Research Paper on:
Comparison Between the Federal Reserve Board and the European Central Bank

Unformatted Sample Text from the Research Paper:
have many differences. One of these differences involves the background and history of both institutions. The ECB was formed as an adjunct  to and outgrowth of the European Monetary Union (EMU) (European Central Bank (a) 2002). Since 1988, the European Council (EC) was working toward an economic union, and establishing a central  bank (based on Germanys Bundesbank structure) was a major step toward that goal and eventual introduction of the euro (European Central Bank (a) 2002). The ECB itself was an evolution  of the Committee of Governors of the Central Banks of the Member States of the European Economic Community, a group that had been heavily involved in monetary cooperation between European  nation since 1964 (European Central Bank (a) 2002). The European Monetary Institute (EMI), launched in 1994, effectively abolished the Committee of Governors  (European Central Bank (a) 2002). The EMI was responsible for strengthening central bank cooperation and monetary policy coordination as well as making preparations for a centralized bank to oversee EU  monetary policy (European Central Bank (a) 2002). In addition, the EMI was to prepare the groundwork for the creation of a single currency (European Central Bank (a) 2002). Following the  1998 approval of the single currency, the ECB was officially established (European Central Bank (a) 2002). These days, the ECB shares membership  in the European System of Central Banks with the National Central Banks, which govern monetary policy in the 15 EU membership states (European Central Bank (b) 2002). The entire conglomerate  is known as the European System of Central Banks (ESCB) (European Central Bank (b) 2002). The major goal of the ESCB is to maintain price stability throughout the EU, support