1.Why was the Federal Reserve System set up with 12 regional Federal Reserve banks rather than one central bank, as in other countries?2.Which entities in the Federal Reserve System con- trol the discount rate? Reserve requirements? Open market operations?3.Compare the structure and independence of the Federal Reserve System and the European System of Central Banks.
1. Why was the Federal Reserve System set up with 12 regional Federal Reserve banks rather than one central bank, as in other countries?
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