The motto “United in Diversity” seems to hold the key to understanding the EU; would it be correct to say that this tolerance of diversity is the driving force behind the European-style of reform which may not be rapid but is steady? The great cultural diversity of Europe is plain to see and that cultural diversity is one of the EU’s greatest assets.
Prior to the financial crisis, the FOMC carried out monetary policy by adjusting its target for the federal funds rate. With that rate near zero since late 2008, we have relied on two lesstraditional tools – asset purchases and forward guidance – to help the economy move toward maximum employment and price stability.