Central Banking
ECB keeps rates steady despite growth fears
As expected, the Governing Council of the European Central Bank held interest rates steady (at its March 15 meeting yesterday) undeterred by weak share markets and dimming euro zone growth prospects.
Price stability remit for Croatian Cbank
Croatia's parliment is to debate a new central bank law to reform the payment system and give the central bank more independence.
ECB monetary analysis papers
RESEARCH - The ECB has today (March 16) published a series of papers from a seminar for staff from central banks entitled "Monetary analysis: Tools and applications" held in November 2000.
Govt pressures BoJ to cut rates back to zero
NEWS - The Bank of Japan is under severe pressure from the Japanese government to cut interest rates back to zero at its monetary policy meeting on Monday 19 March.
Tajik central bank retires rouble
NEWS - The National Bank of Tajikistan has set an April 1 deadline for citizens to exchange their old Tajik rouble banknotes for the new currency (Somoni and dirams)
Indonesian cbank ponders Standard Chartered fine
NEWS - Bank Indonesia has agreed to look again at fines levied for breaches of forex dealing regulations after Standard Chartered complained the penalites were excessive in response to "operational errors" which had been quickly corrected.
First council members for Montenegran central bank
NEWS - the new central bank council for Montenego's fledgling monetary authority was appointed on 15 March by the Montenegrin assembly. It includes current deputy prime minister Ljubisa Krgovic.
Philippines to hit inflation target
NEWS - Philippine Central Bank Governor Rafael Buenaventura has said that he expects the central bank confortably to meet the 6% - 7% inflation target set by the Philippine government.
Central Bank of Russia rebuts accusation
NEWS - The Russian central bank has denied any involvement in the erroneous transfer of 2m dollars by the American Bank of New York to the Nizhegorodets bank, according to a recent Interfax news report.
The Accidental Redistribution of ECB Profits
ARTICLE - According to the latest calculations of Hans-Wener Sinn and Holgar Feist, the division of European Central Bank profits will see Germany lose E. 30bn and France gain a similar amount.
New CEPR dicussion papers-Mar 2001
ARTICLE - The Centre for Economic and Policy Research are publishing four articles mostly by economist Charles Wyplosz on central bank isssues in March 2001 - Do We Know How Low Inflation Should Be?, How Risky is Financial Liberalization in the…
Optimal Degrees of Transparency in Monetary Policy
ARTICLE - According to most academics and policymakers, transparency in monetary policymaking is desirable. However, an article by Henrik Jensen titled "Optimal Degrees of Transparency in Monetary Policymaking" says that high transparency may be a policy…
Performance of US econ since Oct 1987 crash-Levy
ARTICLE - "An Economic Assessment: Contained Depression or the Foothills of Recovery? U.S. and Global Finance Prospects; The Performance of the Economy Since the October 1987 Crash" by Robert Barbera and David A. Levy. The authors argues over the causes…
Moral Hazard Issues in Banking-BoF conference
SEMINAR - The Bank of Finland and the Centre for Economic and Policy Research are holding a conference on "Moral Hazard Issues in Banking" from Mar 15-16, 2001. A number of distinguished economists and central bankers are presenting papers. The programme…
Paraguay president asks cbank board to resign
Paraguayan President Luis Gonzalez Macchi, who has shuffled his Cabinet in a growing political and economic crisis, has also asked the central bank board to resign, bank president Washington Ashwell said on Mar 15, 2001.
ECB agrees 10% increase of euro notes production
The European Central Bank on Mar 15, 2001 said it approved a 10 percent increase in the production of euro banknotes to create an additional reserve and help smooth the changeover to euro cash.
Turkey's banking watchdog seized control of bank
Turkey's banking watchdog seized control of a mid-sized private bank early on Mar 15, 2001 in a sign the government is determined to clean up a crisis-ridden banking sector that threatens the entire economy.
BOJ Hayami says structural reform indispensable
Bank of Japan Governor Masaru Hayami said on Mar 15, 2001 that structural reform in the Japanese economic system and industry is needed to make monetary policy fully effective.
Argentine cbank chief testifies, quotes Kafka
Argentina's embattled central bank president Pedro Pou testified before a congressional commission on Mar 14 to defend himself from allegations he turned a blind eye to money laundering.
Gaby Fiszman made economic adviser to Israeli PM
New Israeli Prime Minister Ariel Sharon appointed on Mar 13, 2001, a Bank of Israel official as his economic adviser, a statement from his office said.
Serdengecti appointed Turkish cbank governor
Turkey's president Ahmet Necdet Sezer approved on Mar 13, 2001 a decree regarding appointment of Sureyya Serdengecti as the central bank governor.
Fed Meyer backs reserve interest, Treasury against
Federal Reserve Governor Laurence Meyer on Mar 13, 2001 reiterated the Fed's support for legislation that would allow it to pay interest on the reserves that banks are required to maintain with the central bank.
Brash says no rate cut could have sent NZ $ down
New Zealand's Reserve Bank Governor Don Brash said on Mar 14, 2001 that not cutting the official interest rate may have had the paradoxical effect of bringing easier monetary conditions through a lower exchange rate.
Academic to replace BOJ board 'hawk' Shinotsuka
A leading supporter of higher interest rates on the Policy Board of Japan's central bank is expected to be dropped when her term ends this month.