Monetary Policy
Belarus, Russia can adopt single currency by 2005
RUSSIA - Viktor Gerashchenko, head of the Russian Central Bank, said during his visit to Mahilyow on Mar 30 that Belarus and Russia could adopt a single currency before 2005 provided there were necessary economic conditions.
Measurement of price indices-ECB seminar Nov 01
CENTRAL BANK SEMINAR - The ECB/CEPR are hosting a joint seminar on "Issues in the Measurement of Price Indices" in November/December 2001. It is being organised by MIT's Ernst Berndt, ECB head of research Vitor Gaspar and Dietmar Harhoff from Munich…
Macroeconomic Instability and Coordination
BOOK - Axel Leijonhufvud, Professor of Economics at the University of California, has published a book "Macroeconomic Instability and Coordination", a collection of selected essays. There is a press release by the publishers Edward Elgar and a list of…
'Does Money Matter?' by US Fed Governor Meyer
SPEECH - US Federal Reserve Board governor Laurence H. Meyer gave an excellent and wide-ranging speech on Mar 28, 2001 titled "Does Money Matter?". He says monetarism supeficially appears to play no role in the conduct of monetary policy in many…
ECB keeps rates at 4.75%
EUROPE - The European Central Bank maintained interest rates at 4.75% at its Governing Council meeting on Mar 29, 2001, refusing to follow recent rates cuts of the Federal Reserve and Bank of Japan.
Norges Bank to introduce 2.5% inflation target
NORWAY - Norway's government on Mar 29, 2001 introduced a 2.5% inflation target for the country's central bank, in line with 'international practice' to raise the transparency of monetary policy and facilitiatate communications.
BoF appoints Pikkarainen to head operations dept
FINLAND - Mr Pentti Pikkarainen has been appointed head of the Bank of Finland's market operations department, effective 1 May 2001.
Iceland floats krona, adopts 2.5% inflation target
ICELAND - On Mar 27, 2001, Iceland decided to float the krona and adopt a 2.5% inflation target. The krona has come under much pressure in recent weeks most recently on Mar 26, forcing the central bank to intervene in the markets to maintain the currency…
Pakistan cbank concerned Afghans using rupee-FT
PAKISTAN - A sharp rise in the amount of Pakistani rupee in circulation has prompted Pakistan's central bank to begin an inquiry into the increasing use of the currency in neighboring Afghanistan, senior bank officials said on Mar 28, 2001, according to…
CNB bill to increase bank's accountability-fin min
CROATIA - During a debate in parliament on the new Croatian National Bank bill, deputy finance minister Damir Kustrak said that the bank's independence would be increased but at the same time it would have to be more accountable to parliament.
Financial mkt implications of the US debt paydown
CENTRAL BANK RESEARCH - The dwindling supply of US treasuries is worrying not only the financial markets but also Federal Reserve chairman Alan Greenpsan, one of the reasons he has given his support for Bush's $1.6 trillion tax cuts. In a New York Fed…
Ex-Bundesbank chief Poehl - time ripe for ECB cut
EUROPE - Former Bundesbank President Karl Otto Poehl thinks the European Central Bank should cut interest rates in the face of slowing economic growth, he told a Swiss newspaper in an interview published on Mar 28, 2001.
Euro-MP says Czechs must change central bank law
CZECH REPUBLIC - The chairwoman of a European Parliament committee said on Mar 28 that a new Czech law increasing politicians' influence over the central bank must be amended to bring it into line with European Union treaties.
Irish cbank sees 2001 growth slowing to 7%
IRELAND - Ireland's central bank said on Mar 28, 2001 it expected the booming Irish economy to experience a slowdown in 2001 GNP growth to around 7.0%, compared to growth of 9.75% in 2000.
BoK criticises govt for interfering in mon policy
SOUTH KOREA - The Bank of Korea has criticized the government for its regular interference in the country's monetary polices.
Outgoing Slovenia c.banker warns against inflation
SLOVENIA - Slovenia's outgoing central bank governor France Arhar said on Mar 28, 2001 the country should limit the growth of wages to battle high inflation.
BOE Julius to leave central bank in 2 months-FT
UNITED KINGDOM - DeAnne Julius, one of the most dovish members of the Bank of England's rate-setting Monetary Policy Committee, is poised to leave the central bank in two months.
Poland cuts interest rates by 100 bp
POLAND - Poland's Monetary Policy Council (MPC) cut its interest rates on Mar 28, 2001 by 100 basis points to between 17 and 21 percent, the National Bank of Poland said in a statement.
Malaysia's cbank annual report-growth 6% in 2001
MALAYSIA - Malaysia's economy will expand by around 6% in 2001 with the help of the new 3 billion ringgit supplementary budget announced Mar 27, 2001, the central bank said in its annual report Mar 28.
New measure of core inflation in the UK-BoE paper
CENTRAL BANK RESEARCH - The Bank of England's monetary policy committee research unit has published a paper which addresses the usefulness of measures of core inflation. The paper, commissioned by external MPC member DeAnne Julius, uses an 'improved'…
ISRAEL-New government's first steps-Klein speech
SPEECH - David Klein, governor of the Bank of Israel, gave a speech on Mar 23, 2001 titled "Economic Policy: The New Government's First Steps". He warns the new government to take heed from lessons from the past and not to expect too much from monetary…
House committee urges RBA to increase transparency
AUSTRALIA - A two-year study of international financial markets by Australia's House of Representatives economics committee has concluded that the the Reserve Bank of Australia has to explain more about its monetary policy decisions and economic thinking.
Bank of Israel cuts April lending rate to 7.2%
ISRAEL - The Bank of Israel said on Mar 26, 2001 it was lowering its key lending rate to 7.2 percent in April 2001 from 7.5 percent in March, fractionally above market expectations of a 0.2 percentage point cut.
How Greenspan measures the e-economy
SPEECH - speaking on March 27 Fed chairman, Alan Greenspan revealed some of the Fed techniques for modelling and measuring the hi-tech sectors of the US economy