Opinion/Central Banks

ECB stung by supreme court decision

The European Court of Justice has given the ECB a legal bloody nose in a case concerning how to combat fraud. In this weeks Special Feature CentralBankNet analyses the implications of the ECB's courtroom defeat.

Greenspan: Risking it all for a legacy?

A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…

South African central banker defies ex-comrades

In an interview with Bloomberg News, Tito Mboweni of the South African Reserve Bank said markets have begun to price in a fairly successful South African story. He claims not to be an ambitious person, but at only 44 still have a lot to do in life,…

The Fed's delicate balancing act

This article published in the FT looks at Alan Greenspan's half-yearly testimony before the House Financial Services Committee on Tuesday. On the whole, it says, he succeeded in clarifying his goals.

Monday Special - ECB and the retail payments mire

SPECIAL FEATURE - The European Central Bank (ECB) is preparing to intervene in the market for small bank transfers in the eurozone, unless banks move quickly to make euro transfers quicker, cheaper and less bureaucratic. For this weeks Special Feature…

'Absurd criteria for new EU members'

An article in the Financial Times says that, fortunately, such a disastrous scenario as a deflationary spiral in the eurozone is unlikely. But that is not true of the problems that low or negative inflation within the eurozone could pose for the…

Interview: Iraq's acting central bank chief Salman

In an interview with Reuters Faleh Salman, interim central bank governor in Iraq said Tuesday the central bank's independence from government interference for the first time in decades will help create confidence in the new Iraqi dinar banknotes. The…

Greenspan enters his surrealist period

Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.

GCC Gulf single currency may be 'unrealistic'

An article in the Jordan Times says that the proposed single currency for the Gulf Cooperation Council (GCC) states is unrealistic. Arab Gulf states, it says, lack the maturity, the political and legal stability needed to take such a radical measure and…

A double bubble of the Fed's own making

This article suggests that the Fed's decision to reduce interest rates by only a quarter point misled markets and casts doubt on the Federal Reserve's reputation as a "paragon of virtue" and undermined the popular myth that it is Mr Duisenberg and the…

Monday Special - Basel's Banking Behemoth

The BIS is most commonly understood to serve as a forum for central bankers and financial regulators to meet and discuss how to keep the world's financial system on the rails. Its role as a bank is often overlooked. The BIS's balance sheet is large…

Uzbekistan action plan on currency convertibility

The government of Uzbekistan has made a pledge to introduce the long-awaited convertibility of the national currency, setting late November as the deadline for this move. An action plan developed by the Uzbek government aims to remove all restrictions on…

Candidates and crystal balls in Bulgaria

Candidates for the post of governor of the Bulgarian national bank were asked to compile reports as part of the selection process. Of particular interest were European Union accession and the date when Bulgaria is likely to introduce the euro.

New Bank of England governor speaks of his pride

On the eve of taking over as Governor of the Bank of England, Mervyn King spoke to The Times about his personal approach to the role, filling the shoes of Sir Edward George and crucial issues facing the financial sector, including the prospect of…

Fedspeak with the Fed rate cut

An article in the Washington Times suggests that to understand what the Federal Reserve does, it's best to start with reasonably low expectations about what any central bank can do. It also suggests that the Fed's "balance of risk" assessment of the…

The Bank of England gets a respected new chief

Mervyn King began his 5-year term as governor of the Bank of England on 1 July. An article in BusinessWeek describes him as the brains behind the Bank's solid track record since 1997. He is viewed as both a formidable scholar and independent thinker.

Farewell Eddie

Sir Edward George retired from the Bank of England on Monday. An article in the Financial Times looks back at his time as governor which, it says, can be looked on a successful decade which will not see him move rapidly from Who's Who to Who's He?

The case for a single currency for the planet

A recent conference in Italy debated the idea of a common global currency and a world central bank, according to the Wall Street Journal. If the euro can replace the franc, mark and lira, why can't a new world currency merge the dollar, euro and yen? A…

''The Fed has not avoided danger''

An article in the Financial Times argues that the Federal Reserve's decision to cut interest rates last week was a missed opportunity. Quantitative easing through an expansion of the money supply is needed, it argues, or the economic recovery could be…

Spotlight on central bank efficiency

Centralbanknet Monday Special Feature: How many economists does it take to set an interest rate? 320 staff toil away in the Bank of England's monetary analysis area. New Zealand's reserve bank manages with an entire staff of under 200. On the other hand,…

Wisdom, wit and gaffes from Sir Edward George

As the governor of the Bank of England prepares to leave the Old Lady an article in the Independent guides you, in its words, "through some of Sir Edward's "thoughts" and some other thoughts about Sir Edward, renowned central banker, after-dinner speaker…

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