The Federal Reserve and European Central Bank compared

Sponsored by the James Madison Charitable Trust and the Federal Trust

20th July 2017


A group of researchers from the Global Policy Institute are currently undertaking a study assessing the relative effectiveness of the US Federal Reserve Bank in comparison to the European Central Bank. The project takes as its assumption that federal political systems are always dynamic and subject to change. Central banks are a key institution in the mutual determination between them and political federalism. Their development responds to the changing needs of the state at the centre and in addressing the demands of continental economic and political regionalism.

They have been asking a number of questions:

  1. How federal are federal central banks?
  2. How accountable are central banks to federal democracy?
  3. How effective have federal central banks been in responding to the financial crisis? Can they overcome the centralizing features of their monetary policy brief?
  4. With the upcoming re-appointments of federal bank governors, should we be devising a new mandate and brief for these banks?

At this workshop the Group will present their research to date and will invite comments on these questions.

Click here for more information on the project.

Project Outline (pdf file)

Survey (pdf file)
At this half-way point of the project we are seeking views on some of the questions raised in the study. If you would like to add your comments, please fill in the questionnaire and send it to: [email protected]