Opinion

What we learn from the Fed's projections

As we look at the first of the Federal Reserve's enhanced economic projections, it is important to understand what they are and what they are not, says Stephen Cecchetti, the Rosenberg Professor of Global Finance at Brandeis International Business School.

The trip to transparency

The Fed's decision to increase the frequency and volume of its economic projections is another welcome step towards transparency under Ben Bernanke's stewardship. But it still has a way to go before catching up to the other major central banks, says…

Mervyn King and Northern Rock

The question of Mervyn King's reappointment as governor of the Bank of England has become inextricably linked to the saga of Northern Rock, says Robert Pringle, the editor of Central Banking journal.

Colombia will benefit from free trade with US

Juan Mauricio Ramirez, a vice president of the Private Council of Competitiveness and a former head of the inflation and macroeconomic programming department at the Banco de la Republica, takes issue with Joseph Stiglitz's views on the proposed Free…

The only way is down

Avinash Persaud, the chairman of Intelligence Capital, a financial advisory firm, predicts the dollar will drop to $1.70 against the euro and $2.20 against sterling before central banks intervene.

The future of the IMF

Getting the emerging markets involved is the right way to go, says Norbert Walter, the head of economic research at Deutsche Bank, in this op-ed piece written for Central Bank News.

CBs must note credit crunch effect of Basel II

The procyclical effects of Basel II could increase the likelihood of credit crunches in downturns. Patricia Jackson, the head of the Prudential Advisory team at Ernst & Young and a former member of the Basel Committee, believes it is important for…

The rise of SWFs is unstoppable

Western governments must accept the rise of sovereign wealth funds as a further sign of a shift in the world economy, according to Gerard Lyons, the chief economist at Standard Chartered, a bank.

Why King lacks allies

Just when Mervyn King, the governor of the Bank of England, was hoping for a respite from the battering he has received from the Treasury Select Committee and others over his handling of the Northern Rock debacle, along comes a heavyweight in the shape…

Mini-crises stretch ahead: UK economist

Instead of a sharp but swift adjustment, the prospect now is for a series of mini-crises stretching for years ahead, says the City economist Stephen Lewis in his commentary on the latest developments in the UK banking crisis.

Mervyn King - a governor in distress

No governor of the Bank of England in living memory - and very few governors of any industrial country - has come in for such an avalanche of media criticism as Mervyn King has suffered in recent days.

Allan Meltzer dismisses calls for Fed action

The following article by Allan H. Meltzer, university professor of political economy at Carnegie Mellon, and a member of Central Banking's editorial board, was published in the Wall Street Journal on September 15. It provides an incisive analysis of the…

Launch the lifeboats? Not likely!

The closest parallel to the rescue of Northern Rock is the secondary banking crisis which erupted at the end of 1973 and which brought down a whole string of so-called "secondary" banks. That financial crisis, like this one, was preceded by a long period…

Deadlock in the inter-bank markets

The continuing difficulties in the global inter-bank markets, which started on 9 August, have already given rise to a mountain of speculation about the possible causes and what central banks should do about the problem.

Useful statement from Jean-Claude Trichet

CentralbankNews.com is pleased to see the ECB making constructive use of its website in the current crisis. On Tuesday August 14 its home page featured prominently a statement by Jean-Claude Trichet, the president, about the current financial market…

Central banks' use of websites in the crisis

Central banks have been using their websites in novel ways during the crisis. On 13 August, the New York Fed put the following notice up:"The Desk will evaluate whether it needs to inject additional cash into the banking system at its normal operating…

Lack of experience costs the Bank

Alex Brummer, a veteran economic commentator, criticised the Bank of England's monetary policy makers, their appointment process and their performance.

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