Decentralised reserves system brings benefits – ECB paper

The European Central Bank

Research published by the European Central Bank argues that its decentralised reserves-management system fosters competition and raises returns.  

Trends in central banks’ foreign currency reserves and the case of the ECB studies how the structure of reserves held by the Eurosystem of eurozone central banks affects returns.

“The decentralised management of the reserves by NCBs [national central banks] is a unique characteristic of the framework. It offers benefits, including information

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