For other related diaries, please see;
DIARY - U.S. Federal Reserve [FED/DIARY]
DIARY - Polling Unit Diary [POLL/DIARY]
DIARY - Key World Financial Events [KEY/DIARY]
DIARY - Political and General news [POL/DIARY]
DIARY - Index of all Diaries [IND/DIARY]
DIARY - G7 Economic Indicators <ECON>
DIARY - Emerging Markets Cen Banks [CEN/EMRG]
Please find below a list of dates of interest rate and
other major announcements in 2008 from key central banks around
the world.
========================================================
U.S. FEDERAL OPEN MARKET COMMITTEE
2008
Jun 24 - Two-day meeting on interest rates (to Jun. 25).
Jun 25 - Decision on short-term interest rates and policy
statement at close of meeting 1815 GMT.
Aug 5 - One-day meeting on interest rates - 1815 GMT.
Sep 16 - One-day meeting on interest rates - 1815 GMT.
Oct 28 - Two-day meeting on interest rates (to Oct. 29).
Oct 29 - Decision on short-term interest rates and policy
statement at close of meeting 1815 GMT.
Dec 16 - One-day meeting on interest rates - 1915 GMT
2009
Jan 27 - Two-day meeting on interest rates (to Jan. 28).
Jan 28 - Decision on short-term interest rates and policy
statement at close of meeting 1915 GMT.
========================================================
EUROPEAN CENTRAL BANK
(Held in Frankfurt unless otherwise stated).
2008
Jun 5 - ECB Governing Council meeting, followed by interest
rate announcement 1145 GMT. News conference follows at 1230 GMT.
Jun 19 - ECB Governing Council and General Council meeting.
No interest rate announcements scheduled. Any announcement about
other issues to be released at 1230 GMT.
Jul 3 - ECB Governing Council meeting, followed by interest
rate announcement 1145 GMT. News conference follows at 1230 GMT.
Jul 17 - ECB Governing Council meeting. No interest rate
announcements scheduled. Any announcement about other issues to
be released at 1230 GMT.
Aug 7 - ECB Governing Council meeting. No interest rate
announcements scheduled. Any announcement about other issues to
be released at 1230 GMT.
Sep 4 - ECB Governing Council meeting, followed by interest
rate announcement 1145 GMT. News conference follows at 1230 GMT.
Sep 18 - ECB Governing Council and General Council meeting.
No interest rate announcements scheduled. Any announcement about
other issues to be released at 1230 GMT.
Oct 2 - ECB Governing Council meeting, followed by interest
rate announcement 1145 GMT. News conference follows at 1230 GMT.
Oct 23 - ECB Governing Council meeting. No interest rate
announcements scheduled. Any announcement about other issues to
be released at 1230 GMT.
Nov 6 - BRUSSELS - ECB Governing Council meeting, followed
by interest rate announcement 1245 GMT. News conference follows
at 1330 GMT.
Nov 20 - ECB Governing Council meeting. No interest rate
announcements scheduled. Any announcement about other issues to
be released at 1330 GMT.
Dec 4 - ECB Governing Council meeting, followed by interest
rate announcement 1245 GMT. News conference follows at 1330 GMT.
Dec 18 - ECB Governing Council and General Council meeting.
No interest rate announcements scheduled. Any announcement about
other issues to be released at 1330 GMT.
2009
Jan 15 - ECB Governing Council meeting, followed by interest
rate announcement 1245 GMT. News conference follows at 1330 GMT.
=====================================================
BANK OF JAPAN
2008
Jun 12 - MPM meeting
Jun 13 - MPM rate decision.
=====================================================
BANK OF ENGLAND
2008
Jun 4 - MPC meeting (to Jun. 5).
Jun 5 - MPC announces interest rate decision - 1100 GMT.
Jul 9 - MPC meeting (to Jul. 10).
Jul 10 - MPC announces interest rate decision - 1100 GMT.
Aug 6 - MPC meeting (to Aug. 7).
Aug 7 - MPC announces interest rate decision - 1100 GMT.
Sep 3 - MPC meeting (to Sep. 4).
Sep 4 - MPC announces interest rate decision - 1100 GMT.
Oct 8 - MPC meeting (to Oct. 9).
Oct 9 - MPC announces interest rate decision - 1100 GMT.
Nov 5 - MPC meeting (to Nov. 6).
Nov 6 - MPC announces interest rate decision - 1200 GMT.
Dec 3 - MPC meeting (to Dec. 4).
Dec 4 - MPC announces interest rate decision - 1200 GMT.
========================================================
BANK OF CANADA
2008
Jun 10 - Key interest rate policy announcement
Jul 15 - Key interest rate policy announcement
Sep 3 - Key interest rate policy announcement
Oct 21 - Key interest rate policy announcement
Dec 9 - Key interest rate policy announcement
=======================================================
BANK FOR INTERNATIONAL SETTLEMENTS (BIS)/G10 - All
bi-monthly meetings take place in Basel, Switzerland, except
where indicated;
2008
Jun 28 - BIS AGM
Sep 7/8 - Global Economy Meeting (GEM) of central bank
heads from leading industrial and emerging economies, held at
the Bank for International Settlements (BIS).
Nov 9/10 - (BRAZIL) Global Economy Meeting (GEM) of central
bank heads from leading industrial and emerging economies, held
at the Bank for International Settlements (BIS)
2009
Jan 11/12 - Global Economy Meeting (GEM) of central bank
heads from leading industrial and emerging economies, held at
the Bank for International Settlements (BIS).
=======================================================
SWISS NATIONAL BANK
2008
Jun 19 - Quarterly monetary policy assessment
Sep 18 - Quarterly monetary policy assessment
Dec 11 - Quarterly monetary policy assessment
========================================================
RESERVE BANK OF AUSTRALIA
2008
Jun 3 - RBA Board meeting
Jul 1 - RBA Board meeting
Aug 5 - RBA Board meeting
Sep 2 - RBA Board meeting
Oct 7 - RBA Board meeting
Nov 4 - RBA Board meeting
Dec 2 - RBA Board meeting
=======================================================
RESERVE BANK OF NEW ZEALAND
2008
Jun 5 - Monetary Policy Statement and Official Cash Ratio
(OCR) announcement.
Jul 24 - Official Cash Rate (OCR) announcement.
Sep 11 - Monetary Policy Statement and Official Cash Ratio
(OCR) announcement.
Oct 23 - Official Cash Rate (OCR) announcement.
Dec 4 - Monetary Policy Statement and Official Cash Ratio
(OCR) announcement.
========================================================
SWEDEN'S RIKSBANK
2008
Jul 2 - Executive Board monetary policy meeting
Jul 3 - Monetary rate decision.
Sep 3 - Executive Board monetary policy meeting
Sep 4 - Monetary rate decision.
Oct 22 - Executive Board monetary policy meeting
Oct 23 - Monetary rate decision.
Dec 16 - Executive Board monetary policy meeting
Dec 17 - Monetary rate decision.
=======================================================
NORGES BANK
2008
May 28 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1200 GMT,
news conference 1245 GMT).
Jun 25 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1200 GMT,
news conference 1245 GMT).
Aug 13 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1200 GMT,
news conference 1245 GMT).
Sep 24 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1200 GMT,
news conference 1245 GMT).
Oct 29 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1300 GMT,
news conference 1345 GMT).
Dec 17 - Norwegian central bank's policy-setting executive
board holds meeting on interest rates (rate decision 1300 GMT,
news conference 1345 GMT).
=======================================================
CENTRAL BANK OF ICELAND
2008
Sep 11 - Iceland Central Bank interest rate decision.
Dec 20 - Iceland Central Bank interest rate decision.
=======================================================
DANISH NATIONAL BANK
Denmark's National Bank does not have regularly monetary
policy meetings. The Board of Governors convenes whenever
necessary but these meetings often coincide with the ECB.
--------------------------------------------------------
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(Adds comments on forecasts, risks)
By Andrew Hay
MADRID, May 23 (Reuters) - Europe risks higher inflation and unemployment if it yields to pressure for protectionism and lower interest rates to head off economic problems, European Union economic chief Joaquin Almunia said on Friday.
"These are difficult, complicated times, but it's not the time for abrupt changes in strategy for either economic or monetary policy," Almunia said. "It would lead to an inflationary spiral and more unemployment."
Almunia, the EU's Economic and Monetary Affairs Commissioner, appeared to support the European Central Bank's decision to keep interest rates on hold since last summer, despite rapidly slowing economic growth in euro zone members like Italy, Spain and Portugal.
"It's very difficult for central banks when you have inflationary pressures on the one hand and a slowdown pressuring on the other," he said.
The inflation risk has made the ECB resist calls for interest rate, especially given stronger than expected economic growth in Germany and France.
"You're going to see some more increases in prices, but we are going to continue dealing with price increases of 3 percent, not 7 percent or 10 percent or 15 percent," Almunia said earlier on Friday during an interview on Spanish television.
Almunia repeated forecasts euro zone economic growth would slow this year, given the global credit crunch and inflation which hit a record 3.6 percent in March.
"Our forecasts are that there will be lower growth this year and next than we had hoped, but there will be growth, there will be less job creation than we'd hoped for a year ago, but we're going to keep creating jobs," said Almunia said.
There was no risk of recession and the euro zone's economic fundamentals were sound, he said.
"The euro zone is heading into this rather difficult period in better shape than in the past."
Almunia saw upside risks to the European Commission's 2008 euro zone inflation forecast of 3.2 percent, although he still saw the estimate as realistic.
"We face inflationary pressure from abroad which come from the increase in energy prices and raw materials, especially an extraordinarily strong increase in food prices," Almunia said.
He saw downside risks to the Commission's forecast for 1.7 percent growth in 2008, based on chances of prolonged turmoil in financial markets and economic conditions in the United States.
Almunia said the strong appreciation of the euro was not negative but excessive foreign exchange volatility was a worry.
He said the currency had hurt some sectors after it hit highs just above $1.60 in April. It has since eased to around $1.57.
Economists expect the euro to remain strong against the dollar because the ECB is unlikely to cut interest rates soon.
SPAIN OUTPERFORMANCE NOT OVER
Almunia ruled out the possibility of a recession in Spain, the euro zone's fourth largest economy, after its quarterly economic growth rate fell below the bloc's rate for the first time in a decade in January and March.
He said Spain's outperformance of the euro zone, in terms of its annual economic growth rate, was shrinking due to a very sharp slowdown in its housing sector.
"We expect Spain to continue growing faster than the euro zone but the difference will be less," Almunia said. "There are reasons for worry, but not dramatization."
He said there was consensus in the euro zone that Spain had to adopt new technology to produce value-added products and services to cut high dependence on construction and real estate.
Almunia expected Spain to continue to run a public sector budget surplus in 2008 but said it faced clear limits on how much it could spend to support the economy.
Economy Minister Pedro Solbes on Thursday said the government had all but exhausted its discretionary spending abilities with plans for 10 billion euros in tax rebates and low cost loans. (Reporting by Andrew Hay; Editing by Ian Jones) ((andrew.hay@reuters.com, +34 91585 2158; Reuters messaging andrew.hay.reuters.net@reuters.com))
MADRID, May 23 (Reuters) - European Monetary Affairs Commissioner Joaquin Almunia said on Friday he hoped the European Commission would next week issue France with policy advice on its budget situation.
Almunia said the Commission would discuss French public finances at a meeting on Wednesday. The Commission has forecast that France's public deficit will reach the European Union limit of 3 percent of gross domestic product in 2009.
"I hope the Commission approves it," Almunia told a business seminar in Madrid, referring to the policy advice.
((Reporting by Andrew Hay; Editing by Swaha Pattanaik, tel +34 679 57 3667))
(Adds economists)
By Julien Ponthus
BRUSSELS, May 23 (Reuters) - Belgian business confidence, a
bellwether for the euro zone, rebounded in May to beat even the
most optimistic forecasts, another sign that a slowdown in
Europe's economy has been less harsh than some had feared.
The business confidence index, often referred to as the
leading indicator, rose to -1.6 from -7.9 in April, data from
the country's central bank showed on Friday.
A Reuters poll of 18 economists had produced a median
forecast of -6.3, with a range from -9.5 to -3.0.
On Wednesday, the closely watched German Ifo business
climate indicator unexpectedly improved, suggesting resilient
economic activity in Europe's largest economy.
"The (Belgian) figures are in line with the Ifo but also
balance their strong fall of last month," said Jacques de Pover,
an economist with Dexia.
"It's quite surprising given all the negative elements such
as the strength of the euro or the rise in oil prices," he said.
"The economy is showing resilience."
A closely watched index of the euro zone services economy,
however, showed earlier that economic growth in the 15-nation
currency zone looked set for a sharp slowdown in the second
quarter after a strong performance at the start of the year.
The purchasing managers index for services companies fell to
50.6 in May from 52.0 in April, matching a 4-1/2-year low
reached in January, and well below the 51.7 forecast by
economists.
Bart Van Craeynest, an economist at KBC, said the outlook
for Belgium in the coming months remained cloudy.
"There is a downward trend and we will see that trend
developing itself in the coming months," he said.
The extent of the slowdown in growth in the 15 countries
using the euro is important for European Central Bank monetary
policy because it gives an indication of future inflationary
pressures in the single currency area.
The ECB wants inflation to be just below 2 percent but
prices shot up by a record 3.6 percent year-on-year in March,
driven by surging oil and food costs. Inflation slowed somewhat
to 3.3 percent in April.
The European Commission expects growth to slow to 1.7
percent this year from 2.6 percent in 2007, but has said that if
oil prices remain at the present record highs above $130 per
barrel, growth could be lower than forecast.
(Editing by Jan Strupczewski and Dale Hudson)
((Brussels newsroom +32 2 287 6810, fax +32 2 230 7710,
belgium.newsroom@reuters.com))
MADRID, May 23 (Reuters) - European Union economic chief Joaquin Almunia on Friday said he saw upside risks to the European Commission's 2008 euro zone inflation forecast and downside risks to its growth estimate, although he still saw both forecasts as realistic.
"There are upside risks, but we expect the target to be met, there are risks from rising oil prices," Almunia said when asked about the commission's forecast for 3.2 percent inflation in 2008.
Almunia saw downside risks to the commission's forecast for 1.7 percent growth in 2008, based on chances of prolonged turmoil in financial markets and economic conditions in the United States.
Almunia ruled out the possibility of a recession in Spain, the euro zone's fourth largest economy. ((Reporting by Andrew Hay; Editing by Sarah Morris, tel +34 679 573667))
Next: Upside risks to 08 euro zone inflation target-EU's Almunia