Monetary Policy
Domingo Solans on the euro as a driving force
SPEECH - Eugenio Domingo Solans of the European Central Bank said five years is a very short period of time in the normal life of a central bank. He compared the ECB to the Banco de San Carlos, the forerunner of the Bank of Spain created in 1782…
Swedes to hold euro referendum
SWEDEN - Sweden gets the go ahead for a euro referendum from the government but as we reported last week deputy governor of the Swedish Central Bank, Eva Srejber, thinks 2006 is a realistic timetable for Sweden to enter EMU. Swedish trade unionists…
Bundesbank chief gives backing to EU growth pact
GERMANY - Bundesbank president Ernst Welteke, who sits on the ECB's interest rate setting council, throws his support behind the stability and growth pact which was labelled "stupid" by Romano Prodi recently. "The increasingly open attacks on the pact…
Bank of Japan to begin share buying plan next week
JAPAN - Japan's shock move to purchase equities in a bid to solve the banks bad loans crisis will begin next week. Last week Japan's FSA brought further concern suggesting that the problem could have been underestimated by as much as Y13,000bn.
German coins make their mark in the eurozone
GERMANY - Though recent surveys suggest many Germans want their old marks back, it looks like German minted euro coins are poised to flood across borders. Because a third of all euro coins are produced with German national images on the reverse some…
Who Will Be the Next Fed Chairman?
US - Speculation grows as to Alan Greenspans possible successor. A recently compiled list of candidates suggests a Harvard University professor, Martin Feldstein, is a strong contender.
Gov't raising Philippine inflation target for 2003
PHILIPPINES - The Bangko Sentral ng Pilipinas has convinced the Development Budget Coordination Committee to adjust upward the inflation target for 2003 to a range of 4.5 to 5.5 percent from the original target of 4-5 percent.
'Effective micro-finance system needed' in India
INDIA - The Reserve Bank of India has said it plans to put in place a 'more vibrant' micro-finance delivery environment by encouraging complementary and competitive models of micro-finance.
Uzbek council formed to liberalise banking
UZBEKISTAN - Following a September visit from the IMF during which liberalization of the economy was discussed, Uzbek President Islam Karimov has moved to reform the banking system through a National Banking Council.
Edward George on price/earnings ratios
SPEECH - Sir Edward George of the Bank of England told the Association of Corporate Treasurers last week that on some measures price/earnings ratos were back to the long-term averages. Is he saying the equity bubble is over, at least in the UK?
IMF Issues Press Statement on Argentina
PRESS RELEASE - Ms. Anne Krueger, First Deputy Managing Director of the International Monetary Fund (IMF), underlined outstanding problems to be resolved between the Fund and Argentina in a statement on 14 November.
The Inflation Targeting Framework in Norway
RESEARCH - IMF Working Paper, November 2002 by Jarkko Soikkeli. This paper assesses the institutional and technical design of Norway's inflation targeting framework, as well as its potential implications for the practical implementation of monetary…
Crisis Prevention and Crisis Management
RESEARCH - IMF Working Paper, November 2002 by Udaibir Das and Marc Quintyn, Monetary and Exchange Affairs Department, 'Crisis Prevention and Crisis Management: The Role of Regulatory Governance'. This paper first defines four key components of…
Spotting the next asset price bubble
ARTICLE - A thoughtful article in last Friday's FT by John Calverly of American Express Bank suggests that an asset valuation committee should be set up to warn of potential asset price bubbles. Though Calverly was directing his remarks to the UK, it is…
Sveriges Riksbank Press Release
PRESS RELEASE - Repo rate lowered 0.25 percentage points to 4 per cent, 15 November.
Swedish central bank cuts rates
SWEDEN - The Riksbank, the Swedish central bank, cut its key repo rate by 25 basis points to 4 per cent on Friday, warning there were clear signs of a weakening in industrial activity and exports.
Rising Spanish inflation widens eurozone gap
SPAIN - Inflation jumped a full percentage point in October to a year-on-year rate of 4 per cent, widening the differential with other eurozone.
Sterling coins may contain more nickel than euros
UK - Britain in Europe (BiE), a lobby group who campaign for UK entry to the euro, have come up with the perfect riposte to euro sceptics who complain that the euro coins contain high levels of nickel which can cause skin irritation. A Europhile lobby…
Fin min - Polish currency strength temporary
POLAND - Minister of Finance and Deputy Prime Minister Grzegorz Kolodko says he would like a lower exchange rate and wants the central bank to help.
Korea - Inflationary pressures likely to mount
KOREA - Consumer-price inflation will likely accelerate in coming months due to wage hikes and the recent rise in international oil prices, the Bank of Korea (BOK) said Thursday.
MAS Press Release
PRESS RELEASE - MAS seeks industry comment from financial institutions on technology risk management guidelines, 11 Nov.
ECB Monthly Bulletin, November 2002
REPORT - The European Central Bank published its November 2002 Monthly Bulletin on 14 November. The bulletin contains three articles. The first focuses on the issue of the accountability of the ECB. The second addresses the importance of transparency in…
Greenspan on the economic outlook
SPEECH - In testimony titled 'The economic outlook' made on 13 November, Alan Greenspan of the Federal Reserve said before Congress's Joint Economic Committee, that last week's sharp interest rate cut should help the country through its "soft patch,"…
Duisenberg at the Banco de Mexico conference
SPEECH - In a speech to the 2nd international conference organised by the Banco de Mexico made on 12 November, Wim Duisenberg of the European Central Bank said over recent months, a high degree of uncertainty - stemming mainly from developments in stock…