Central bank is said to be the backbone of a nation’s economy. It stabilizes the financial state of affairs of a country’s economy through various job functions.
The authority and scope of operation of a central bank varies from nation to nation. In spite of the differences, some particular operations usually executed by the central banks are:
The prime purpose of the European Central Bank is to sustain cost solidity in the Eurozone. Its fundamental responsibility is to place and employ the fiscal procedure for Eurozone, to accomplish foreign exchange functions, caretaker of the global funds of the European System’s Central Banks and function of the monetary market conditions.
The most basic functions of Federal Reserve are to achieve maximum employment levels, price solidarity in the market and to stabilize interest rates for longer duration. Although there are many more modifications that have been involved and now administering commercial banks, stabilizing the financial conditions as well as offering monetary support to depository organizations and to the government is also included.
German Federal Bank is the central banking institution of Germany and serves as a significant element of ESCB. It has to partake in the deliverance of the tasks assigned by ESCB. Some of the mandate responsibilities are sustaining monetary stability and administering local and global payments. Similarly the main objectives of Bank of England are to secure the financial conditions and the ability to purchase massive assets with Treasury Bills to maintain pecuniary liquidity.
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