Opinion/Monetary Policy
Bye bye, Buba
ARTICLE - This article says the ECB should scrap money supply targeting, its "first pillar" and reduce it to the role of an indicator. It also promotes a looser inflation target, with a change to a symmetrical rate perhaps as high as 3 per cent with 1…
Speculation rife on Hayami replacement
ARTICLE - A furor of speculation is blowing through Tokyo as Prime Minister Junichiro Koizumi prepares to appoint a successor to BOJ Gov. Masaru Hayami, whose 5-year term expires in March.
Race for BOJ job heats up, private sector favoured
The article suggests that Nobuyuki Nakahara, a recent member of the Bank of Japan's policy board may be in line for the job of governor when Hayami steps down early next year. Nakahara was noted for favouring radical easing policies.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - Mervyn King's appointment as governor of the Bank of England isn't the only change in leadership we have to report. Last week saw three new recruits ushered in to the top spots at the central banks of Brazil, Argentina and the Cleveland…
The Fed's only woman
ARTICLE - An interesting article published by the Buffalo News on Saturday gives an insight into Susan Schmidt Bies of the Federal Reserve Board. Among other things the article reveals Bies is a qualified soccer referee and at first qualified as a…
Interview - Toshihiko Fukui, former dep gov of BoJ
INTERVIEW - The Bank of Japan will maintain a bias toward easing monetary policy to avert any concerns of tightening liquidity in financial markets and promote expectations of a stable financial environment, a front-runner in the race to be the next BOJ…
Britain doing well without the euro
LETTER - A letter from the Director of the Centre for Policy Studies rejecting the idea that Britain must join the euro, asks if an improvement in Britain's wealth relative to her main European competitors may have something to do with Britains exclusion…
Wim Duisenberg reflects on the euro's 1st birthday
INTERVIEW - It's now been nearly a year since the Jan. 1 introduction of the euro. In an interview with Deutsche Welle Radio on Friday, the president of the European Central Bank takes stock of the euro's success.
The high cost of resisting the euro
ARTICLE - In an article the chief economist of the pro euro lobby group, Britain in Europe, says Britain is paying a rising price for excluding itself from the euro.
Ukrainian central banker speaks on dismissal plan
INTERVIEW - Last week, parliament refused to dismiss Ukraine's central bank head, Volodymyr Stelmakh, in spite of a request to do so by President Leonid Kuchma. Parliament is expected to vote on Stelmakh's fate again on 12 December. In an interview…
Japan's Koizumi: Need deflation-fighter at BOJ
INTERVIEW - Japanese Prime Minister Junichiro Koizumi said Wednesday the nation needs a bold deflation-fighter to lead the central bank when the current governor's term ends in March, underscoring the concerns falling prices continue to eat away at the…
Bernankeian Economics
ARTICLE - This article looks at Fed Governor Ben Bernanke's recent speech "Deflation: Making Sure "It" Doesn't Happen Here" and says it is one of most important speeches on Federal Reserve and monetary policy in the past fifteen years. The article…
Thinking about life after Greenspan
ARTICLE - America's interest rates came under the spotlight again on December 10th, when the Federal Reserve met for the last time this year. At the Fed, as well as at the Treasury department, attention is turning to regime change. This article…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - While economists appear to be increasingly concerned with the possibility of deflation, the hideous reflection of an old enemy, central bankers have been reassuring us that the chances of a Japan style downward spiral are highly…
Central banks must be radical in post-bubble world
ARTICLE - An article asks how conservative central bankers can be turned into radical policy makers, suggesting the problem lies in persuading the public that central bankers really can change their spots.
Why not a female Governor of the Bank of England?
ARTICLE - An interesting article looks at women in central banks and why so few make it to the top position. The article suggests central bankers like the power of knowing things which they can keep from the public but that women don't like playing that…
ECB Press Conference
PRESS CONFERENCE - Duisenberg said that since the last rate cut there has been no abatement in the uncertainty on the euro zone economic outlook but more uncertainty than ever. This has increased concerns about the sluggishness of the economy. The half…
Turkish central banker determined to hit CPI goal
Turkey's new government has little opportunity to alter economic targets under a program of reforms backed by the International Monetary Fund, the country's central bank governor said in an interview Friday.
Afghan notes switch proceeding despite problems
ARTICLE - The switchover of bank notes in Afghanistan continues as the war ravaged country attempts to stabilise the weak economy. Deputy central bank governor Isa Turab described the operation as "proceeding well despite logistical problems".
'Tis the season to read Bollard- between the lines
ARTICLE - CentralBankNet hears that the recently appointed governor of the Reserve Bank of New Zealand, Alan Bollard, has taken it upon himself to design the Bank's christmas card. He used to do this when he worked at the Treasury and speculation has…
Interview with Swedish PM on the euro referendum
INTERVIEW - Following the recent announcement that Sweden will hold a referendum on euro entry next year, Prime Minister Goran Persson spoke to Swedish radio on the topic. In the interview he said the exact wording of the question would be decided later…
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…
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.
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.