03a_EMU
.pdf
MANAGEMENT
MANAGEMENT
MANAGEMENT
MANAGEMENT
MANAGEMENT
The European System of Central Banks in 2006
European System of Central Banks (ESCB)
European |
|
|
… NCB12 |
Central |
NCB1 |
NCB2 |
|
Bank (ECB) |
|
|
|
National Central Banks (NCBs)
of monetary union members
NCB13 
NCB14 … NCB25
National Central Banks (NCBs) of non-monetary union members
Eurosystem
MANAGEMENT
Price dispersion in the EU, selected products (excl VAT, 2000)
Colgate toothpaste
Coca Cola
Mars bar
Sensodyne toothpaste
Rexona deodorant
Evian mineral water
0 |
10 |
20 |
30 |
40 |
across countries 
within countries
MANAGEMENT
Desired interest rates using the Taylor rule (2003)
Greece
Spain
Italy
Portugal
Luxembourg
France
Netherlands
ECB board
Belgium
Finland
Austria
Germany
0 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
Taylor rule is a monetary-policy rule that stipulates how much the central bank would or should change the nominal interest rate in response to divergences of actual inflation rates from target inflation rates and of actual GDP from potential GDP. It was first proposed by the U.S. economist John B. Taylor in 1993.