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Welcome to the Central Bank Insider Archives. We are pleased to be able to provide you with this intimate look at central banking events, policies, and staff. Commentary is updated as available (generally bi-weekly) and archived monthly. The source commentary "Newsmakers" is reprinted at USAGOLD with permission and by courtesy of Central Banking Publications Ltd.
21 December 2001
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A selection of news stories from CentralBankNet
http://www.centralbanknet.com/
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CentralBankNet report picked up by national press
CENTRALBANKNET EXCLUSIVE REPORT - On Thursday morning CentralBankNet.com's
exclusive report, released on CBNet Wednesday night, was picked
up by the national press and the story was carried in Thursday's
London edition of the Financial Times (page 14).
20-Dec-2001
Last-minute deal on euro
seigniorage
EUROPE - At the 11th
hour, the governing council of the European Central Bank, has
agreed a deal on how to share out the seigniorage profits of the
euro. On December 6th - almost its last formal decision before
the introduction of the new currency - the ECB released details
of a complex formula designed to avoid large seigniorage transfers.
The deal, however, runs out at the end of 2007, after which Germany's
share of European seigniorage earnings will have fallen significantly.
19-Dec-2001
Euro Profits Bonanza
CENTRALBANKNET SPECIAL
REPORT - Europe's national central banks stand to profit to the
tune of billions of euros as a result of retiring Europe's existing
paper currencies and introducing a single currency.
17-Dec-2001
Japan ready to bail out banks
JAPAN - Japan's central bank
stands ready to bail out the country's ailing banks - but only
in the event of a crisis. The
Bank of Japan's governor, Masaru Hayami, drew comparisons to the
situation of 3-4 years ago, when a meltdown in banking stocks
- triggered by malpractice and bad debts - destroyed Yamaichi
Securities. That would not happen again, Mr Hayami said. "In
the event of an unforeseen situation, we are fully prepared to
help," he said. "We now have a safety net in place to
help firms in emergency situations, compared to 1997, 1998."
17-Dec-2001
First euro coins to be rolled
out today
NETHERLANDS - Preparations
for the changeover to euro notes and coins take a key psychological
step forward today as citizens of France, Ireland and the Netherlands
become the first in the eurozone to get their hands on the new
euro coins.
Small collections of the coins,
known as "starter kits", will be for sale in banks and
other outlets in the three countries.
14-Dec-2001
Kelley resignation now official
at Fed
US - Federal Reserve
Board Governor Edward W. Kelley Jr. officially resigned Wednesday,
saying it was time "to turn my attention to my family and
other personal interests."
13-Dec-2001
Profits deal
means euro will not be backed by gold
SPECIAL CBNET REPORT
- One result of the deal to distribute the profits of the euro
is that the euro will be an almost entirely paper-backed currency.
the euro will be an almost entirely paper-backed currency. While
eurozone central banks are big holders of gold, with stocks worth
130bn euro, almost none of this will be "earmarked"
to back the note issue.
13-Dec-2001
Out-of-step BoJ board member
helps constrain yen
JAPAN - A Bank of Japan
policy board member suggested yesterday that the central bank
should acquire at least Y200bn ( £1.1bn) of foreign bonds
every month in an attempt to fulfil its legal duty to stabilise
prices. The comments, by Nobuyuki Nakahara, one of the most outspoken
of the nine-member board, contributed to the continued weakness
of the yen, which traded in Tokyo yesterday at an eight-month
low to the dollar of about Y126.4.
12-Dec-2001
Afghanistan's central banker
invited home
AFGHANISTAN - Afghanistan's
former central banker has been asked by the leader of the Northern
Alliance to return to run the country's monetary policy. The 38
year-old Abdul Qadeer Fitrat left Afghanistan in 1996 to attend
the World Bank's annual meeting, but while travelling through
New Delhi, Kabul was overrun by the Taleban. Mr Fitrat was granted
asylum in the US and has since been working as an insurance and
carpet salesman in Washington.
7-Dec-2001
US Treasury 'will not dictate
policy' to Japan
US - The US will not urge Japan to buy foreign-denominated
bonds to stimulate its ailing
economy, Kenneth Dam, the deputy US Treasury secretary, said yesterday,
Tuesday.
5-Dec-2001
BOT suing Rerngchai for losses
THAILAND - The Bank
of Thailand plans to sue former central-bank governor Rerngchai
Marakanond for damages involving the failed defence of the baht
that resulted in massive losses, the central-bank's chief said
yesterday, Monday.
4-Dec-2001
Wim to face the music
GERMANY - The temperature
is rising in the dispute over whether Wim Duisenberg will step
down as president of the European Central Bank. Jacques Chirac,
the French president, has been reminding fellow European leaders
that Duisenberg gave his word "face-to-face" that he
would vacate the top job within three months of the introduction
of euro notes and coins.
3-Dec-2001
BoE's Wadhwani sees UK inflation
below 2.5% target
UK - Bank of England
monetary policy committee member Sushil Wadhwani said he expects
UK inflation to stay below the 2.5 pct official target over the
next two years. In his speech to the Edinburgh University Economics
Society, Wadhwani said his, "personal inflation projection
is lower than the best collective projection published in the
November inflation report."
22-Nov-2001
Euro on show in Beijing
CHINA - An exhibition
entitled "The Euro Is Here" has opened at the China
Numismatic Museum in Beijing. Jointly sponsored by the European
Central Bank and the People's Bank of China, the exhibition is
the first to display genuine euro specie in a country outside
Europe, and will be the only such exhibition held before the euro
goes into circulation on January 1, 2002.
21-Nov-2001
November gloom in Japan
Despite leaving monetary
policy on hold the previous week, the Bank of Japan downgraded
its assessment of the economy on Monday, expressing concern about
the impact of declining exports and output on incomes and consumer
spending.
19-Nov-2001
Bank of Poland under fire
POLAND - A Legislative
tussle challenges bank's independence and may affect Poland's
chances of EU entry. Junior partners in the ruling coalition led
by the Democratic Left Alliance have made two proposals; firstly
to change the criteria the bank uses in setting rates and secondly
to cut central bankers salaries.
16-Nov-2001
O'Neill: IMF forecast "off
by a lot"
US - Responding to the
drastically revised growth forecasts for the US in 2002 US Treasury
secretary disagreed saying the forecast was "off by a lot".
The IMF cut its forecasts for world growth this year and next
to 2.4% down from 2.6% and 3.5% respectively.
16-Nov-2001
************************************************************
New Books for Winter 2001 from Central Banking Publications
************************************************************
--How Countries Supervise
their Banks, Insurers and Securities Markets 2002
The unique guide to
financial regulation in 144 countries, profiles over 360 regulatory
agencies and provides contact details for 2,000 plus senior executive
staff.
"An invaluable tool for all those involved in international
financial business (who) seek to establish contacts with regulators
and/or supervisors" -European Banking and Financial Law Journal
"..an invaluable and unique source of comparative information..
"-Sir Howard Davies, Chairman UK Financial Services Authority
http://www.centralbanking.co.uk/publications/books/hcstbism.htm
--Morgan Stanley Central
Bank Directory 2002
Use the guide the central
bankers use - profiles all 173 central banks, including 3,000+
key contacts, and all 60 representative offices. The new 11th
edition is packed with even more information on senior staff,
their contact details and vital facts on each bank and its responsibilities.
Its unrivalled databank of central bank statistics has also allowed
the directory this year to provide an enlarged introduction including
extra tables to make a revealing comparative analysis of the current
trends in central banking.
The 2002 edition is bigger and better! With more facts, more figures! http://www.centralbanking.co.uk/publications/directories/ms2002.htm
--Financial Regulation in
Offshore Centres
Senior regulators and
analysts put 17 of the world's leading offshore centres under
scrutiny. For supervisors and regulatory professionals, sweeping
criticisms of offshore centres do not help. In today's financial
world, offshore centres do play a pivotal role. Thus regulators,
central bankers and professional advisers need authoritative factual
information about how they do business and, crucially, how they
are regulated. The contributors to Financial Regulation in Offshore
Centres - most of them leading regulators themselves - are best
placed to deliver this. http://www.centralbanking.co.uk/publications/books/offshore.htm
--Key Events in Central Banking
1609-2001
Economists, librarians
and researchers will all benefit from this concise guide to four
centuries of international financial history. Four centuries of
central banking from its earliest manifestations in 17th century
Holland to the launch of the euro. Even the attack on the World
Trade Centre on September 11, 2001, and the central banks response,
is recorded. All the key developments in the rise of central banking
as an instrument of official policy, and as a profession, are
summarised succinctly, and presented chronologically. http://www.centralbanking.co.uk/publications/books/keyevents.htm
--Who's Who in Central Banking
2002
The only biographical
guide to over 500 of the world's leading central bankers.
Since 1997, Who's Who in Central Banking has been recognised as
the authoritative and up-to-date guide to the world's central
bankers. It is introduced by a foreword from the Governor of the
Bank of England, Sir Edward George.
Who's Who in Central Banking profiles all of the world's leading
central bankers. As well as governors and deputy governors, it
includes biographies for the senior operational staff in charge
of key central banking functions, like reserve management, supervision,
monetary operations and research. http://www.centralbanking.co.uk/publications/directories/fleming.htm
--Annual Survey of Supervisory
Developments
The key developments
in the major markets in one volume. This annual survey, reports
and analyses the major developments in the supervision of banks
and securities markets around the world. For the US, UK, Japan,
the European Union and for major emerging markets, leading academics
and independent experts put the key regulatory changes of the
past year into perspective and spell out their implications both
for capital market practitioners and for regulators in other jurisdictions.
The survey also reviews the developing programmes of the major
international regulatory fora and, in particular, presents a detailed
examination of the implications of the Basel committee's proposed
capital accord. http://www.centralbanking.co.uk/publications/books/assd.htm
--Financial Regulator Journal
Vol 6.3 Out now!
Latest edition includes
an investigation into tracking terrorist funds, and a special
focus on the costs and benefits of adopting a single regulator.
Also an interview with Richard Pratt, Director General of the
Jersey FSC. http://www.centralbanking.co.uk/publications/journals/frj.htm
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Central Banking Study Group Meeting at Ichigaya Campus, Chuo University,
Tokyo "Pros and Cons of Introducing 'Inflation Targeting'
as an alternative monetary policy regime for the Bank of Japan"
Speakers: Professor Satoru Yoshida of Musashi University and Professor
Tsutomu Watanabe of Hitotsubashi University
15-Dec-2001
© Copyright 2002 Central Banking Publications. All rights reserved. Reprinted at USAGOLD by permission.
Benedict
Mander
Email: bmander@centralbanking.co.uk
Central Banking Publications Ltd
6 Langley Street, London WC2H 9JA, UK
Tel: +44 (0)20 7836 3625
Fax: +44 (0)20 7836 3608
http://www.centralbanking.co.uk
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