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The International Bank for Reconstruction and Development, nowadays known as the World Bank, was conceived to help rebuild European countries devastated by the Second World War. Since then, through various reforms, its mission has evolved and its scope and staff increased significantly. Nowadays, the World Bank Group consists of five institutions (IBRD, IDA, IFC, MIGA and ICSID), each with a particular mode of organisation and a specific scope and mission. The institution and its role have evolved ...

This study gives a comprehensive overview of the evolution of modern central banking strategies followed by a thorough debate of the monetary policy strategy of the European Central Bank. It compares the strategy of the ECB with that of eight other central banks (Federal Reserve, Bank of Japan, Bank of England, Riksbank of Sweden, Reserve Bank of New Zealand, Bank of Estonia, Czech National Bank, People's Bank of China). The authors suggest reforms in goals, institutional arrangements and monetary ...