The single monetary policy and its decentralised implementation: An assessment
While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar tasks. Also because of the Treaty requirement to implement monetary policy in a decentralised way, the Eurosystem’s implementation of monetary policy is fairly complex.
In-Depth Analysis
External author
Francesco PAPADIA, Alexander ROTH (Bruegel)
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Keyword
- accounting
- America
- BUSINESS AND COMPETITION
- cost-effectiveness analysis
- economic analysis
- economic analysis
- economic geography
- ECONOMICS
- EMPLOYMENT AND WORKING CONDITIONS
- EU institutions and European civil service
- euro area
- European Central Bank
- EUROPEAN UNION
- Eurosystem
- FINANCE
- financial stability
- free movement of capital
- GEOGRAPHY
- liquidity control
- monetary economics
- monetary relations
- operating cost
- personnel management and staff remuneration
- political geography
- single monetary policy
- staff
- transparency in decision-making
- United States