pact
Six European prime ministers including those from Italy, Spain and the Netherlands have called for the rules of the Stability and Growth Pact to be applied "without discrimination".
Trichet says no need to change growth pact
In a speech on 'Economic reform in Europe' given on 26 January, Jean-Claude Trichet of the ECB said the ECB does not see any need for changes to the eurozone's rules on budget deficits, which he described as "appropriate".
Irish central bank upgrades 2004 growth forecast
The central bank of Ireland has upgraded its forecast for economic growth but said the euro's strength would reduce exporters competitiveness. In its quarterly bulletin, published on Thursday 18 December, it said the Irish economy has shown flexibility…
Brussels stands by legal threat over pact row
Gerassimos Thomas, spokesman for EU monetary affairs commissioner Pedro Solbes, has said according to AFP that the European Commission's position has not changed on the ECOFIN decision to postpone any sanctions against Germany and France for breaking the…
ECB's Issing: Rate impact from deficits action
European Central Bank Chief economist Otmar Issing has said in a newspaper article that the decision to effectively suspend the stability and growth pact carries serious risks for the eurozone, according to Reuters.
Japan's economy set to grow 1.5 percent
Japan's Cabinet Office said on Tuesday 9 December that the economy is expected to grow by 1.5 per cent in 2004, according to the Mainichi Daily News. It also predicted that moderate deflation will continue through 2004, forecasting the consumer price…