1. European Central Bank and the Federal Reserve System
... was Congress which created the Fed in 1913, and also as a way of making the policies of the Fed transparent to the wider audience. The fact that the Fed chairman speaks about the state of the U.S. economy openly before Congress, and his statements are reported in the media provides for a greater awareness of the mass public and therefore greater accountability of ... -year, non-renewable terms, minutes are not published, and the ECB answers only to the European Parliament. The Federal Reserve, by comparison, answers to the US Congress, and as pointed out in the Fed's "Purposes and Functi...
- Word Count: 2990
- Approx Pages: 12
- Has Bibliography
- Grade Level: Undergraduate