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Central Banks
Definition: A country's main bank. The Central Bank holds a country's banking system by providing the currency of the country, notes & coins, and serves as a lender of last resort to the Commercial Banks. The Central Bank is incharge of a country's monetary policy. This means to maintain Price stability by controlling inflation, ensuring steady GDP growth and achieve full employment in the economy. The Central Bank is independent from a country's government/regime and thus its operations are uninfluenced by the political climate/scene. Examples: Fed - the Federal Reserve, Central Bank of the United States ECB - European Central Bank, Central Bank of the European Union BoE - Bank of England, Great Britain's Central Bank BoC - Bank of Canada RBA - Reserve Bank of Australia and others How a Central Bank Influences an economy a) Macroeconomic goals - Large scale /Long term goals that include maintaining price stability & steady GDP growth. b) Microeconomic g...
