"There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar"

This quote by Robert C. Solomon is referring to the European Central Bank (ECB), which is the reserve bank of the European Union. The ECB was established in 1998 and is accountable for the monetary policy of the Eurozone, which consists of 19 of the 28 member states of the European Union. The ECB resembles the Federal Reserve System in the United States, but there are some differences. The ECB is responsible for setting rates of interest, while the Federal Reserve System is responsible for setting financial policy. The ECB likewise has a various structure than the Federal Reserve System, with the ECB having a single board of governors and the Federal Reserve System having a board of guvs and a Federal Open Market Committee. The ECB likewise has a single president, while the Federal Reserve System has a chairman and a vice chairman. Regardless of the distinctions, the ECB and the Federal Reserve System both have the same goal of keeping rate stability and promoting economic development.