Central Banking Systems Compared: The ECB, the Pre-Euro Bundesbank, and the Federal Reserve System

By Emmanuel Apel | Go to book overview
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Contents
List of illustrationsix
List of abbreviations and acronymsxii
Prefacexiv
1Historical background and basic institutional features1
The European Central Bank1
The pre-euro Bundesbank14
The Federal Reserve System17
2Objectives, independence, transparency and accountability28
Principal statutory objective(s) of, and interpretation by, the three central banks28
Central bank independence33
Transparency and accountability57
3Monetary policy: strategy, instruments and actions64
Monetary policy strategy of the Eurosystem65
Operational instruments of the Eurosystem81
Monetary policy decisions of the Eurosystem90
Monetary policy strategy and instruments of the pre-euro Bundesbank117
The Fed’s monetary policy strategy133
The Fed’s principal operational instruments139
4Economic policy coordination in the eurozone143
The economic policy framework144
Banking prudential supervision and financial stability175
Concluding remarks190

-vii-

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