1. European Central Bank and the Federal Reserve System
... Banks. Policy is made by a Governing Council consisting of the six-member Executive Board of the ECB plus the eleven presidents of the national central banks; it is analogous to the Federal Open Market Committee in this country. ECB's executive board members are appointed for eight-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 Functions", it must "work within the framework of the overall objectives of economic and ...
- Word Count: 2990
- Approx Pages: 12
- Has Bibliography
- Grade Level: Undergraduate