Abstract
The Governing Council of the European System of Central Banks (ESCB) has been charged with determining and implementing the monetary policy of the European Community. The Council will include the six members of the European Central Bank’s Executive Committee and the central bank governors of the European Community’s eleven member states. The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve System has similar duties and structure. Like the ESCB’s Governing Council, the FOMC is the principal monetary policymaking committee of the Federal Reserve System. It consists of the seven members of the Board of Governors of the Federal Reserve System and the presidents of the twelve regional Federal Reserve Banks (though only five presidents may vote on policy at any one time).
The views expressed herein are those of the author, and do not necessarily represent official positions of the Federal Reserve Bank of St. Louis or the Federal Reserve System. The author thanks Michael Bordo, Bill Dewald, Alton Gilbert, Rik Hafer, Jürgen von Hagen, Chris Hanes, Bob Hetzel, Allan Meltzer, Bill Poole, Chris Waller, Elmus Wicker and participants in the Center for European Integration Studies conference on “Common Money, Uncommon Regions” for comments on earlier drafts.
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Wheelock, D.C. (2000). National Monetary Policy by Regional Design: The Evolving Role of the Federal Reserve Banks in Federal Reserve System Policy. In: von Hagen, J., Waller, C.J. (eds) Regional Aspects of Monetary Policy in Europe. ZEI Studies in European Economics and Law, vol 1. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-6390-4_9
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DOI: https://doi.org/10.1007/978-1-4757-6390-4_9
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