From the perspective of monetary policy, it was at that point that the Federal Reserve System became a single central bank rather than a confederation of regional central banks. Thus, as Tommaso might suggest, charter changes also played an important role in the structure of policy. In the Eurosystem, the balance between the center and the regions is still evolving.
The composition of the Governing Council, the Eurosystem’s equivalent to the FOMC, and the administrative roles of the Governing Council and the Executive Board reflect the relative strength of the national central banks. This difference in the relative power of the center, however, should not have great significance for the conduct of monetary policy.