Monetary Policy
Bank of England Inflation Attitudes Survey May 02
SURVEY - The Bank of England has published the results to its Inflation Attitudes Survey which is conducted quarterly. An article in the summer Quarterly Bulletin, also published today, examines the trends seen in the four surveys up to and including…
Slovak central bank's intervention successful
SLOVAKIA - The National Bank of Slovakia succeeded in propping up the koruna after intervening twice on Monday to support the beleaguered currency. Dealers say that it spent between 40-60m euros in the process.
Brazil cb to wait to sell long term debt next year
BRAZIL - The Brazilian central bank is likely to wait until 2003 until it begins selling its longer-dated public debt again. Two weeks ago the government began to swap long-dated government securities for short-term debt to counter the growing reluctance…
Eurozone inflation to end yr above 2% says Caruana
SPAIN - Jaime Caruana, governor of the Banco de Espana and member of the ECB board said that inflation in the euro zone this year has been worse than expected. Although he said that it would be difficult to assess where it would head in the medium term,…
Trichet says France wont balance budget by 2004
FRANCE - Jean-Claude Trichet, the governor of the Banque de France, suggested that it is unlikely that France will manage to clean up its budget deficit by 2004 when he agreed with finance minister Francis Mer's comments that to achieve this will take…
Eurozone inflation falls within ECB target of 2%
BELGIUM - Inflation in the euro zone slowed sharply to 2% in May, Eurostat confirmed on Tuesday. The drop put inflation within the upper limit of the European Central Bank's inflation target of 2%.
Parry said Fed can be "deliberative" over rates
USA - San Francisco Federal Reserve President Robert Parry said that doubt over how long the current "modest expansion" would last leaves the Federal Reserve room to be "deliberative" over hiking interest rates.
ECB survey on bond markets and interest rates
SURVEY - The ECB has published a survey which provides an overview of the capital market structures of the EU accession countries, in particular in relation to the bond markets and interest rates.
Federal Reserve Board - Annual Report 2001
ANNUAL REPORT - The Federal Reserve Board has published its Annual Report for the year ended 2001.
Weak demand damaged German economy says Welteke
GERMANY - Ernst Welteke, governor of the Bundesbank, believes that a recovery is on its way in the German economy, but that limp consumer demand is hindering its pace. He said demand for German exports and a stronger global economy would help "the German…
Argentina pledges not to use reserves to repay IMF
ARGENTINA - Economy minister Roberto Lavagna has assured the IMF technical mission currently visiting the country that central bank reserves will not be used to pay back loans from the IMF and the Inter-American Development Bank which are due to mature…
Bank Indonesia and govt to resolve loan dispute
INDONESIA - Bank Indonesia is close to putting an end to a dispute with the government which has continued for two years. A final agreement has yet to be reached to this problem which is rooted in the billions of dollars in liquidity support channeled to…
Chinese currency now convertible in Nepal
NEPAL - Nepal Rastra Bank for the first time today fixed its exchange rate at nine rupees to one Chinese yuan. Governor Dr Tilak Rawal and Chinese Ambassador Wu Congyong signed the free convertibility accord on Monday.
Venezuela widens fiscal deficit target to 3% GDP
VENEZUELA - Central bank chairman Domingo Maza Zavala has announced that the government has widened its 2002 fiscal deficit target to 3% of GDP from 2.7% due to lower than expected tax receipts.
Quaden warns of Belgian budget deficit in 2003
BELGIUM - Guy Quaden, governor of the Belgian National Bank, has warned that Belgium may return to a budget deficit next year if the government eases spending controls to help it win elections: "In 2003, I will be very vigilant not only about inflation…
Is It Possible to Predict the Future?
ARTICLE - William Poole, president of the St Louis Fed, has given his opinion on economic forecasting in an article called 'Is It Possible to Predict the Future?'
Korea's reserves continue to grow
KOREA - Bank of Korea governor Park Seung said yesterday that the central bank expects the nation to become the world's fourth largest holder of foreign reserves by the end of the year. The central bank will therefore continue to increase the level of…
Japan's recession is coming to an end says Hayami
JAPAN - Bank of Japan governor Masaru Hayami said on Friday that the recession which started 20 months ago is coming to an end, adding that he was watching the impact of strong exports and output on the country's non-manufacturers and households.
Cautious optimism on recovery from Fed's Ferguson
SWEDEN - Federal Reserve Board vice-chairman Roger Ferguson delivered a buoyant appraisal of the US economy in an interview published in Swedish newspaper on Friday. "I am cautiously optimistic about the US cyclical development. A recovery is on its way…
Brazil lands $10bn loan from IMF
BRAZIL - After nearly a week of falling currency, stock and bond markets, Brazilian central bank president Armenio Fraga and finance minister Pedro Malan announced that the country would tap into $10 billion of IMF loans. The World Bank also joined in…
Bank of England Working Paper No 156
RESEARCH - Bank of England working paper on 'Equilibrium exchange rates and supply-side performance' by Gianluca Benigno and Christoph Thoenissen.
Why the Fed should ignore the stock market
ARTICLE - Opinion from James B. Bullard and Charles M. Hokayem of the Federal Reserve Bank of St. Louis argue the Fed should not react to equity price developments because it would be 'similar to looking in a mirror', saying that such a policy would only…
Thai cb to share massive debt burden
THAILAND - The central bank is set to share responsibilty with the government for the bonds issued to cover losses for the state's financial rescue fund. Sommai Phasee, deputy permanent secretary at the Ministry of Finance, made the announcement today in…
No threat to cb independence says Polish president
POLAND - Alexander Kwansniewski, the president of Poland, in suporting anammendment to bring the bank act in to line with EU standards, offeredreasurrance over the National Bank's independence: "I cannot see any threats to the independence of the central…