Monetary Policy
Too much credit?
ARTICLE - Despite a plunge in US consumer confidence over the new year, it now seems that 2001 will see not a recession, but modest growth in the US. Nothing to worry about then? Well no.
Canada's inflation target setting could be better
CANADA - The Bank of Canada's new regime for setting inflation targets is an improvement on the old, but the bank could do even better, according to a new report from the C.D. Howe Institute.
BOJ board keeps monetary policy unchanged
JAPAN - The Bank of Japan (BOJ) kept its already super-loose policy unchanged on 15 June, resisting political pressure for even more monetary firepower to stop the economy from deteriorating further.
IMF Sri Lanka trip reviews economic data standard
SRI LANKA - A mission from the International Monetary Fund is in Sri Lanka to assess whether economic data reported by state institutions are transparent and conform to international standards, officials said on 15 June.
German and French central bankers back strong euro
EUROPE - French and German central bankers have reacted to sharp rises in inflation within the euro-zone by reaffirming their support for a stronger euro and expressing confidence about the longer-term inflation outlook.
IMF names first deputy MD and department heads
US - The IMF has confirmed the appointment of Anne Kreuger as first deputy managing director. She succeeds Stanley Fischer who is stepping down.
Bank of England Quarterly Bulletin - Summer 2001
SURVEY - The Bank of England has published its Summer 2001 Quarterly Bulletin. The Bulletin contains the results of a survey conducted on behalf of the Bank in February 2001. The research, by NOP, surveyed public attitudes to inflation in the UK.
No plan to change Japanese growth outlook
JAPAN - Japanese Minister of Finance Masajuro Shiokawa said on 13 June that at present, he is not considering revising the government's projection of 1.7 percent economic growth for fiscal year 2001, ending in March 2002.
Hungary introduces inflation targeting system
HUNGARY - The central bank council has approved that the National Bank of Hungary (MNB) operate a monetary system based on implicit inflation targeting, MNB president Zsigmond Jarai announced at a news conference 12 June.
PBC attacks international monetary system
UK - Strong criticism of the current international monetary system was expressed in a paper by an Assistant Governor of the People's Bank of China and delivered on his behalf at a conference on South-East Asia held at the Bank of England, 12 June.
Bank of England Quarterly Bulletin - Summer 2001
RESEARCH - Stuart Berry and David England, both of the Bank of England, co-author a study in the quarterly bulletin 'Has there been a structural improvement in US productivity'.
Financial markets in the European Monetary Union
SPEECH - Eugenio Domingo Solans, Member of the Governing Council and the Executive Board of the European Central Bank delivered a speech at the 28th Annual Financial Markets Seminar, Valencia, on 8 June.
Paraguay appoints chief banking regulator
PARAGUAY - Angel Gabriel Gonzales has been re-appointed as chief banking regulator in Paraguay.
Fed names three senior staff to new positions
US - Three senior Federal Reserve staff will move into new roles at the Federal Reserve Board, the Fed said on 11 June.
Sharing regulatory and supervisory responsibility
SPEECH - Edgar Meister, member of the directorate of the Deutsche Bundesbank, gave a speech on 9 June at the Multinational Banking Seminar in New York. "How should regulatory and supervisory responsibilities be shared among the national functional…
New Deputy Governor joins Barbados central bank
BARBADOS - The Central Bank of Barbados has welcomed its new Deputy Governor, Carlos Holder. Mr. Holder took up responsibilities for the Research and Bank Supervision Departments, effective 1 June.
Indonesia Bank deputy takes economic minister post
INDONESIA - Floundering Indonesian President Abdurrahman Wahid reshuffled his economic ministers on 12 June, a move analysts dismissed as pointless and not enough to save him from impeachment in August.
Trichet says there are no divisions on ECB council
FRANCE - Bank of France governor Jean-Claude Trichet said on 12 June that the governing council of the European Central Bank spoke with one voice and had no real difference of opinion with eurozone finance ministers.
Polish MPC should explain not preach
POLAND - Poland's Monetary Policy Council (MPC) needs to explain better to the public the rationale behind its high interest rates or face a "war" with an increasingly hostile government, a top independent economist said on 12 June.
Reserve Bank of India names new deputy governors
INDIA - India has appointed two new deputy governors for the Reserve Bank of India (RBI) and has extended the term of Y.V. Reddy who was to step down in August.
THE BIS REPORT
ANNUAL REPORT - CENTRALBANKNET'S SUMMARY AND ANALYSIS OF THE BANK FOR INTERNATIONAL SETTLEMENT'S 71st ANNUAL REPORT 2000/01.
BIS publishes its Annual Report 2000/01
SWITZERLAND - The Bank for International Settlements (BIS) released its 71st Annual Report for 2000/01 today, 11 June. It is holding its annual general meeting in Basel.
BIS Annual General Meeting Presidential Address
SPEECH - Address by the Chairman of the Board of Directors and President of the Bank for International Settlements, Urban Backstrom, to the Annual General Meeting held in Basel today, 11 June 2001.
Pakistan not ready for Islamic banking deadline
PAKISTAN - Pakistan is not ready to meet a 1 July supreme court deadline to implement interest-free Islamic banking and its financial institutions are likely to request more time to make the change, officials said on 7 June.