By Emmanuel Apel
This new research offers a accomplished survey of the lately tested ecu economic system compared to past ecu platforms and the united states Federal Reserve.
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Additional resources for Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System
Jordan, President, Federal Reserve Bank of Cleveland Robert D. McTeer, President, Federal Reserve Bank of Dallas Mark W. Olson, Board of Governors Anthony M. Santomero, President, Federal Reserve Bank of Philadelphia Gary H. Stern, President, Federal Reserve Bank of Minneapolis Donald Kohn (nomination submitted to Senate in May 2002), Board of Governors Ben Bernanke (nomination submitted to Senate in May 2002), Board of Governors 26 Historical background Board of Governors Each of the seven appointed members of the Board of Governors must come from a different Federal Reserve District.
Moreover, since the ECB is given a single primary statutory objective No, except a 2-week suspension of decision possible at request of Government, but government privilege never exercised Central Bank Council; Directorate No Governing Council; Executive Board Principal governing bodies Yes Two pillar strategy based on (i) a monetary reference value, and (ii) an analysis of a large number of economic and financial variables Monetary policy strategy used to achieve and maintain objective(s) Annual rate of inflation of not more than 2% in the medium term Monetary targeting Safeguarding the currency Pre-euro Bundesbank Yes Annual rate of inflation of not more than 2% in medium term Interpretation of statutory objective(s) Institutional independence (1) Is central bank given an unambiguous statutory primary mandate?
11 The members of the Central Bank Council, responsible for monetary policy decisions, could not be removed from office before the end of their term except for a limited number of reasons related to personal behaviour, such as the inability to perform duties. g. g. determining the aggregate amount of liquidity that should be provided to the entire banking sector). Execution of open-market operations was decentralised. Bids for funds were submitted by the credit institutions to their respective Land Central Bank, but the aggregate amount of liquidity provided to the entire banking system was set by the Directorate of the Bundesbank in Frankfurt, consistent with the interest rate decisions taken by the Central Bank Council.