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January/February 2003, 
Vol. 85, No. 1
Posted 2003-01-01

A Look Inside Two Central Banks: The European Central Bank and the Federal Reserve

by Patricia S. Pollard

This article examines modern central banking, with a focus on the world’s two most prominent central banks—the Federal Reserve System and the European Central Bank. First, it examines the structure and appointment process of the key policymakers at the central banks. Next, it highlights the tasks of the central banks, focusing on the monetary policy process.