The objective of Financial Stability is to enhance the resilience. The role of fiscal policy and central bank. Central banks conduct monetary policy by adjusting the supply of money, generally through open market operations. harold james princeton and eui. Basic central operations / Appropriate Islamic financial contracts. The notes on. In response to the COVID-19 pandemic, many countries relaxed macroprudential buffers to complement other policies with the aim of absorbing stresses in the financial system and support the provision of credit to the economy. To mitigate stress in currency and local bond markets, many emerging market central banks used foreign exchange interventions and deployed, for the first time, asset purchases programs (see, The global financial crisis showed that countries need to contain risks to the financial system as a whole with dedicated financial policies. In addition, they are often relatively independent and autonomous. For instance, a central bank may reduce the amount of money by selling government bonds under a sale and repurchase agreement, thereby taking in money from commercial banks. Surface Studio vs iMac - Which Should You Pick? rbi and monetary policy in india. (see the end of chapter 7) Bank of England www.bankofengland.co.uk [various pages within the site are relevant] Howells, P. and Bain, K. (2007) Financial Markets and Institutions. providing policy advice and technical assistance. Monetary Policy Effectiveness of monetary policy to combat inflation: India e Report on Monetary Policies & its transmission mechanism, Monetary policy presentation by Yash Vardhan, What Is Monetary Policy? We've updated our privacy policy. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. In the wake of the global financial crisis, central banks Tap here to review the details. 5. Continue. Monetary policy instruments and policies - . Photo: The Balance Definitions and Examples of Monetary Policy Monetary policy increases liquidity to create economic growth. Click here to review the details. Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY U.S. Monetary policy & The Fed - . have expanded their toolkits to deal with risks to financial stability Essex: Pearson Education. It needs to ensure that policymakers are given clear objectives and the necessary legal powers, and to foster cooperation on the part of other supervisory and regulatory agencies (see furtherKey Aspects of Macroprudential Policy). Monetary policy involves the central bank taking action to influence interest rates, supply of money and credit and the exchange rate. first central banks. Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. Learn faster and smarter from top experts, Download to take your learnings offline and on the go. Activate your 30 day free trialto unlock unlimited reading. For instance, a central bank may reduce the amount of money by selling government bonds under a "sale and repurchase" agreement, thereby taking in money from commercial banks. central bank is an integral part of monetary system in the economy. Monetary Policy. basic central operations / appropriate islamic. 4) Selective credit controls. Central banks conduct monetary policy by adjusting the supply of money, generally through open market operations. FM 3 Monetary Policy and Central Banking Dr. Lorna L. Lorenzo What is Monetary Theory? monetary magnitudes. 5 Ways to Connect Wireless Headphones to TV. It appears that you have an ad-blocker running. By accepting, you agree to the updated privacy policy. The policy frameworks within which central banks operate have been subject to major changes over recent decades. The SlideShare family just got bigger. central banks policies. Browse . inflation. Bank of Canada in 1935. You can read the details below. Activate your 30 day free trialto unlock unlimited reading. Such relaxation can be in line with the IMFs existing framework. and credit for a nation or a group of nations. 1. Payment systems are essential to the effective functioning of, financial systems worldwide. Understanding Artificial Intelligence - Major concepts for enterprise applica Four Public Speaking Tips From Standup Comedians, How to Fortify a Diverse Workforce to Battle the Great Resignation, Six Business Lessons From 10 Years Of Fantasy Football, Irresistible content for immovable prospects, How To Build Amazing Products Through Customer Feedback. A country that has a fixed exchange rate will have limited scope for an independent monetary policy compared with one that has a more flexible exchange rate. Some central banks even took short-term rates below zero. This database is now being used by IMF economists to measure policy effects, and it is also available to researchers around the world. This preview shows page 1 - 8 out of 83 pages. The Impact of Toxic Masculinity On Mens Mental Health_abcdpdf_pdf_a_ppt.pptx, linearandnon-lineartexts-210822091533.pptx, pdfslide.net_mapeh-grade-8-2nd-quarter-team-sports-skills.pdf, No public clipboards found for this slide. Sohei Kaihatsu Takushi Kurozumi Monetary Affairs Department, Bank of Japan Central Bank Macroeconomic Modeling Workshop Manila, Philippines October 20, 2010 The views expressed herein are those of the authors and should not be interpreted as those of the Bank of Japan. CENTRAL BANKING. Since the late 1980s, inflation targeting has emerged as the . Central banks use monetary policy to prevent inflation, reduce unemployment, and promote moderate long-term interest rates. It was established on July 3, 1993, pursuant, to the provision of Republic Act 7653 or the New Central, Bank Act of 1993 as amended by Republic Act 11211 or, The primary objective of the BSP's monetary policy is to, promote a low and stable inflation conducive to a balanced, Monetary operations refer to the buying/selling of government, collateral, acceptance of fixed-term deposits, foreign exchange, swaps, and the use of other monetary instruments, Bangko Sentral aimed at influencing the underlying demand. ECONOMIC TRENDS, Monetary policy of India. Before moving from monetary to inflation targeting, countries should develop a framework to enable the central bank to target short-term interest rates (paper). 24 Oct 2022. programs supported by an IMF arrangement often include measures to strengthen monetary policy and central bank governance. Essex: Pearson Education. 5 Ways to Connect Wireless Headphones to TV. This textbook can be purchased at www.amazon.com, A central bank is a financial institution given privileged, control over the production and distribution of money. The choice of a monetary framework is closely linked to the choice of an exchange rate regime. BANK OF THAILAND. By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. Surface Studio vs iMac - Which Should You Pick? is uniquely ascribed to the Bangko Sentral ng Pilipinas (BSP). Central bank & monetarypolicy kdsaif Central banking and_monetary_policy he22_sinceforum Advertisement Slideshows for you (20) Nida Naeem Sakkarai Mani Control of money supply Suparna Pani Central bank 2 raju915 The role of fiscal policy and central bank Anurag Bhusal Vishwarath Reddy 1. role of central bank (1) Saptarshi Bhattacharjee Central bank (see chapter 3.1) Mishkin, F.S. End of preview. Over the years, the economy, and in particular the financial sector has deepened and become more sophisticated. Now customize the name of a clipboard to store your clips. Before the crisis, monetary policy and central banking were essentially two sides of the same coin: the central banker of the 'Great Moderation' was essentially a monetary policy agent, primarily focused on ensuring consumer price stability, which can be pursued by steering short-term interest rates. Want to read all 83 pages. and Eakins, S.G. (2012) Financial Markets and Institutions. All sections. Bridging the Gap Between Data Science & Engineer: Building High-Performance T How to Master Difficult Conversations at Work Leaders Guide, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell). The Financial Sector Assessment Program (FSAP) provides member countries with an evaluation of their financial systems and in-depth advice on policy frameworks to contain and manage financial stability risks, including the macroprudential policy framework, which is now often covered in dedicated technical notes (e.g.,Finland, Netherlands, and Romania). The policy frameworks within which central banks operate have been subject to major changes over recent decades. Chinas Central Bank & Monetary Policy - . (2 points) c. Identify and analyze the monetary policy which was applied in this period (the period identified in 2A-b). Chapter 24 Discussion (200-500 words) Free access to premium services like Tuneln, Mubi and more. Since the late 1980s, inflation targeting has emerged as the leading framework for monetary policy. to each countrys circumstances enhance the effectiveness of the In many countries, especially low-income countries, the monetary transmission mechanism is not as effective as it is in advanced economies. Since the late 1980s, inflation targeting has emerged as the leading framework for monetary policy. purpose of such open market operations is to steer short-term interest rates, which in turn influence longer-term rates and overall economic activity. Design Surface Studio vs iMac - Which Should You Pick? (7thGlobal Edition). ausaf ahmad. They conduct monetary policy to achieve low and stable Monetary policy ppt Kuldeep Yadav Monetary policy jyyothees mv Report on Monetary Policies & its transmission mechanism Gopal Kumar Monetary policy in India a brief Robin Patni Monetary Policy RidaZaman1 Monetary Policy itsvineeth209 Monetary policy Bhavin Agrawal monetary policy meriid007 Monetary policy (theoritical) Jannatul Ferdous money and the behavior of central bank central bank and monetary system is interrelated. Avg rating:3.0/5.0. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. (5th Edition). origin of the, CENTRAL BANK and MONETARY POLICY - . Central banks and monetary policy. Central banks play a crucial role in ensuring economic and financial Recent Presentations Content Topics Updated Contents Featured Contents. Clipping is a handy way to collect important slides you want to go back to later. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. The SlideShare family just got bigger. Banking, and Liquidity Policy and Central Banks in Historical Perspective - . Instrument Independence: the ability of the central bank to set monetary policy instruments. dr marek porzycki chair for economic, Monetary Policy - . With the danger of deflation rising, central banks undertook unconventional monetary policies, including buying long-term bonds (especially in the United States, the United Kingdom, the euro area, and Japan) with the aim of further lowering long term rates and loosening monetary conditions. We've encountered a problem, please try again. governments, banks, and, Banks Risk and Monetary Policy: Altunbas, Gambacorta and Marques - . Chapter 07_Central Banking and the Conduct of Monetary Policy Rusman Mukhlis Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics Rusman Mukhlis Fiscal ppt Isha Jain MONETARY POLICY Cherry Baroro-Lecias Fiscal Policy Ppt CAG Advertisement Similar to Central bank & monetarypolicy (20) Banking Imran Khan Overview of bank Get powerful tools for managing your contents. Essex: Pearson Education. Thepurpose of such open market operations is to steer short-term interest rates, which in turn influence longer-term rates and overall economic activity. The IMF supports countries around the world by first central banks. Design preliminary observations. It is the process by which the Central bank 14; chap 17, 434-444454-457). View ppt in banking .pptx from BSBA 2A at Capiz State University - Roxas City Main Campus. Research Scholar - HNB Garhwal Central University, Srinagar, Uttarakhand. Central banks need clear policy presented by louisa chu. More recently, amidst growing concern about eroding policy space in a context of lower equilibrium interest rates and falling inflation expectations, major central banks have been reviewing their monetary policy frameworks. Number of Views: 621. Macroprudential policy needs a strong institutionalfoundationto work effectively. institutions performing quasi-banking functions. Many low-income countries are also making a transition from targeting a monetary aggregate (a measure of the volume of money in circulation) to an inflation targeting framework. Topics include monetary policy frameworks, exchange rate regimes, moving from targeting a monetary aggregate to inflation targeting, improving central bank operations (such as open market operations and foreign exchange management), and macroprudential policy implementation. Used to try to meet the 2% inflation target Changing interest rates Monetary Base Control Open Market Operations The newly established Central Bank Interventions Database (CBID) is now being used by IMF economists to track authorities efforts to support financial markets amid the ongoing COVID-19 pandemic. Before moving from monetary to inflation targeting, countries should develop a framework to enable the central bank to target short-term interest rates (, In response to the COVID-19 pandemic, central banks have taken unprecedented policy actions to ease monetary policy across the globe, provide ample liquidity to core funding markets, and maintain the flow of credit. It needs to ensure that policymakers are given clear objectives and the necessary legal powers, and to foster cooperation on the part of other supervisory and regulatory agencies (see further, ). To mitigate stress in currency and local bond markets, many emerging market central banks used foreign exchange interventions and deployed, for the first time, asset purchases programs (see IMF COVID-19 policy tracker). Central Banking's economics subject matter specialist Daniel Hinge discusses monetary policy after Covid-19. Design A primary function of the Central Bank, as stated in the Monetary Law Act, is the determination and implementation of monetary policy for the country. For the Central Bank, the instruments of policy are fourfold: 1) Open market operations, 2) The discount rate and discount window policy, 3) The required reserve ratio, and. dr marek porzycki / dr hab. (14 points) i. draft of central banking and monetary policy for final project II. E. T. YUCHENGCO SCHOOL OF BUSINESS AND MANAGEMENT HISTORY OF BANKING IN THE PHILIPPINES Philippine banking history began with the establishment of El Banco Espaol Filipino de Isabel II on August 1, 1851 Named after the queen of Spain, Isabella II, the daughter of King Ferdinand VII It was the first government bank in the Philippines and the third . Tap here to review the details. Monetary policy; Financial stability; Currency; Economics . ( chap. Many low-income countries are also making a transition from targeting a monetary aggregate (a measure of the volume of money in circulation) to an inflation targeting framework. 2022 International Monetary Fund. We've encountered a problem, please try again. Looks like youve clipped this slide to already. Description: CENTRAL BANKING AND THE MONETARY POLICY Dr. Mohammed Alwosabi GENERAL INTRODUCTION Every country with an established banking system has a central bank. Central banks are well placed to conduct macroprudential policy because they have the capacity to analyze systemic risk. Many central banks that also have a mandate to promote financial stability have upgraded their financial stability functions, including by establishing macroprudential policyframeworks. ANALYTICS OF MONETARY POLICY Monetary Policy intend to impact macro-economic variables such as aggregate demand, quantity of money & credit, interest rates, etc. 1) Open market operations: Basically an open market operation is a purchase . and to manage volatile exchange rates. In early 2022, as the Fed, ECB and the Bank of England changed their outlooks for the economy and inflation, there was a "pretty massive failure" to communicate how policy would address those . Following the global financial crisis, central banks in advanced economies eased monetary policy by reducing interest rates until short-term rates came close to zero, which limited the option to cut policy rates further (i.e., limited conventional monetary options). BOT. Module Prelim Term Monetary Policy and Central Banking (3) - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. msc eps session 4 hilary term 2013 professor dermot, CENTRAL BANK AND MONETARY POLICY - . - A free PowerPoint PPT presentation (displayed as an HTML5 slide show) on PowerShow.com - id: 6e5eb5-ZTczY In many countries, legislators have assigned the macroprudential mandate to the central bank or to a dedicated committee within the central bank. Central banks conduct monetary policy by adjusting the supply of money, generally through open market operations. also compiled a comprehensive historical database of macroprudential measures (, In response to the COVID-19 pandemic, the IMF released a series of notes to help members address the economic impact. Central Banks, the Fed, and Monetary Policy Professor Wayne Carroll Department of Economics University of Wisconsin-Eau Claire carrolwd@uwec.edu Slides available at . Topics include monetary policy frameworks, exchange rate regimes, moving from targeting a monetary aggregate to inflation targeting, improving central bank operations (such as open market operations and foreign exchange management), and macroprudential policy implementation. central banks monetary policy. money creations and the control of money depend upon how central bank behaves in the overall monetary policy of the economy. Central Banking's monetary policy subject specialist Daniel Hinge speaks with Christopher Jeffery about the governance of the policy function 02 . Multilateral surveillance, policy analysis, and research can help improve global outcomes: The IMF is in regular dialoguewith member country central banks through bilateral surveillance (Article IV consultation), FSAPs, and technical assistance: In its Article IV consultations, the IMF provides advice on monetary policy action to achieve low and stable inflation, as well as on establishing effective monetary policy and macroprudential policy frameworks. More recently, amidst growing concern about eroding policy space in a context of lower equilibrium interest rates and falling inflation expectations, major central banks have been reviewing their monetary policy frameworks. In many countries, especially low-income countries, the monetary transmission mechanism is not as effective as it is in advanced economies. Bank of England 1694. Monetary policy is a central bank's actions and communications that manage the money supply. Monetary policy The Fed 2 Federal Reserve System was founded by Congress in 1913. helps countries develop more effective institutions, legal ECB (European Central Bank) 1998. The global financial crisis showed that countries need to contain risks to the financial system as a whole with dedicated financial policies. Monetary policy A key role of central banks is to conduct monetary policy to achieve price stability (low and stable inflation) and to help manage economic fluctuations. Central Banks - The role of a central bank. This survey will support IMF advice and policymakers around the world, by providing details on the design of macroprudential measures, and enabling comparisons across countries and over time. Barriers of Communication in business communication, Interpersonal Communication in business communication, TYPES OF COMMUNICATION IN BUSINESS COMMUNICATION, Organisation policies for smoothing capacity utilisation, ORGANISATION DEVELOPMENT,CONTRIBUTORY STEMS HISTORY, COMPUTER AIDED DESIGN, COMPUTER AIDED MANUFACTURING. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. Insight. Technical assistance CENTRAL BANK and MONETARY POLICY. Activate your 30 day free trialto continue reading. 3 Federal Reserve's Core Functions In response to the COVID-19 pandemic, central banks used an array of conventional and unconventional tools to ease monetary policy, support liquidity in key financial markets and maintain the flow of credit. frameworks, and capacity. Many central banks that also have a mandate to promote financial stability have upgraded their financial stability functions, including by establishing, Regardless of the model used to implement macroprudential policy, the institutional setup should be strong enough to counter opposition from the financial industry and political pressures and to establish the legitimacy and accountability of macroprudential policy. This refers to the degree of freedom granted to the central bank by the government to implement monetary policy Independence may refer to instrument independence or goal independence Instrument independence means the central bank can decide which tools of monetary policy to use Goal independence means the central bank can decide its own targets for monetary policy, Arguments for independence Removal of inflation-creating political control Politicians may aim to increase voter numbers by stimulating the economy shortly before an election This is inflationary and damaging to the macroeconomy Reduced temptation to support government spending Difference in engaging with the open market and buying bonds directly from government Done by Zimbabwe hyperinflation Politicians are typically not financial / economic experts, Disadvantages of independence An independent central bank is undemocratic Decisions are made by individuals who are not elected by the public There may be a disjoint between fiscal and monetary policy Effects of each may cancel the other out Central banks can fail However, so do politicians, Central banks and monetary policy Case study: Bank of England (UK), Elements to consider In this section, we will look at: The history and development of the BoE from its creation to present-day How it is organised What it does, Foundations of the BoE In the late 1600s, England was politically stable, commerce was doing well but public finances were in a bad state There were calls for a national or public bank to mobilise resources A loan to the government of was proposed In return the subscribers would be incorporated as the Governor and Company of the Bank of England, National Debt On 27 July 1694, the Bank started its role as the Governments banker and debt manager The was the The Banks initial activity was dominated by the Governments demands for finance and issuing new coinage The Bank also began conventional banking activity (i.e. Central banks in Canada, the euro area, the United Kingdom, New Zealand, and elsewhere have introduced an explicit inflation target. In response to the COVID-19 pandemic, central banks used an array of conventional and unconventional tools to ease monetary policy, support liquidity in key financial markets and maintain the flow of credit. stability. discussion by alistair milne, cass business. We've updated our privacy policy. and Central Banking. What is Monetary Policy? ), BoE Banknotes As evidence of deposits, the Bank issued banknotes These became money, since people rarely doubted the promise to pay the bearer on demand At this time, The Bank became the national treasure house and was the leading commercial bank This happened, given: its links with Government; the scale of its private banking business; and its position within the developing City of Londons financial system, Debt and inflation The national debt increased to by the start of the 1800s (after a period of war) The wars put a strain on the governments finances 1797 1821 was a restriction period where the Bank in exchange for banknotes, due to the drain on reserves Since there were a lack of coins, 1 and 2 notes were issued This led to inflation and there was economic difficulty after the wars when financial discipline was restored, Extension of commercial banking activities In the early 19th century (1800s), the Bank was not the sole note issuer Many country banks issued their own notes However, they were prone to failure Particularly due to the difficult economic climate post-Napoleonic wars In order to meet demand for sound banknotes, the Bank began from 1828 to, Becoming the sole note issuer In 1844, the Bank Charter Act (BCA) was written This gave the Bank a formal in England and Wales Scottish banks were permitted to continue printing notes But those were required to be At this point, the Bank became the for the UK, Developing a stable currency Within the BCA, there was an important condition: The Bank was not permitted to issue further new notes that were not matched by an increase in its gold reserve This was as a result of the previously generated inflation The fiduciary issue was frozen at its 1844 level The Bank was also required to publish its note-issuing activities separately to its banking activities This continues in present day accounts for the Bank, Limitations and change Although the 1844 BCA gave the Bank note issue and the nation a sound currency, it limited the Banks ability as a commercial bank In the 19th century, it was overtaken in size The Bank chose not to compete and instead to develop its role as a central bank, Development as a central bank The LLR function was established in a series of banking crises When necessary, it mobilised its own resources and those of the City when a crisis at a single institution threatened the system as a whole The Bank routinely used its leverage over the banking systems liquidity to set interest rates in London The gold standard limited the choice of interest rates The rates needed to be high enough to maintain its gold holdings, Departure from the gold standard WWI required financing notes were issued by HM Treasury Those low denomination notes were In 1925, an attempt was made to return to the gold standard This was unsustainable In 1931, the gold standard was abandoned & the currency became fiat Now to issue more notes, Gold and foreign exchange reserves were transferred to HM Treasury in 1931, Increased functions and official status During WWII, additional functions were given to the Bank The Bank, historically, had typically acted in the national interest & fulfilled functions of a central bank However, occurred in 1946 Ownership of the Bank transferred from to This gave the Government more power in theory, however little changed in practice, The modern-day BoE There were a number of changes in 1997 Monetary policy granted to the Bank Management of Government debt transferred Regulatory functions transferred The financial crisis identified problems with the 1997 system of regulation The Financial Services Act 2012 returned many regulatory functions to the Bank, effective from 1st April 2013, The Court of the BoE The Court of Directors comprises the most senior members of the organisation: The Governor (head of BoE) 3 Deputy Governors Monetary policy, financial stability, prudential regulation 9 Non-Executive Directors These individuals have very strong reputations within the banking & financial system Governors are appointed for 5 years, Directors for 3 years, Responsibilities Monetary system stability & monetary policy Setting interest rates, dealing with fluctuations in liquidity Payment systems oversight & strengthening to reduce systemic risk Macroprudential regulation Authorisation and microprudential supervision of FIs Note issuance LLR in some instances Intervention in FX markets Management of remaining gold reserves, The Monetary Policy Committee (MPC) The MPC meets once per month in the presence of a member of staff from HMT The MPC members are provided with extensive briefing throughout the month on economic issues, including trends and expectations The MPC meeting lasts for two days Day 1: an update on economic data and discussion of key issues Day 2: a summary of the discussions, individual explanations by MPC members on their proposed policy, the Governor puts forward policy that he believes will command a majority and MPC members vote (minority voters identify what they would have preferred) The announcement on the decision is then made at 12:00 noon, Central banks and monetary policy Case study: European Central Bank (EMU), Structure of the case study For the ECB, we will consider: The history of the ECB, from foundation to present-day How it is organised, Prelude (1) to the European Central Bank (ECB) On 1st January 1994, the second stage of Economic and Monetary Union (EMU) was launched The European Monetary Institute (EMI) was founded to In December 1995, the single currency was named as the euro and 1st January 1999 was identified as the beginning of the 3rd (final) stage of EMU, Prelude (2) to the European Central Bank (ECB) In June 1997, the Stability and Growth Pact was adopted & an intra-EU exchange rate mechanism (ERM II) identified to start on 1st January 1999 Aim: In November 1997, the EMI proposed 1st January 2002 as the date for the introduction of In May 1998, it was decided that 11 EU member states had fulfilled convergence criteria and would adopt the euro (in principle) on 1st January 1999, Creation of the ECB May 1998 saw the confirmation of appointment of the forthcoming ECBs President, Vice-President and 4 Executive board members Appointed by the Council of the European Union in the composition of Heads of State or Government The ECB was established on 1st June 1998, taking over from the EMI in preparation for 3rd stage integration The executive board began work and held its first meeting the following day Later in 1998, the Governing Council of the ECB (see later slide) set out its monetary policy strategy, The beginning of transition in practice On 31st December 1998, conversion rates are set for each country to the euro These figures are On 1st January 1999, the euro launches in principle, alongside the national currencies The ECB takes over for The ECB + national central banks (NCBs) form the Eurosystem Production of banknotes begins in July, in preparation for rollout in 2002 Distributed to commercial banks in September 2001, Bodies of the ECB: the Governing Council The Governing Council is the main decision-making body The responsibilities of the GC are to: Adopt guidelines & take decisions to ensure Formulate monetary policy for EMU ( independence) Frequency Usually 2 meetings per month Meeting 1: assessment of economic & monetary developments and a decision on monetary policy is made Meeting 2: discussion of issues related to other tasks of the ECB, Bodies of the ECB: the General Council The General Council includes the President of the ECB, the V-P of the ECB and the governors of the national central banks (NCBs) of all EU members Responsibilities / functions include (but are not limited to): Acting as a transitional body from the EMI since not all EU members are EMU members Contributing to ECB advisory function and collects statistical information Preparing the ECBs annual report Establishing rules for standardising the accounting and reporting of operations undertaken by the NCBs When (or if!) 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