Monetary Policy
EC report casts doubt on eurozone benefits
The European Commission's spring forecast published on Tuesday 8 April said growth rates in euro member countries was lower than for EU members outside the single currency, the Financial Times reported.
Nickell on poverty and worklessness in Britain
In a speech on 'Poverty and Worklessness in Britain' Stephen Nickell of the Bank of England said the economic forces underlying the increase in poverty in the UK are the significant shift in demand against the unskilled which has outpaced the shift in…
Budget: UK euro decision date set for June
In his annual budget address on Wednesday 9 April UK chancellor Gordon Brown said that the decision on whether Britain had passed the five euro entry tests would be made public by the first week of June, according to Reuters. He also praised the Bank of…
Hamalainen on the euro: making progress
In a speech on 'The euro: making progress' Sirkka Hamalainen of the European Central Bank said the euro has lived up to expectations and has delivered the internal price and financial stability that it was supposed to. On the indirect effects of the euro…
Bank of Canada appoints Jenkins
The Bank of Canada announced the appointment of Paul Jenkins as Senior Deputy Governor in a press release, 9 April.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - CentralBankNet presents an exclusive interview with Grigori Marchenko, Chairman of the National Bank of Kazakhstan. Mr Marchenko discusses with CentralBankNet the current issues affecting the central bank, including the crisis in Iraq,…
Greenspan on market economies and rule of law
In a speech on 'Market Economies and Rule of Law' Alan Greenspan of the Federal Reserve said as the fruits of ever-changing technology play an increasing role in the U.S. economy, the US must strike the right balance in developing legal protections for…
Paul Jenkins on Canada and the global economy
In a speech on 'Canada and the Global Economy: Trends in Asia and Elsewhere' Paul Jenkins of the Bank of Canada said monetary policy remained stimulative, despite four rate hikes over the last year. "Thus, over time, further reductions in monetary…
Guess who's coming for dinars?
An article from Bloomberg News says that the Iraqi dinar is in great demand and that coalition success in the war is likely to boost its value considerably. Apparently investors are snapping up the Saddam Hussein decorated notes, with one Pakistan based…
Venezuela c bank rejects interest rate demands
Demands from President Hugo Chavez that the central bank of Venezuela reduce interest rates have been rejected, reported Associated Press. A director at the bank said pressure to impose rates would be resisted.
Iraqi central bank looted by residents
A report from Associated Press on the war in Iraq contained details of what was described as looting at the central bank in Baghdad. The looting apparently included the removal of carpets, chairs and other fixtures from the Bank.
ECB chief to stay on while successor found
The weekend meeting of Ecofin in Athens agreed a deal whereby ECB president Wim Duisenberg will stay on until a successor can be named, according to a Reuters report. "I will be president of the European Central Bank up until the day that my duly…
Architects compete to design new ECB premises
The ECB has selected 80 architects to submit a design for the bank's new premises. The design must meet "the requirements of a modern central bank in the 21st century serving an enlarged euro area".
Cuban cb wants cooperation with Iran cb
In a meeting with the Iranian Ambassador to Havana on Friday, president of the central bank of Cuba Francisco Valdez expressed his interest in banking cooperation and the exchange of professional expertise with the Central Bank of Iran, according to an…
CBN seeks restriction on lending to government
Nigeria's central bank is supporting a Bill which would place further limits on government borrowing from the central bank. According to the Daily Times of Nigeria, CBN Governor Joseph Sanusi said fiscal prudence was vital for the effective conduct of…
Southern African DC officials meet in Angola
Measures aimed at fighting money laundering were due to be discussed at the Southern African Development Community's meeting in Angola. Central Bank governors will also approve a memorandum on the coordination of exchange control policies in the SADC…
Government supports Brazil cb autonomy
A vote in Brazil's parliament cleared the way for a move towards autonomy for the central bank after overwhelming support from legislators, according to a report in the Financial Times. The lower house of congress voted by 442 to 13 for a constitutional…
Russian inflation target on track - Ignatyev
Speaking at an economic conference Russia's central bank governor Sergei Ignatyev said inflation should be held under 12 per cent despite IMF suggestions that price rises may be difficult to control, according to the Moscow Times.
ECB Rome meeting: questions and answers
In the exceptional circumstances of the war Wim Duisenberg said it is not possible at this time to assess what effect conflict will have on the global economy. "The outlook for the basic elements of price stability remain in place and accordingly we…
ECB chief Duisenberg blasts 'high US deficits'
Speaking at a news conference after the ECB policy meeting on Thursday 3 April that left rates on hold, Reuters reports that Wim Duisenberg said "We now see - and that is a cause of concern - both the current account and the federal government deficit…
RBA's McGauchie: dangers of weak foreign growth
In an interview published by Dow Jones Newswires, Reserve Bank of Australia board member Don McGauchie said that anaemic economic growth in Europe and Japan is of much greater concern than war in Iraq.
Greenspan on financial education
In a speech on 'Financial education' Alan Greenspan of the Federal Reserve said drilling basic financial concepts into young people will not only help them now but will also help them avoid financial pitfalls later in life that could plague them for…
Riksbank's Irma Rosenberg attends EMU seminar
Sveriges Riksbank Deputy Governor Irma Rosenberg said at a seminar that it is important to safeguard long-term stability in EMU.
Svein Gjedrem - Monetary policy in 2002
In an article in Finansavisen on "Monetary policy in 2002" Norges Bank governor Svein Gjedrem said growth forecasts for the world economy deteriorated further from late autumn. The appreciation of the krone continued. At the same time the outlook for the…