Search inside document. The optimal relation between independence and accountability is directly proportional Grauwe, and in addition to independence, accountability is another element that differs from the ECB to the Fed. However the Fed has to report to the Congress. Although the ECB is open to external monitoring on the part of the Commission and Ecofin Council principally Stolfi,9minutes of the Governing Council of the ECB are not published, because the Treaty prevents such an announcement with an aim of precluding emergence of national-interests in the monetary policies. On the other hand, economic independence is the ability of the central bank in determining and implementing its policies freely to achieve its objectives. The governors of the. On the other hand, the Fed does not have explicit intermediary targets. These models have different characteristics in terms of institutional design and objectives of the central bank.
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As the primary objective of the ECB is to maintain price stability, at the same time, the Treaty mandates the ECB to support the general economic policies of the Community, provided this does not interfere with price stability Grauwe, The accountability of the European Central Bank: sketching a comparative perspective.
Inthe third stage of the EMU started. In addition to these, strong pressures on inflation and employment by financial institutions upon central banks create political dependence. Thus this distribution of responsibilities for financial stability in Euroland might become increasingly problematic, as the integration of NCBs increases.
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|Besides the Fed publishes all its steps it takes in monetary policy in monthly reports to the Senate, consequently to the public. Floriv Enriquez Villalobos. Antichresis-Spouses Reyes et al vs. There are several indicators of independence such as who sets the targets?
Adam Young. The Board is an agency of the federal government.
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It is the main decision making body of the Eurosystem.
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It is evident that although in various aspects they seem to have similar characteristics, there are certain differences between them. For monetary policy of the Euroland, there are two pillars which serve as intermediary targets. The Federal Reserve Bank of New York is the permanent member; on the other hand the others serve on a rotating basis.
The ECB has 15 countries within itself; on the other hand the Fed is composed of 12 districts. The German Model, on the contrary, supports political independence and takes its decisions on the monetary policies without the interference of political authorities.
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Recognizing the importance of a sound banking system to the health of the economy and financial markets, The Fed shares the responsibility with other federal banking agencies to establish a more effective supervision of banking.
Its objectives have been changing throughout the history of the Fed according to the changing needs of the system. Shivam Awasthi. However the Fed has to report to the Congress. On the other hand, in Euroland, the responsibility of banking supervision is in the hands of nation states. Mohammad Mujahid.
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Through gazing this information, it can be concluded as; the president of central bank should explain central banks decisions and its reasons to press.
Yannis Koutsomitis. Zentrum fr Europische Integrationsforschung, Berlin. The German Model, on the contrary, supports political independence and takes its decisions on the monetary policies without the interference of political authorities.
The first part of this paper will start with the explanation of the ECB.
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Because of the district structure of the Fed and the composition of the ECB by several national central banks NCBsat first glance both institutions are considered to have similar properties. Satyanag Venishetty.
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|As the primary objective of the ECB is to maintain price stability, at the same time, the Treaty mandates the ECB to support the general economic policies of the Community, provided this does not interfere with price stability Grauwe, When the institutional design is taken into consideration, these models significantly propose different positions for the central banks.
The Fed is an independent central bank. On the other hand, the Euroland banking system is not segmented because of enlargement, instead it is integrated.
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Basically it sets reserve requirements and approves discount rates as part of monetary policy, supervises and regulates member banks and bank holding companies, establishes and administers protective regulations in consumer finance, and finally oversees Federal Reserve Banks. Although basically these institutions are independent and have a decentralized structure and almost use same monetary tools, they have significant differences.