The European Central Bank and the Federal Reserve System - a general comparison

Table of contents

List of figures

List of abbreviations

1 Introduction

2 Institutions and bodies
2.1 The European Central Bank
2.1.1 The Eurosystem and the European System of Central Banks
2.1.2 Decision-making bodies of the European Central Bank
2.2 The Federal Reserve System
2.2.1 Board of Governors
2.2.2 Federal Open Market Committee
2.2.3 Twelve Federal Reserve Banks

3 Tasks and objectives
3.1 Tasks and objectives of the European Central Bank
3.1.1 Price stability as the primary objective
3.1.2 Miscellaneous tasks of the European Central Bank
3.2 Tasks and objectives of the Federal Reserve System

4 Monetary policy instruments
4.1 Open market operations
4.1.1 Open market operations of the European Central Bank
4.1.1.1 Main refinancing operations 7a
4.1.1.2 Longer-term refinancing operations
4.1.1.3 Fine-tuning operations
4.1.1.4 Structural operations
4.1.2 Open market operations of the Federal Reserve System in comparison with the European Central Bank
4.2 Minimum reserve
4.2.1 General points
4.2.2 Minimum reserve policy of the European Central Bank
4.2.3 Minimum reserve Policy of the Federal Reserve System in comparison with the European Central Bank
4.3 Standing Facilities
4.4 Discount Policy

5 Monetary political actions during the crisis
5.1 Reactions of the Federal Reserve System
5.2 Reactions of the European Central Bank
5.3 Interest policy of the Federal Reserve System in comparison with the European Central Bank

6 Conclusion

Bibliography