The Bank has had shareholders since its inception in 1921, but the legislation is drafted in such a way that no single shareholder can exercise any undue influence over the activities of the Bank.
(2013), “Asymmetric Labor Market Institutions in the EMU and the Volatility of Inflation  and Unemployment Differentials,” Journal of Money, Credit and Banking, Vol. 45(6), pp. 1165-1186. 6 See Blanchard, O. and Giavazzi, F. (2003), “The Macroeconomic Effects of Regulation and Deregulation in  Goods and Labor Markets”, The Quarterly Journal of Economics, Vol. 118, August, pp. 879-907. 7 Banerji, A. et al.