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The Eurosystem, the Federal Reserve and the Bank of Japan. Contrasted study


  • Alexandru NEGREA
  • Irena MUNTEANU

    ("Ovidius" University from Constanta)


The central bank is the highest monetary authority within each monetary system. This is why the concern for the responsibilities, objectives and functions of central banks is present in the general economy field, as well as in those of finance, currency or financial exchange relations. Therefore, a contrasted analysis between the Eurosystem, the Federal Reserve and the Bank of Japan is of general interest for the users. The paper presents a comparison between the three systems. The status and objective differences are presented with a reference to the historical circumstances that have generated national characteristics. In the past years, due to the fact that all the three authorities have made directional changes towards independence and transparency, and because the economies of these areas are mainly convergent, a diminution of the differences between the three monetary authorities can be observed.

Suggested Citation

  • Alexandru NEGREA & Irena MUNTEANU, 2008. "The Eurosystem, the Federal Reserve and the Bank of Japan. Contrasted study," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(36), pages 516-523, may.
  • Handle: RePEc:aio:aucsse:v:2:y:2008:i:11:p:516-523

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    Central bank; Monetary policy; Monetary policy committees; Transparency; Independence;

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies


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