Running the rand

Article Abstract:

South Africa's central bank, the Reserve Bank, is headed by Tito Mboweni, who has explained how the bank works in Zulu and Sesotho on local radio shows. South African inflation has dropped to 5.2% and was falling when Mboweni took over. Previously South Africa's funding of wars and attempts to preserve white rule had undermined the currency due to the heavy spending that it involved. There are a number of socialists placed in positions in government where they have to carry out free market policies, and this can give them greater credibility, though there may be concerns about their independence.

Reserve Bank of South Africa

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Frankfurt follies

Article Abstract:

The center for Economic Policy Research has issued a report on the European Central Bank (ECB) which echoes other criticisms of the ECB's lack of accountability and transparency though suggests new remedies. The report does not recommend disclosure of minutes and votes, as do most outsiders, but argues that an explicit inflation target should be established by the European Parliament, and that increased power should be given to the ECB's executive board. These measures should help to reduce tension from national interests within Europe.

Economic policy, European Union

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Sailing in choppy waters

Article Abstract:

The European Central bank (ECB) has been criticised following a drop in the value of the euro currency following its launch at the start of 1999. Many of the fears relating to the euro have proved groundless, however, and a European monetary policy is not easy to develop. The ECB argues that price stability rather than the business cycle and economic growth is its key concern, but a cut in interest rates in April 1999 suggests otherwise. The relationship between natiuonal central banks and the ECB is one key issue left to be tackled.

Western Europe, Monetary unions

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