Comparing Fed and ECB—basics

Patricia Pollard has written a useful primer on differences and similarities between Fed and ECB.

This article examines modern central banking with a focus on the world’s two most prominent central banks—the Federal Reserve System and the European Central Bank.

First, it examines the structure and appointment process of the key policymakers at the central banks. Next, it highlights the tasks of the central banks, focusing on the monetary policy process. The goals and tools of monetary policy as well as the decision-making process and how they differ in each system are discussed. Finally, the article examines accountability and transparency in the Federal Reserve and the ECB.

 It is a good paper to refer from time to time on the organisational differences between ECB and Fed. Has short history of the two as well.

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