1. International Central Banks European Central Bank (ECB) Bank of England (BoE) Bank of Japan (BoJ) by Poochapa R.

2. European Central Bank (ECB) Located in Frankfurt, Germany Established in June 1998 Euro, single currency Officially introduced in Jan 1 st, 1999 12 Countries member Denmark, Sweden, UK

3. European Central Bank (ECB) Organizational Structure President Vice-President 6 members in Executive Board Implementing decisions made by 2 overall councils

4. European Central Bank (ECB) The Governing Council 6 members of Exec. Board &12 Governors 2 times/month Meeting Set Interest Rate & Euro Changeover decisions The General Council President & Vice President 12 Governors from Euro 13 Governors from Non- Euro Quarterly Meeting All issues about EU countries

5. European Central Bank (ECB) Monetary Policy Price Stability –2% Inflation Target –4.5% M3 –Set by Governing Council Foreign Exchange Reserve –2% of Liabilities –Keeping a minimum reserve with ECB

6. European Central Bank (ECB) Main Responsibilities Monetary Policy FX Operations Foreign Reserves Banknotes Payment System Additional Tasks Stat Info. Developments in Bank/Fin sectors

7. European Central Bank (ECB) The Euro Weakness GDP Productivity Growth & Investment Profitability Investors’ Confidence Investors’ Expectation --> $ is safe place Euro Overvaluation

8. Bank of England (BoE) “Old Lady of Threadneedle Street” Located in London, UK Founded in July 27, 1694 Bank of government 2 departments; Issue & Banking Pound currency

9. Bank of England (BoE) Organizational Structure BoE –A Governor –A Deputy Governor –16 Directors 1694 Under Gov. 1997 Independence Monetary Policy Committee (MPC) –The Governor –2 Deputy Governors –Chief Economist –Exec Director of Mkt Operation –4 external members

10. Bank of England (BoE) Monetary Policy Maintaining the price stability Setting Interest Rate MPC Monthly Meeting One person, One vote Transparency Quarterly Inflation Report National Changeover Plan (NCP)

11. Bank of Japan (BoJ) Located in Tokyo, Japan Founded in 1882 (Meiji 15) Independence from MoF FX transactions Yen currency

12. Bank of Japan (BoJ) The Policy Board A Governor 2 Deputy Governors 6 Deliberate Members 2 times/month Meeting Monthly Report & Monthly Econ Report (Tanken)

13. Bank of Japan (BoJ) Monetary Policy ZIRP Overnight Call Rate Repo transaction Business Survey

14. Thank you/Question ?