Again, the financial environment contributed to developments in policy implementation. The balance of policy power shifted from the regions to the center, when the Banking Act of 1935 established the Federal Open Market Committee in its modern form, with the Board having the majority of votes.
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.