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N° 235 |
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| June 2004 |
| The Enlargement of Monetary Union and the Outlook for the Eurosystem |
| Jean-Pierre Patat |
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| The Eurosystem is made up of the European Central Bank and the national central banks of countries in the euro area. It presently
functions in a decentralised manner, which is borne out both in the decision-making process, the way in which monetary policy is set
and in banking supervision. As the euro area enlarges to include the new members of the European Union, the functioning of the
Eurosystem could move towards greater centralisation and converge, at least in appearance, with that of the US Federal Reserve. Such
changes in the working of the Eurosystem could however influence the balance between the major financial markets in the euro area. |
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