Central Banking Journal
Monetary policy to support growth
With inflation driven out of the system, Mongolia’s monetary-policy makers can look to bolster economic growth.
Highlights of transition
This article recalls Mongolia’s achievements since 1990, and sets out what the country must strive for in the future.
When Hong Kong trounced the speculators
The HKMA beat back speculators in 1998, but did its own fuzzy rules encourage them? Charles Calomiris reviews a new book on this famous episode.
Interview: Kenneth Rogoff
In this wide-ranging interview, the former chief economist of the IMF discusses the likely fallout from the unsustainable US deficits, the dollar's hegemony, the Fund's failings, the weak spots in the global economy and the future of central banks.
Interview: Leszek Balcerowicz
In conversation with the editor, the president of the National Bank of Poland explains why he believes in taking the shortest route possible to the euro.
The Three Baltic states
President Kraft of the Bank of Estonia, Governor Rimsevics of the Bank of Latvia and Governor Sarkinas of the Bank of Lithuania, outline their countries preparations for joining the euro.
Interview: Christodoulos Christodoulou
Cyprus is ready to be one of the first accession countries to join the euro, says governor of the Central Bank of Cyprus.
Convergence report
Wayward deficits in the larger economies have forced a retreat from earlier dates for joining the euro. Analysis of central bank strategies, speeches and statistics suggest that Slovenia, Cyprus and the Baltic states will vie to be the first in.
Substance and semantics in ERM II
In the February issue, Peter Kenen and Ellen Meade discussed the Maastricht treaty's convergence criteria and their application to the accession countries. Here, they look more closely at the key role of the exchange rate criterion.
A toolkit for financial stability
Monetary union does not insulate against financial crisis, says Max Watson. Accession countries must continue to watch - and - report - imbalances in the economy.
Seven rules of foreign exchange
Economic fundamentals hold in the long run, but what drives currency markets in the short run? In this personal view, Avinash Persaud finds clues in watching what central banks say, and what they do.
A Bretton Woods that never was
Richard Roberts recalls the last official effort to create a coherent design for an international monetary system.
The central bank's "no" to Annan
Robert Pringle reports on why the Central Bank of Cyprus came out against the UN plan for monetary union in Cyprus.
City livery company for bankers - and central bankers
After centuries of hanging on to others' coat tails, bankers are set to gain their own liveried guild in London.
New light on the Fed's history
Allan Meltzer finds the Fed at fault for the Great Depression, but he may not have the complete picture contends Tim Congdon.
Interview: Otmar Issing
As the board member responsible for economics and research, Otmar Issing has been a principal architect of the ECB's monetary policy. Here he discusses many of the key issues facing the ECB today and explains the rationale for some of its more…
Interview with Zdenek Tuma
With accession on the horizon, the governor of the Czech National Bank evaluates the progress of economic transition and discusses his concerns over joining the euro.
Interview: Michael Bonello
Having successfully defended its peg for 30 years, Malta appears well placed to join ERM II. The governor of the Central Bank of Malta outlines the path to the eurozone and the pitfalls along the way.
Why has Brown ditched his prudence?
Howard Flight analyses the transformation of Gordon Brown's Treasury from fiscal forbearance to public sector profligacy.
Iraq's botched currency reform
Prescriptions by the official sector institutions for Iraq ignore political realities and their own findings argue Steve Hanke and Matt Sekerke.
The SDR: an international reserve liability
The SDR is central to the work of the International Monetary Fund, but it remains a deeply ambiguous unit.