Bookmark These: The European Central Bank
By Reid Kanaley
http://www.JewishWorldReview.com | (MCT) The European Central Bank played a key role last week in temporarily quelling fears of an economic meltdown that could burn our own wallets. But what is the ECB and how does it function?
-The Fed across the pond: The ECB is the continental equivalent of the Federal Reserve. But if you ever thought Fed operations were complicated, you haven't looked into the ECB. The primer on the European system offered by investment site SeekingAlpha.com goes over the alphabet soup of the central bank's parts - the ESCB, NCBs and the MFIs for starters - and begins to explain their tortured inner workings. http://is.gd/L9Eo5o
-Another post at Seeking Alpha, titled "Obsessed With The Fed, But It's The ECB That Really Matters," makes the case that worries about U.S. economic problems pale when compared to the sovereign-debt nightmares with which Europe is grappling. http://is.gd/UXs8K5
-Reading Draghi: At the ECB's website, you can read, in English or 22 other languages, the statements of the bank's new head, Mario Draghi, as well as working papers and news releases. The latter include the Nov. 30 announcement of coordinated action among the ECB, the Fed and other central banks that sent stock markets soaring on hope for a resolution to the debt crisis gripping Europe. http://www.ecb.int
-Up to the minute: Bloomberg, the global business news operation, maintains a page about Draghi, the ECB president, who turns up these days in Bloomberg news reports every few minutes through the day. Related topics link to similar pages about the ECB itself and European heads of state. http://is.gd/2mY5fm
-U.S. of Europe? Europa.eu is the site of the European Union. It has an exhaustive official history of the EU - the economic and political partnership of 27 countries. The site's page on the ECB explains it simply, as the manager of the EU's single currency and safeguard of price stability. "It is the ultimate guardian of the value of money," as put in an accompanying video. http://is.gd/8ijfnr
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