Opinion

Comment: BCCI 'farce' all over

A final line was drawn yesterday under the "farcical" BCCI. The book is closed on the matter with the Bank of England's financial compensation falling short of the amount it said it would push for when BCCI liquidators, Deloitte, dropped its £1 billion…

Comment: In defence of inflation targeting

Writing in the Financial Times this week, Wolfgang Munchau suggests that the "end of inflation targeting is in sight". Munchau points to the shortcomings of the Swedish inflation targeting regime, and draws universal lessons from it. A number of…

Comment: Surprises as ECB reshuffles

The ECB last week surprised analysts by naming ex-Bundesbank official, Jurgen Stark, as head of its economics division. As expected, the central bank has split the management roles for the important divisions of economics and research, both previously…

Comment: Fed ponders communication strategy

The minutes of the US Fed's last monetary policy meeting, released this week, have enhanced the perception of an uncertain FOMC, and strengthened the view that further rate increases will be required. A close look at recent events show that the issue of…

Comment: Replacing Issing

Pressure is mounting on the ECB to finalise the reshuffle of its executive board, necessitated by the departure of its chief economist and head of research, Otmar Issing, this week. The absence of any official announcements on the matter is leading to…

Comment: May in Review

Inflation concerns and financial markets volatility returned in the month of May - central bankers around the world, in both the developed and developing world, are suddenly confronted with a very different environment.

Comment: Reserves management update

How much has changed in the last year in the world of official reserves management? The same issues - the threat of a weakening dollar, central banks' role in bring this about and their response to it, a continuation of the unprecedented accumulation of…

Comment: Volatility returns

Before recovering somewhat this week, stock markets around the world from Bombay to New York to Sydney to Moscow took a beating last week and on Monday. Here is a quick look at some recent arguments on what this means for central bankers.

Comment: The BoE's 'brain on the plane'

David Blanchflower came out fighting Wednesday 24 May in an assured performance before the Treasury Select Committee. The appointment of the US-based academic to the Bank of England's Monetary Policy Committee has been controversial, but he maintains…

Comment: US 'break-even' inflation

News of a sudden increase in inflation fears has made headlines in recent weeks. In the case of the US, some have linked this to idea that new Fed chairman, Ben Bernanke, is perceived as being too soft on inflation. What do the most recent estimates of…

Comment: Issing's parting shot

In his final speech before stepping down as chief economist and member of the executive board of the ECB, Otmar Issing yesterday said the adoption of the euro has prevented damaging currency speculation. He also admitted that he was somewhat of a "euro…

Comment: Safe hands for Fed No. 2 spot

US president George W. Bush opted for a safe pair of hands in the form of Donald Kohn to replace Roger Ferguson as No. 2 at the Fed. Kohn, a 36-year Fed veteran, will be both a countervailing and supplementary force to the more studious Ben Bernanke.

Comment: Emerging market jitters

Emerging markets equities, bonds and currencies have been under severe pressure over the last two weeks. The turning tide will leave a number of central banks uncomfortable, particularly as the favourable conditions of the last 2 and 3 years has actually…

Comment: Bank of Japan update

The Bank of Japan's monetary policy committee meets this week with an interest rate decision expected on Friday. With any ideas of an imminent rate hike all but ruled out, the emerging consensus is that the shift could come in July.

Comment: The commodity boom revisited

A recent research note by Morgan Stanley chief economist, Stephen Roach, provides some interesting numbers on the extent and historical significance of the current commodity boom.

Comment: Inflation expectations

Ever since Milton Friedman's famous analysis of the "leads and lags" between interest rate changes and price- and output movements in 1961, the need for "forward-looking" monetary policy has been universally accepted.

Comment: Flawed convergence criteria?

Willem Buiter and Anne Sibert, two London-based academics, have slammed the Maastricht criteria for entry into the eurozone. They point to a number of inconsistencies in way the conditions are applied and suggest that the current formulation "makes no…

Comment: US Treasury diplomacy

In what has been billed as a key moment in American economic diplomacy, the US Treasury this week resisted temptation and political pressure by deciding not to formally accuse China of currency manipulation.

Comment: Bank of England Inflation Report

British bond yields fell yesterday, despite an increase in the Bank of England's near-term inflation forecast. The Bank of England's latest Inflation Report also included a lower growth forecast for next year, which is expected to outweigh the effects of…

Comment:Government debt offices gear up for change

Government debt offices play a vital role in managing the cost and risk of government borrowing and in the development of the domestic financial system, but they are frequently overlooked. A recent survey looks at the trends towards concentrated…

Comment: Unravelling the RBA hike

The Reserve Bank of Australia has joined the world's leading central banks in tightening mode. Last week's rate rise was largely unexpected and opinion is split over how far the central bank will go in hiking rates this year.

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