Opinion
Serbia's central bank governor braves crossfire
In an interview with the Financial Times at the weekend Kori Udovicki, the recently appointed governor of the Serbian national bank pledged to carry on former governor Mladjan Dinkic's "strict monetary policy" and "just as strict, if not stricter,…
Europe cashes in on its forgotten money
European governments are rubbing their hands with glee at the prospect of a windfall of up to €13 billion from their forgotten national currencies, CentralBankNet discovers in this week's Monday Special Feature. This is the amount of lire, guilder,…
Interview with Chicago Fed chief Michael Moskow
The U.S. economy is poised to pick up speed in the second half of the year and into 2004, Federal Reserve Bank of Chicago President Michael Moskow said late Friday 25 July in an interview with YSA Today. Moskow says the threat of deflation is 'very…
Paul Krugman on Greenspan 'Dropping the Bonds'
Paul Krugman used to be a great admirer of Mr. Greenspan, he writes in his New York Times column. "But something has gone very wrong with the maestro", he suggests. He notes Greenspan's optimism in recent testimony that tax cuts and low interest rates…
Japan should help guide yuan revaluation policy
This article in the Asahi Shimbun looks at the drive for revaluation of China's yuan, saying it first began in Japan where cheap imports from China are blamed for making domestic deflation worse. Japan needs an effective diplomatic strategy to influence…
Interview with IMF Managing Director Horst Kohler
In an interview on "We Should Not Lose More Time" with Germany's manager magazin, IMF MD Horst Kohler talks about ways out of the world economy crisis. He is also asked if the Americans and the Japanese might be trying to solve their problems by…
Rachel Lomax and a new era for the MPC
Rachel Lomax's first Monetary Policy Meeting at the Bank of England may have labelled her a hawk for good from day one at the office. An article published by Dow Jones suggests her reluctance to vote for a rate cut when growth is weak may signal distinct…
Greenspan proves fallible
An article in American Outlook Today, "Greenspan proves fallible", describes the pedestal upon which Alan Greenspan has been perched as "a bit shaky" saying he disappointed the expectations of the bond market with the FOMC's with only a quarter point…
ECB stung by supreme court decision
The European Court of Justice has given the ECB a legal bloody nose in a case concerning how to combat fraud. In this weeks Special Feature CentralBankNet analyses the implications of the ECB's courtroom defeat.
Greenspan: Risking it all for a legacy?
A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…
South African central banker defies ex-comrades
In an interview with Bloomberg News, Tito Mboweni of the South African Reserve Bank said markets have begun to price in a fairly successful South African story. He claims not to be an ambitious person, but at only 44 still have a lot to do in life,…
The Fed's delicate balancing act
This article published in the FT looks at Alan Greenspan's half-yearly testimony before the House Financial Services Committee on Tuesday. On the whole, it says, he succeeded in clarifying his goals.
Monday Special - ECB and the retail payments mire
SPECIAL FEATURE - The European Central Bank (ECB) is preparing to intervene in the market for small bank transfers in the eurozone, unless banks move quickly to make euro transfers quicker, cheaper and less bureaucratic. For this weeks Special Feature…
'Absurd criteria for new EU members'
An article in the Financial Times says that, fortunately, such a disastrous scenario as a deflationary spiral in the eurozone is unlikely. But that is not true of the problems that low or negative inflation within the eurozone could pose for the…
Interview with National Bank of Poland governor
In an interview with the Polish News Bulletin published Friday, Leszek Balcerowicz, governor of the National Bank of Poland spoke on the government deficit, inflation targeting, and eurozone accession.
Interview: Iraq's acting central bank chief Salman
In an interview with Reuters Faleh Salman, interim central bank governor in Iraq said Tuesday the central bank's independence from government interference for the first time in decades will help create confidence in the new Iraqi dinar banknotes. The…
Greenspan enters his surrealist period
Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.
GCC Gulf single currency may be 'unrealistic'
An article in the Jordan Times says that the proposed single currency for the Gulf Cooperation Council (GCC) states is unrealistic. Arab Gulf states, it says, lack the maturity, the political and legal stability needed to take such a radical measure and…
A double bubble of the Fed's own making
This article suggests that the Fed's decision to reduce interest rates by only a quarter point misled markets and casts doubt on the Federal Reserve's reputation as a "paragon of virtue" and undermined the popular myth that it is Mr Duisenberg and the…
Monday Special - Basel's Banking Behemoth
The BIS is most commonly understood to serve as a forum for central bankers and financial regulators to meet and discuss how to keep the world's financial system on the rails. Its role as a bank is often overlooked. The BIS's balance sheet is large…
Article asks Is BOT too focused on the short term?
An article in The Nation asks whether the Bank of Thailand is focussing too much on the short term and risking the ability to tackle possible problems with economic fundamentals later on in its foreign exchange-rate management.
Uzbekistan action plan on currency convertibility
The government of Uzbekistan has made a pledge to introduce the long-awaited convertibility of the national currency, setting late November as the deadline for this move. An action plan developed by the Uzbek government aims to remove all restrictions on…
"Take a razor to the debate on deflation"
An article published in the Financial Times asks how deflationary panic can be averted and suggests that a little deflation would be far from catastrophic in any case.
Candidates and crystal balls in Bulgaria
Candidates for the post of governor of the Bulgarian national bank were asked to compile reports as part of the selection process. Of particular interest were European Union accession and the date when Bulgaria is likely to introduce the euro.