Foreign Central Banks
Public discussion of expected monetary tightening has begun to spread around the globe, although the four major central banks left their policy settings unchanged in April. In Europe, the Governing Council of the European Central Bank concluded that an unchanged policy rate was “in line with the maintenance of price stability over the medium term,” while officials outside the bank continued to press for a cut in its main refinancing rate.
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-05, pp. 18, 05.01.2004.