Communications and information technology are, moreover, infinitely more advanced today so that the decentralized management of the ESCB’s operative activities will be much easier to organize than it was in the Federal Reserve System at the beginning of this century.
The history of the Fed would, however, suggest that the organization of the ESCB, too, may be subject to an evolutionary process in the course of time, and that the exact direction of this evolution will be influenced by experience gained in the conduct of monetary policy.