Growth
Reserve Bank of Fiji annual report highlights steady recovery
Annual report for 2011 reviews policy challenges throughout year; says central bank delivered on mandate of low inflation and stable reserves while helping to spur growth
Croatian National Bank identifies increasing risks to financial stability
Financial stability report says contagion from eurozone, deleveraging by European banks or collapse of confidence in fiscal sustainability could push Croatia into deeper recession
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010
National Bank of Hungary divided over policy stance
Minutes of the National Bank of Hungary’s July monetary policy meeting show disagreement among council members over rate decision; vote split 5:2 in favour of hold
Bank of Israel report warns of further downward revision to growth
Monetary policy report for first half of 2012 shows continuation of moderate growth but says if current indications of a slowdown do not change, the forecast will have to be revised down
King says black clouds remain over UK economy
Governor of the Bank of England reveals lower growth prediction for UK; inflation also expected to fall but King denies country faces a lost decade
Israel’s Fischer expresses hope that living standards will overtake the West
Stanley Fischer says growth in Israel remains reasonable and above that of the West; warns government must press ahead with agreed fiscal measures to create ‘position of strength’
China hints at policy adjustments to support economy
People's Bank of China pledges to strengthen the 'fine-tuning' of monetary policy in the country; latest indication of growing anxiety over slowing economy
RBNZ governor weighs impact of debt burden on growth
Alan Bollard says large accumulation of private debt prior to financial crisis contributing to a ‘tepid’ recovery; argues a rebalancing of the economy is still to come
Bank of Israel warns of ‘lack of clarity’ in government fiscal policy
Report assesses domestic and external economic conditions affecting the Bank of Israel’s interest rate decision; low CPI, weak shekel and fiscal policy uncertainty contribute to rate hold
IMF urges Russian central bank to tighten policy
Article IV consultation recommends ‘gradual further tightening’ of monetary policy; preparation needed for informal inflation targeting in 2014
Bank of Japan economic survey finds slight reduction in pessimism
Quarterly survey of public opinion about Japanese economy finds reduction in respondents expecting economy to worsen; only small proportion of respondents anticipate improvement in conditions
Bank of Albania’s Fullani justifies rate cut to historic low
Ardian Fullani explains the Bank of Albania’s decision to cut interest rates to record low; says inflationary pressure is muted and growth remains subdued
People’s Bank of China makes growth top priority
Latest quarterly report on monetary policy puts growth of the economy at the heart of the central bank’s efforts; recent statistics show continuing slowdown in world’s second largest economy
Bank of Mexico deputy governor concerned by rising core inflation
Manuel Sánchez highlights increased inflationary pressure in Mexican economy; remains positive about country’s economic growth prospects
Thailand reports improved economic conditions
Senior director of macroeconomic and monetary policy department notes overall better conditions in second quarter of 2012; European debt crisis has caused problems for export market nonetheless
India holds rates as growth expectation falls
Reserve Bank of India releases First Quarter Review of Monetary Policy 2012–13; holds rates, lowers growth prediction and raises inflation projection
Central Bank of Ireland positive in quarterly bulletin
Quarterly bulletin suggests Irish growth is being held back by negative external developments; however, domestic indicators show signs of strength
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
IMF paper warns against frontloaded fiscal adjustment
Working paper studies changes in fiscal multipliers based on economy’s position in the business cycle; cautions that large budget cuts are likely to create or worsen recessions
BoJ deputy governor says central bank ready to act
Hirohide Yamaguchi suggests possibility of further monetary easing if global economic outlook worsens; nevertheless gives positive assessment of economic conditions
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Bank of Canada paper warns of shock transmission multipliers
Working paper finds financial integration between countries leads to multiplier effects in the transmission of shocks; suggests greater investment causes greater correlation of output