volume 19, issue 1, P30-43 2003
DOI: 10.1093/oxrep/19.1.30
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S. G. Cecchetti

Abstract: In the 4 years of its existence, the European Central Bank (ECB) has made significant contributions to the macroeconomic stability of the euro area. This paper takes a critical look at the ECB and compares its institutional structure, policy framework, and operational procedures with those of the longer-established US central bank. We discuss the implications of various differences between the ECB and the Federal Reserve with a view toward identifying successful elements of the practices of both these institut…

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