Regulation
Life after Duisenberg
CENTRALBANKNET'S SPECIAL REPORT - Achieving consensus is never easy in the European Union - and choosing a president for the European Central Bank was no exception. So, in typical EU style, a compromise was reached. Or was it? The French maintain that…
Philippines faces sanctions on money laundering
PHILIPPINES - The Philippines could face sanctions from a range of industrialised countries from the end of September thanks to its failure to tackle money laundering, according to an international agency which monitors the issue.
Big bang or gradualism in economic reforms
WORKING PAPER - IMF Working Paper written by Andrew Feltenstein and Saleh M Nsouli published August 2001. "Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China.
Three new directors sworn in for Peru central bank
PERU - Three persons nominated by President Alejandro Toledo officially became directors of the Central Reserve Bank of Peru Wednesday 5 Sep.
German CDG to train Albania's bank managers
ALBANIA - German foundation Carl Duisberg Gesellschaft will train the managers of the Albanian Savings Bank and the National Commercial Bank under a project of the Stability Pact.
Latvia's central bank governor to resign
LATVIA - Einars Repse, the popular president of the Latvian central bank, said yesterday, Thursday 6 Sep, he intended to step down in order to lead a new political party, following accusations from the ruling party of a conflict of interest.
LDP group to draw up BOJ law revision proposal
JAPAN - A group of lawmakers in the ruling Liberal Democratic Party will draw up a report recommending revisions to the Bank of Japan law in early October, a key member of the group said Wednesday 5 Sep.
IMF says making fewer conditions on its lending
US - The International Monetary Fund said on Tuesday 4 Sep it has pared back the amount of conditions its attaches to its loans, but that more needs to be done on the policy, which aims to give borrowers more freedom in setting their own economic…
Private Iran bank gains licence
IRAN - Iran's first private bank since the 1979 Islamic revolution has received a licence to begin operations as part of a wider package of economic reforms intended to restructure the state-controlled banking sector.
Taipei plans new assets law
TAIWAN - Taiwan's finance ministry has drawn up legislation on the securitisation of financial assets, a reform widely seen as essential to the success of efforts to put collateral held by banks burdened by bad loans back into circulation.
Asia-Pacific nations meet to battle global gloom
CHINA - Asia-Pacific finance ministers, grappling with a global slowdown and wide divisions over how to deal with it, gather this week in one of the few countries managing to thrive despite the slump - China.
Top banker blasts Russian bank reform blueprint
RUSSIA - Central Bank head Viktor Gerashchenko criticised a blueprint for banking reform, saying in a letter to Finance Minister Alexei Kudrin that plans to divide banks into three tiers could damage the stability of the entire sector.
Oman enacts new law to combat money laundering
OMAN - Oman has enacted a new law was being enacted to combat money laundering, said a senior official.
Japan seeks compromise on IMF assessors
JAPAN - Japan has sought to defuse a looming row with the International Monetary Fund, having previously hinted that it might block an IMF assessment of its financial system.
Investigator is prepared to expose City watchdog
UK - The newly appointed independent investigator of complaints about the Financial Services Authority is happy with her powers despite being unable to force the City watchdog to pay compensation.
Fed chairman talks of limits to his powers
US - Greenspan says stock market swings, home price fluctuations are making consumer behaviour less predictable.
ECB reform mustn't lead to large member dominance
HOLLAND - Enlargement of the European Union and the euro zone will require reform of the European Central Bank and its governing council, but this mustn't result in a dominant position for the larger euro-zone members, Dutch central bank president Nout…
MPs asked to allow arrest of Ukraine bank chief
UKRAINE - Parliament has received the Ukrainian Prosecutor General's Office request for consent to arrest and prosecute the former Prime Minister Pavlo Lazarenko.
IMF seeks to monitor Japan bank system
JAPAN - The International Monetary Fund has asked Japan for permission to send inspectors to monitor the country's banking system, in the latest sign of mounting worries about the Asian economic power's stability.
EU commission worries over euro
EUROPE - European monetary affairs commissioner Pedro Solbes Mira has admitted his concerns about the introduction of the new currency.
Philippines faces money laundering law deadline
PHILIPPINES - The Philippines will ask an international agency fighting money laundering to delay its sanctions if Manila fails to pass a law against laundering by a September 30 deadline.
Lithuanian c bank to set 2002-2004 guidelines
LITHUANIA - Lithuania's central bank said its board will discuss on 30 August its action plan for the next three years, but the document will not affect exchange rate policy.
Polish c bank urges speedy public finance reform
POLAND - Poland's outgoing deputy central bank head Richard Kokoszczynski on 28 August urged the government to reform public finances quickly or face disgruntled capital markets and possible delays in European Union (EU) accession.
Regulators to order banks to publicly reveal more
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP) will soon implement stricter disclosure requirements for banks as part of its thrust to promote greater transparency in the industry.