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The role of the FED in comparison with the ECB

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Central bank is a (private, national or private-state) bank, which is responsible for issuing national currency, direct or indirect influencing the amount of money in the circulation, influencing and setting interest rates and regulating and supervising banks in the state or the group of states. It can also lend money to other banks if they have liquidity problems and it acts as a lender of last resort to banks during financial crisis. The main role of central banks in many states is to ensure low inflation.

In my project, I am describing and comparing two important central banks in the world – the European Central Bank (central bank of the European Union) and the Federal Reserve System (central bank of the United States of America). I chose this topic because central banks are very important in fighting against economic crises, they try to avoid them or if they cannot, they minimize their consequences. It is therefore appropriate to be informed about the structure and activities of these institutions, because they also influence the economy of the state we are living in.

The first chapter describes the history, structure and the main tasks of the European Central Bank.

The second one is about the Federal Reserve System, the central bank of the United States of America and it describes its history and structure and also its responsibilities. 

The third chapter compares these two central banks.

Kľúčové slová:



federal reserve system


European Central Bank




  • Introduction 2
    1 Characteristic of the European Central Bank 3
    1.1 History of the ECB 3
    1.2 Bodies of the ECB and their main tasks 3
    1.2.1 Executive Board 3
    1.2.2 Governing Council 4
    1.2.3 General Council 4
    1.3 Tasks of the ECB 5
    2 Characteristic of the Federal Reserve System 6
    1.4 History of the FED 6
    1.5 Bodies of the FED and their main tasks 6
    1.5.1 Board of Governors 6
    1.5.2 Federal Reserve Banks 7
    1.5.3 Federal Open Market Committee (FOMC) 7
    1.5.4 Member Banks 8
    1.6 Tasks of the FED 8
    3 Comparison of the FED and ECB 9
    Conclusion 10
    Bibliography 11

  • WIKIPEDIA: European Central Bank [online].
  • SMITS, R.: The European Central Bank: Institutional aspects [online].
  • DE HAAN, Jakob – EIJFFINGER, Sylvester C. W. – WALLER, Sandra: The European Central Bank: Credibility, Transparency and Centralization [online].
  • The European Central Bank [online]. [cit. 2013-01-22].
  • WIKIPÉDIA: Federal Reserve System [online]. Updated 13-12-2012 [cit. 2013-01-23].
  • GREY, George B.: Federal Reserve System [online]. New York: Nova Science Publishers, 2002. [cit. 2013-01-23].