By Emmanuel Apel
This new learn offers a complete survey of the lately demonstrated eu economic climate compared to past eu structures and the united states Federal Reserve.
Read Online or Download Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System PDF
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Extra resources for Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System
First, each district Federal Reserve Bank appointed a chief executive officer, with the title of ‘Governor of the Federal Reserve Bank’. Then, these 12 Governors set up an important administrative entity, which they called the Conference of Governors of the Federal Reserve Banks. This committee rivalled the Federal Reserve Board in its power to control the operation of the System and quickly assumed an importance that has been significant in defining the structure and function of the Federal Reserve System to the present day (see Mealendyke 1998).
The series of serious financial panics, culminating with the banking panic of 1907, which forced 243 banks, including 31 national banks, to suspend payments, was the driving force behind the proposals to establish some form of central bank. Although that banking panic was bought under control by the actions of a group of commercial banks, led by J. Pierpont Morgan, it led to the establishment by Congress of a National Monetary Commission, whose mandate was to propose changes to the then existing banking system.
3) Immediate announcement of monetary policy decisions? Centralisation or decentralisation of execution of monetary policy decisions? Professional qualifications of members (3) Publication of minutes with votes attributed to members of governing body? Geographical representation Yes Yes Yes, with a monetary target range Yes, with no details Yes Yes No, complicated strategy, with only a monetary reference value Yes, which includes a detailed statement and press conference following the monetary policy meeting Members of the Directorate must have professional qualifications Refinancing operations (open market operations) with credit institutions are executed by Land Central Banks No specific requirements for the eight members of the Directorate No specific requirements for the six Executive Board members, but political agreement to have four members selected from the ‘large’ States and two members selected from the ‘small’ States Executive Board members must have professional qualifications Refinancing operations (open market operations) with credit institutions are executed by NCBs No No continued No No No, complicated strategy with a monetary reference range,a which was officially abandoned as of 2001 Yes since 1994, with a short statement explaining reasons for policy change All open market operations are centralised at the Federal Reserve Bank of New York; discount window operations executed by each district Federal Reserve Bank Not more than one member of the seven-member Board of Governors may be selected from any one of the 12 Federal Reserve Districts and due regard must be given for a fair representation of financial, agricultural, industrial and commercial interests of the country No requirements Yes No; accountable to public Yes; accountable to public via European Parliament but EP cannot change status of ECB Notes: a Only a reference range is set for the growth rates of M2, M3 and domestic non-financial debt.