Opinion

Comment: Fazio steps down

Antonio Fazio's resignation as Bank of Italy governor is welcome, but long-overdue. The way is now open for the implementation of much-needed reforms, as the Bank seeks to regain its lost credibility.

Between the Fed's fewer lines

According to this article published on Wednesday 14 December, the Federal Open Market Committee's overhaul of its post-meeting statement appears to have the dual purpose of putting financial markets on notice that the Fed has entered a more neutral…

Comment: Brazil's surprise IMF settlement

Earlier this week Brazil announced that it plans to pay off its entire $15.5 billion in debt to the IMF by the end of the month. In doing so, the country will meet its outstanding IMF obligations two years ahead of schedule.

Gold is more than a hedge

According to this article published on Monday 12 December, the latest idea to grip the markets is that gold is poised to become the world's fourth major currency.

Comment: Fed signals end to rate cycle

The Fed this week increased interest rates by 25 basis points for the 13th consecutive time. While the move itself was a foregone conclusion, the removal of the word "accommodative" from the accompanying monetary policy statement, indicates that the…

Word junkies get ready for a fix from the Fed

According to this article published on Monday 12 December, while there is little doubt the Fed will raise the funds rate by another 25 basis points to 4.25 percent on Tuesday, the main issue is the language of the statement.

Comment: Islamic banking - progress and hurdles

Recent IMF research puts the number of Islamic financial institutions worldwide above 300, having risen from only one in 1975. The total assets of these institutions, growing at 15% a year, have reached an estimated $250 billion.

The ECB's path that was not taken

The ECB risks painting itself into a corner following its recent interest-rate hike, according to this article published on Monday 12 December. The move implies more increases will follow, it says, and that will cost the Eurozone economies heavily.

Indonesia's bumpy road to credibility

With inflation set to stay in double digits for much of 2006, Indonesia's central bank continues to face a precarious balancing act, according to this article published on Monday 12 December. The puzzle is how to balance monetary tightening to cool…

Comment: Gold soars

Gold prices soared to new highs on Monday 12 December, bringing this month's gain for the precious metal to 9%. Only a month ago gold traded at $470. What does the future hold for bullion and what role will central bankers play in this?

Comment: Risks facing buoyant South Africa

As is the case in many emerging market economies, South Africa is yet to escape the perception that its economic fortunes are to a large extent dependent on the performance of its currency.

HKMA: Four pointers to financial stability

In a commentary published by the Hong Kong Monetary Authority, HKMA Chief Executive Joseph Yam says open, medium-sized and sophisticated international financial centres are attractive to international fund flows, which are often volatile. The task of…

G-7 falters in sending stern message to China

Although finance ministers from the Group of Seven industrialised nations were optimistic three months ago that China's new currency regime would help the global economy find its lost balance, they weren't so sure last weekend, this article published…

Comment: Latin America's challenge

The latest edition of Finance and Development, the IMF's quarterly magazine with reader-friendly summaries of its research activities, argues that Latin American central banks face significant challenges in restoring market confidence in domestic…

Why RBI is asking for autonomy

The Reserve Bank of India has been striving to attain a degree of autonomy for quite some time, according to this article published on 5 Monday December . And there are valid reasons for the RBI in doing so, it says.

Fed's end to rate increases in 2006

Federal Reserve officials will gather on 13 December and for the 13th meeting in a row will raise interest rates by a quarter-percentage point, this article published Tuesday 6 December says.

Comment: Reshuffle at the ECB?

When Otmar Issing retires from the ECB's 6-member executive board next year, Germany's seat is likely to be taken by Jurgen Stark, currently vice-president of the German Bundesbank.

Score so far is ECB, 1; Unsolicited advisers, 0

This article published on Thursday 1 December looks at the ECB's decision to raise interest rates at its most recent meeting, saying Europe's finance ministers would be better served by putting their own houses in order rather than telling Monsieur…

Comment: Turkey to target

Governor Sureyya Serdengecti's announcement on Monday 5 December that the Central Bank of Turkey will adopt formal inflation targets from January 2006 marks another step along the road of monetary policy reform that has seen Turkey shrug off its volatile…

Deflation looms as China's economy cools off

According to this article published Wednesday 30 November, Chinese officials seem to be pulling off an orderly deflating of their nation's economic bubble. Along with this year's deftly handled 2.1 percent revaluation of the yuan, the feat suggests…

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