Monetary Policy

Brazil bank acts to boost Real

BRAZIL - Brazil's central bank said yesterday it would inject $1.5bn (£976m) into the currency market this month to help steady the Real, which has fallen to a record low amid uncertainties ahead of October's presidential elections.

ECB holds rates steady

GERMANY - The European Central Bank's governing council decided on Thursday to leave the eurozone's benchmark interest rate unchanged at 3.25 per cent.

Germany clears way for new bank rules

GERMANY - The major remaining barrier to a global shake-up of bank reserves has been removed after the German government agreed to a politically-sensitive compromise over lending to small companies.

Speech by W. McDonough, New York Fed Bank, 2 Jul

SPEECH - In a speech titled 'The importance of central bank independence in achieving price stability' McDonough extolled the virtues of central bank independence and reiterated the importance of maintaining price stability for an economy.

Open letter by Kenneth Rogoff to Joseph Stiglitz

LETTER - An open letter by Kenneth Rogoff, Economic Counsellor and Director of Research, International Monetary Fund, to Joseph Stiglitz, author of Globalization and Its Discontents (New York: W.W. Norton & Company, June 2002), Washington D.C., 2 July.

Speech by Wim Duisenberg, ECB President, 2 Jul

SPEECH - Duisenberg said in his introductory statement to the European Parliament "I have seen some worrying developments in fiscal policy in some countries in the last few months," adding that it was vital that all countries had their budgets close to…

Norges Bank's Inflation Report 2, 2002

REPORT - The Inflation Report discusses developments in the Norwegian economy and other factors that influence the inflation outlook. In addition, the balance of risks and uncertainty associated with the inflation projections are assessed.

Answering tough online questions in 11 languages

ARTICLE - The change-over to the euro at the start of this year posed numerous challenges not only for banks and businesses across much of Europe but, as the Financial Times investigated on Wednesday, it also posed problems for the team of writers,…

Demand must moderate, Sir Edward George warns

UK - Sir Edward George, governor of the Bank of England, has warned that "domestic demand will have to moderate of its own accord" or "we'll have to put rates up" He was speaking in an interview with a Scotland based newspaper.

RBNZ raises main interest rate to 5.75 - up 0.25%

NEW ZEALAND - The Reserve Bank of New Zealand said it has decided to increase the official cash rate by 25 basis points to 5.75 pct so that they no longer encourage accelerated spending although further increases were now "rather less likely" than was…

Brazilian currency hits another record low

BRAZIL - Brazil may have won the World Cup for the fifth time last Sunday but the harsh realities of life return as the country's currency yesterday hit another record low. The governor of Brazil's central bank said that markets were ignoring the country…

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