The structure of the ESCB is similar in many ways to that of another central bank charged with conducting monetary policy on a continental scale—the Federal Reserve System. In the early hours of May 3, 1998, the leaders of the European Union (EU) took the most significant step toward European integration since the signing of the Treaty of Rome in 1957. In giving the green light to the economic and monetary union (EMU) of eleven of the fifteen EU members—the EU11—they took another major step toward a more unified Europe. 1 This latest development culminates a process o
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