Monetary Policy
Federal Reserve Press Release
PRESS RELEASE - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-1/4 percent, 10 December.
Federal Reserve leaves interest rates unchanged
As expected the Federal Reserve left interest rates unchanged on Tuesday at the FOMC's last meeting of 2002. The press release said the risks are balanced with respect to the prospects for both goals (price stability and sustainable economic growth) for…
Concluding Statement of the IMF Mission to Norway
REPORT - Each year, the International Monetary Fund (IMF) assesses the Norwegian economy. During the last few days, a delegation from the IMF has visited Norway to gather information about the economic and financial situation and to discuss economic…
Norges Bank Press Release
PRESS RELEASE - Norges Bank reduces interest rates, 11 December.
Argentina's new central bank chief
Since the announcement on Monday that Alfonso Prat-Gay will take the helm as Argentina's central bank governor, CentralBankNet has found some little known facts about this new central banker.
Bank of England has doubts on eurozone convergence
With the appointment of a widely seen 'eurosceptic' as the new governor of the Bank of England, the current incumbent Sir Edward George has raised doubts about Britain's economic convergence with the eurozone but stressed the comments were based on …
ECB agrees three-speed voting model
The ECB has addressed the problem of how votes will be allocated in an enlarged euro-zone. Their choice of model has been described as the "least worst" option and will limit the number of voting members to 21.
Poland's central bank pushing for euro adoption
Central bank president Leszek Balcerowicz has said that the adoption of the euro by Poland in the years 2006-2007 would be beneficial, but only if the budget deficit is tackled. The European Commission is apparently discouraging the move in a new, still…
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…
Growth fears push Norway to cut interest rates
Norway's central bank surprised economists and cut interest rates on Wednesday as growth concerns outweighed stubborn wage inflation. Business leaders had called for a cut to kickstart the economy. The Bank's accompanying press release appeared to…
Sweden's former central bank chiefs oppose euro
Following Swedish prime minister Goran Persson's decision to set a date last month for Swedes to vote on the euro, two former central bank governors have come out in opposition to membership of the single currency.
Russian Duma approves monetary policy guidelines
The State Duma, Russia's lower house of parliament, approved the 2003 monetary policy guidelines at its plenary session on Wednesday.
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…
Bell on six months on the MPC
SPEECH - In the speech 'Six Months on the MPC: A Reflection on Monetary Policy' Marian Bell of the Bank of England said Bell described the job of the MPC as a narrow and technical one limited to controlling changes in the overall price level. She said…
Nickell on the picture of european unemployment
SPEECH - In the speech 'A Picture of European Unemployment: Success and Failure' Stephen Nickell of the Bank of England said that although average unemployment in Europe is relatively high compared to OECD countries outside Europe, very high unemployment…
ECB Press Release
PRESS RELEASE - Genval seminar on the EU accession process, 6 December.
ECB Press Release
PRESS RELEASE - Review of the quantitative reference value for monetary growth, 5 December.
BIS Quarterly Review December 2002
REPORT - BIS Quarterly Review, International Banking and Financial Market Developments, December 2002. In the report the BIS said that confidence began to return to markets at the end of October after six months of mounting pessimism. But the report also…
Snow nominated as new US Treasury secretary
Following Paul O'Neill's forced resignation on Friday the Bush administration signalled that boosting US jobs growth with tax cuts was at the top of its agenda for next year as it nominated John Snow as O'Neill's replacement as Treasury secretary.
ECB wants all euro aspirants to join ERM
The European Central Bank (ECB) has recommended that all countries seeking to join the euro must first spend at least two years in the exchange rate mechanism (ERM). This contrasts with comments from Swedish politicians who recently said they would try…
Argentina names new central bank chief
Argentine President Eduardo Duhalde has selected economist Alfonso Prat Gay, a former adviser to the US bank JP Morgan, to head the country's central bank, according to the presidential chief of staff.
ECB's Issing warns of limits to transparency
There are limits to the degree of transparency that central banks are able to supply, European Central Bank chief economist and executive board member Otmar Issing said on Monday. He also noted that the introduction of the euro had raised peoples…
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…
Hayami - Toward further capital market development
SPEECH - In the speech 'Toward Further Development of Capital Markets To Support Smooth Corporate Finance' Masaru Hayami of the Bank of Japan said he was concerned that healthy firms may be starved of funds as banks respond to a new government drive to…