2  BIS Review 29/2005  I would argue that these slight variations in the implementation of monetary policy reflect the financial circumstances under which each institution operates, with a unified money market in the United States and more-fragmented (but consolidating) money markets in the eurozone.
Internal dynamics Although the 1935 legislation that created the Federal Open Market Committee of today shifted monetary policy power from the regions to the center, important questions remained about the internal workings of the FOMC itself.