The multitude of programs and technical detail complicate the direct comparison between central banks. In terms of their objectives, however, it appears that the Eurosystem and the Fed are very similar: stabilize the transmission channel from its starting point – interbank markets – to its end point – the effective flow of finance to the real economy.
The apparent differences between the measures adopted can in turn be explained to a large degree by dissimilarities between the US and the euro area economies, both with respect to the precrisis framework for monetary policy implementation as well as to more fundamental differences in the structure of the financial system. 2.4.1.