Noyer paints picture of ‘European Federal Reserve System’

Christian Noyer at the Banque de France

European central banks are moving increasingly towards a decentralised model that is "much closer" to that of the Federal Reserve, Christian Noyer, the governor of the Banque de France, said in an interview published today by Central Banking journal.

The changes in Europe are "extremely positive", Noyer said, and are occurring across a range of fields, including research, banking supervision and the Target2 Securities system, which is being jointly built by the Banque de France, Bundesbank, Bank

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