Central Banking Journal
Seven rules of foreign exchange
Economic fundamentals hold in the long run, but what drives currency markets in the short run? In this personal view, Avinash Persaud finds clues in watching what central banks say, and what they do.
A Bretton Woods that never was
Richard Roberts recalls the last official effort to create a coherent design for an international monetary system.
The central bank's "no" to Annan
Robert Pringle reports on why the Central Bank of Cyprus came out against the UN plan for monetary union in Cyprus.
City livery company for bankers - and central bankers
After centuries of hanging on to others' coat tails, bankers are set to gain their own liveried guild in London.
New light on the Fed's history
Allan Meltzer finds the Fed at fault for the Great Depression, but he may not have the complete picture contends Tim Congdon.
Interview: Otmar Issing
As the board member responsible for economics and research, Otmar Issing has been a principal architect of the ECB's monetary policy. Here he discusses many of the key issues facing the ECB today and explains the rationale for some of its more…
Interview with Zdenek Tuma
With accession on the horizon, the governor of the Czech National Bank evaluates the progress of economic transition and discusses his concerns over joining the euro.
Interview: Michael Bonello
Having successfully defended its peg for 30 years, Malta appears well placed to join ERM II. The governor of the Central Bank of Malta outlines the path to the eurozone and the pitfalls along the way.
Why has Brown ditched his prudence?
Howard Flight analyses the transformation of Gordon Brown's Treasury from fiscal forbearance to public sector profligacy.
Iraq's botched currency reform
Prescriptions by the official sector institutions for Iraq ignore political realities and their own findings argue Steve Hanke and Matt Sekerke.
The SDR: an international reserve liability
The SDR is central to the work of the International Monetary Fund, but it remains a deeply ambiguous unit.
Challenges for central banks in the new member states
Max Watson assesses the task facing accession countries in safeguarding financial stability. He starts by recognising the big strides already taken, and then considers the risks that lie ahead.
Making markets work - the central banker's role
For financial markets in transition countries to develop effectively, a broad policy overview is needed. Central bankers have an important role to play in this, argues John Chown, and so they should not confine themselves only to their core functions.
Launching the Asian bond
Despite huge demands for bonds, Asia's debt markets remain nationally focused. Anthony Rowley reports from Tokyo on central-bank led initiatives to launch two Asian bond funds.
Reinventing euro-area central banks
Central banks of the euro area have the challenge of redefining their national roles. Maxwell Watson suggests approaches that build on their existing authority and expertise.
On the record
Central Banking reproduces a text of a speech made by Mervyn King, governor of the Bank of England, at the East Midlands Development Agency/Bank of England dinner in Leicester October 14.
Why central banks need financial strength
What are the tell tale signs of a weak central bank? Peter Stella peers into the murky world of central bank balance sheets to find out.
The looming crisis in international payments
Central bank holders of dollar balances face the prospect of massive further losses as the United States adjusts its external payments through a necessary fall in the dollar.
The Duisenberg years
Is the ECB's reputation in the markets for poor communication of a poor strategy justified? Charles Wyplosz reflects on Wim Duisenberg's time as president.
How will Trichet speak?
Staff writer Benedict Mander contemplates the outlook for Jean-Claude Trichet's eight-year term as president of the ECB from the point of view of the public relations challenges he faces.
Can central banks be efficient?
Inflation targeting has focused policymakers' minds on central banks' performance. But can all central bank tasks be assessed? Neil Courtis investigates value for money in central banking.