The single monetary policy and its decentralised implementation: An assessment - Bruegel - Monetary dialogue September 2017

Papadia, Francesco and Roth, Alexander (2017) The single monetary policy and its decentralised implementation: An assessment - Bruegel - Monetary dialogue September 2017. [Policy Paper]

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Abstract

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 userfriendly 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

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