As I already said, it’s important to note that the EFSF is financed through the issuance of bonds guaranteed by the European states. The Governing Council of the ECB considers that it is important that individual countries feel responsible for their own fiscal policies.
There are considerable similarities between this structure and that of the Fed, made up of the Board of Governors, the FOMC and the reserve banks. Yet the emphasis will, on some issues, be placed differently. 7. One difference concerns voting arrangements within the ESCB Council, which are not the same as those within the FOMC.