ABSTRACT
This chapter provides a brief comparison of some key features of the Eurosystem, that is, the central banking system of the euro area, the Federal Reserve System in the United States, and the Bank of Japan. It compares the main features of the institutional structure of the three central banks. The chapter focuses on their monetary policy objectives, and describes the main provisions to guarantee their independence and secure their accountability and transparency. It compares the monetary policy strategies and the implementation of monetary policy. The Federal Reserve's ultimate accountability is to Congress, which at any time can amend the Federal Reserve Act. The operational frameworks used by the Eurosystem, the Federal Reserve and the Bank of Japan for implementing monetary policy rely on similar fundamental characteristics. The chapter presents some elements differentiating the Eurosystem from the Federal Reserve and the Bank of Japan, and concludes with some remarks.
