Chapter 9 Flashcards
emerging market economies
Economies in an earlier
stage of market development that have recently
opened up to the flow of goods, services, and
capital from the rest of the world
euro area or zone
The economic region formed by
those European Union (EU) member countries
that have adopted the euro.
ECB
ESCB
A banking
system that consists of the European Central
Bank (ECB) and the national central banks
(NCBs) of all 28 member states of the European
Union (EU)
eurosystem
The monetary authority of the Eurozone,
comprising the ECB and the NCBs of those EU
member states that have adopted the euro
executive board of the ECB
Federal open market committee (FOMC)
The committee that makes decisions regarding the conduct
of open market operations; composed of the
seven members of the Board of Governors of
the Federal Reserve System, the president of
the Federal Reserve Bank of New York, and the
presidents of four other Federal Reserve banks
on a rotating basis.
Federal reserve board of governors (FRB)
Federal reserve system
The central banking
authority responsible for monetary policy in the
United States.
Financial inclusion policies
general council of the ECB
One of the three main
decision-making bodies of the European Central
Bank (ECB), consisting of the president and the
vice-president of the ECB and the governors of
the NCBs of the 28 EU member states
goal indepence
The ability of the central bank to
set the goals of monetary policy
governing council of the ECB
One of the three main
decision-making bodies of the European Central
Bank (ECB), consisting of governors from the 19
Euro area NCBs and members of the Executive
Board.
instrument independence
The ability of the central
bank to set monetary policy instruments.
political business cycle
A business cycle caused by
expansionary policies before an election.
