So sánh về cơ chế tổ chức và hoạt động của Ngân hàng nhà nước Việt Nam với Cục dự trữ liên bang Mỹ (FED) và Ngân hàng trung ương Châu Âu (ECB)

The European Central Bank ECB is the institution of the European Union EU which administers the monetary policy of the 17 EUEurozone member states.. The EMI was established at the start

so sánh SBV,FED,ECB

So sánh về cơ chế tổ chức và hoạt động của Ngân hàng nhà nước Việt

Nam với Cục dự trữ liên bang Mỹ (FED) và Ngân hàng trung ương Châu Âu

(ECB)

(The State Bank of Vietnam)

FED (Federal Reserve System)

ECB (European Central Bank) Thành lập Ngày 6/5/1951 theo

sắc lệnh 15/SL do chủ tịch Hồ Chí

Minh ký

Năm 1913 theo Federal Reserve Act được Quốc hội Mỹ thông qua

Năm 1998 theo Hiệp định Amsterdam được Liên minh châu Âu thông qua

Vị trí Là cơ quan của

Chính phủ và là

Ngân hàng trung ương của nước Cộng hòa xã hội chủ nghĩa Việt Nam

Là cơ quan độc lập với Chính phủ và

quốc hội Mỹ

Là một cơ quan của liên minh châu Âu, độc lập với chính phủ và quốc hội các nước thành viên

Nhiệm vụ Phát hành tiền tệ,

quản lý tiên tế, tham mưu các chính sách liên quan

đến tiền tệ cho Chính phủ Việt Nam, quản lý hoạt động các ngân hàng thương mại

Thực thi chính sách tiền tệ, giám sát và

quản lý các tổ chức tín

dụng, duy trì sự ổn định của hệ thống tài chính Mỹ

Chịu trách nhiệm về chính sách tiền tệ của 13 nước thành viên với nhiệm vụ chính là ổn định giá trị đồng Euro

Các ngân hàng

thành viên Gồm Ngân hàng Nhà nước Việt

Nam và các chi nhánh ở các tỉnh, thành

phố

Gồm 12 ngân hàng dự trữ liên bang và

các ngân hàng thành viên

Gồm Ngân hàng Trung ương Châu

Âu và ngân hàng trung ương các quốc gia thành viên

Ngân sách hoạt

động

Được sử dụng các khoản thu để trang trải chi phí hoạt động của mình, chênh lệch thu chi sau khi trích quỹ

được nộp Ngân sách nhà nước

Độc lập về tài chính, doanh thu đến từ tiền lãi của các tài sản

nắm giữ

Được tổ chức như một công ty cổ phần với cổ phần

do các ngân hàng thành viên nắm giữ

Lãnh đạo Thống đốc Ngân Chủ tịch hội đồng Chủ tịch Ngân

hàng nhà nước Việt Nam do quốc hội bầu, là thành viên Chính phủ ngang bộ trưởng

thống đốc do Tổng thống chỉ định hàng do Liên minh châu Âu chỉ định

Bộ máy tổ chức Hội đồng tư vấn

chính sách tiền tệ

quốc gia, Thống đốc và các Vụ

trưởng

Hội đồng thống đốc, Giám đốc các ngân hàng dự trữ, Hội đồng thị

trường mở

Ban giám đốc, Ủy ban trung ương

Đồng tiền phát

hành Việt Nam Đồng Federal Reserve Note (hay còn gọi

là đô la Mỹ)

Euro

Tính độc lập (bao

gồm độc lập về

việc lựa chọn công

cụ và độc lập

về lựa chọn mục

tiêu khi thực thi

chính sách tiền tệ)

Thấp do trực thuộc và phải nhận chỉ thị

từ Chính phủ (các chính

sách cũng phải có

Chính phủ quyết), ngân sách hoạt động cũng do Chính phủ xét duyệt

Cao do hoạt động độc lập với chính phủ (để thanh đổi quy chế của FED quốc hội thậm chí

phải sửa đổi hiến pháp), các lãnh đạo có nhiệm

kì dài và không được tái cử, ngân sách hoạt động độc lập

Cao nhất do chỉ chịu tác động từ hiệp ước Maastricht (muốn thay đổi hiệp ước này cần có sự đồng ý của tất cả các thành viên) Quốc hội quyết định mức lạm phát hàng năm, Chính phủ quyết định các mục tiêu về cung ứng tiền, còn Ngân hàng Nhà nước quyết định áp dụng công cụ phù hợp để thực thi mục tiêu đó

Hoàn toàn độc lập trong việc lựa chọn mục tiêu và các công cụ sử

dụng để thực thi chính sách tiền tệ

Các công cụ sử

dụng điều hành

chính sách tiền tệ

Nghiệp vụ thị

trường mở

Tỉ lệ tái chiết khấu Tỉ lệ dữ trữ bắt

buộc

-

-

The European Central Bank (ECB) is the institution of the European Union (EU)

which administers the monetary policy of the 17 EUEurozone member states It is thus one of the world's most important central banks The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt, Germany The current President of the ECB is Jean-Claude Trichet, former president of the Banque

de France

Contents

[hide]

1 History

2 Powers and objectives

3 Organisation

4 Independence and future

5 Location

6 See also

7 References

8 External links

[ edit ]History

Further information: History of the euro

The European Central Bank is the de facto successor of the European Monetary Institute (EMI) The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB) The EMI itself took over from the earlier European Monetary Co-operation Fund (EMCF).[1]

Wim Duisenberg, first President of the ECB.

The ECB formally replaced the EMI on 1 June 1998 by virtue of the Treaty on European Union (TEU, Treaty of Maastricht), however it did not exercise its full powers until the introduction of the euro on 1 January 1999, signalling the third stage

of EMU The bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors.[1] It was established on 1 June

1998.[2]

The first President of the Bank was Wim Duisenberg, the former president of

the Dutch central bankand the European Monetary Institute While Duisenberg had been the head of the EMI (taking over from Alexandre Lamfalussy of Belgium) just before the ECB came into existence, the French government wanted Jean-Claude Trichet, former head of French central bank, to be the ECB's first president The French argued that since the ECB was to be located in Germany, its President should

be French This was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro.[3] Tensions were abated by a

gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet, an event which occurred in November 2003 There had also been tension over the ECB's Executive Board, with the United

Kingdom demanding a seat even though it had not joined the Single Currency

[3] Under pressure from France three seats were assigned to the largest

members, France, Germany, Italy and Spain Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates and future candidates to it.[3]

When the ECB was created, it covered a Eurozone of eleven members Since

then, Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in

January 2008, Slovakia in January 2009, and Estonia in January 2011, enlarging the bank's scope and the membership of its Governing Council.[1]

On December 1, 2009 Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, gained official status of an EU institution

[ edit ]Powers and objectives

The ECB has the exclusive right to authorise issuance of banknotes

The primary objective of the ECB is to maintain price stability within the Eurozone,

or in other words to keep inflation low The Governing Council defined price stability

as inflation (Harmonised Index of Consumer Prices) of below, but close to, 2% [4] Unlike for example the United States Federal Reserve Bank, the ECB has only one primary objective with other objectives subordinate to it

The key tasks of the ECB are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of theforeign

reserves of the European System of Central Banks and promote smooth operation of the financial market infrastructure under the Target payments system[5] and being currently developed technical platform for settlement of securities in Europe

(TARGET2 Securities) Furthermore, it has the exclusive right to authorise the issuance of euro banknotes Member states can issue euro coins but the amount must

be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins[5])

In U.S style central banking, liquidity is furnished to the economy primarily through the purchase of Treasury bonds by the Federal Reserve Bank Because the European Community does not have system-wide bonds backed by a system-wide taxation authority, it uses a different method Member banks, of which there are several thousand, bid for short term repo contracts of two weeks' to three months' duration The member banks in effect borrow cash and must pay it back; the short durations

allow interest rates to be adjusted continually When the repo notes come due the participating banks bid again An increase in the quantity of notes offered at auction allows an increase in liquidity in the economy A decrease has the contrary effect The contracts are carried on the asset side of the European Central Bank's balance sheet and the resulting deposits in member banks are carried as a liability In lay terms, the liability of the central bank is money, and an increase in deposits in member banks, carried as a liability by the central bank, means that more money has been put into the economy.[6]

To qualify for participation in the auctions banks must be able to offer proof of appropriate collateral in the form of loans to other entities These can be the public debt of member states, but a fairly wide range of private banking securities are also accepted.[7] The fairly stringent membership requirements for the European Union, especially with regard to sovereign debt as a percentage of each member state's Gross Domestic Product, are designed to insure that assets offered to the bank as collateral are, at least in theory, all equally good, and all equally protected from the risk of inflation The economic and financial crisis that began in 2008 has revealed some relative weaknesses in the sovereign debt of such member countries as Greece,

Portugal, Ireland and Spain.[8] These securities are not limited to the countries of issue, but held in many cases by banks in other member states To the extent that the banks authorized to borrow from the ECB have compromised collateral, their ability to borrow from the ECB—and thus the liquidity of the economic system—is impaired This threat has drawn the ECB into rescue operations But weak sovereign debt is not the only source of weakness in the ECB's operations, as the collapse of the market in U.S dollar denominated collateralized debt obligations has also led to large scale interventions in cooperation with the Federal Reserve

Rescue operations involving sovereign debt have included temporarily moving bad or weak assets off the balance sheets of the weak member banks into the balance sheets

of the European Central Bank Such action is viewed as monetization and can be seen

as an inflationary threat, whereby the strong member countries of the ECB shoulder the burden of monetary expansion (and potential inflation) in order to save the weak member countries Most central banks prefer to move weak assets off their balance sheets with some kind of agreement as to how the debt will continue to be serviced This preference has typically led the ECB to argue that the weaker member countries must (a) allocate considerable national income to servicing debts and (b) scale back a wide range of national expenditures (such as education, infrastructure,

and welfare transfer payments) in order to make their payments

The European Central Bank had stepped up the buying of member nations debt.[9] In response to the crisis of 2010, some proposals have surfaced for a collective European bond issue that would allow the central bank to purchase a European version of U.S Treasury Bills.[10] To make European sovereign debt assets more similar to a U.S Treasury, a collective guarantee of the member states' solvency would be necessary [11] But the German government has resisted this proposal, and other analyses indicate that "the sickness of the Euro" is due to the linkage between sovereign debt and failing national banking systems If the European central bank were to deal directly with failing banking systems sovereign debt would not look as leveraged relative to national income in the financially weaker member states.[12]

On December 17, 2010 the ECB announced that it was going to double its

capitalization.[13] (The ECB's most recent balance sheet before the announcement listed capital and reserves at 2.03 trillion euros.)[14] The sixteen central banks of the member states would transfer assets to the ledger of the ECB In banking, assets (loans) are used to offset liabilities (deposits and currency) If some of the sovereign debt held as an asset by the ECB becomes non-performing, the asset is "bad" and the deposits, in this case, currency, are not appropriately backed This inequality means that liabilities exceed assets and therefore the bank is in trouble One response is to use the bank's capital to offset the losses The use of capital to offset a loss transfers the loss to the bank's shareholders: the member banks The increased capitalization of the ECB against potential sovereign debt default means that the sixteen member banks are also exposed to potential losses In 2011 the European member states may need to raise as much as USD $2 trillion in debt Some of this will be new debt and some will

be previous debt that is "rolled over" as older loans reach maturity In either case, the ability to raise this money depends on the confidence of investors in the European financial system The ability of the European Union to guarantee its members'

sovereign debt obligations have direct implications for the core assets of the banking system that support the Euro.[15] Although "unthinkable," a collapse of the euro (with a reversion to individual national currencies) became, at the end of 2010, a topic of speculation in the financial press.[16]

The bank must also co-operate within the EU and internationally with third bodies and entities Finally it contributes to maintaining a stable financial system and

monitoring the banking sector.[17] The latter can be seen, for example, in the bank's intervention during the 2007 credit crisis when it loaned billions of euros to banks to stabilise the financial system.[18] In December 2007 the ECB decided in conjunction with the Federal Reserve under a program called Term auction facility to improve dollar liquidity in the eurozone and to stabilise the money market.[19]

[ edit ]Organisation

Although the ECB is governed by European law directly and thus not by corporate law applying to private law companies, its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital Its capital is five billion euros[20] which is held by the national central banks of the Member States as

shareholders The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP,[21] but the key is adjustable.[22] Shares in the ECB are not transferable and cannot be used as collateral.[23]

European Union

This article is part of the series:

Politics and government of

the European Union

Law[show]

v · d · e

The Executive Board is responsible for the implementation of monetary policy

defined by the Governing Council and the day-to-day running of the bank In this it can issue decisions to national central banks and may also exercise powers delegated

to it by the Governing Council It is composed of the President of the Bank

(currently Jean-Claude Trichet), a vice president and four other members They are all appointed by common accord of the Eurozone member states for non-renewable terms

of eight years

Jean-Claude Trichet, the current President.

The General Council is a body dealing with transitional issues of euro adoption, for example fixing the exchange rates of currencies being replaced by the euro

(continuing the tasks of the former EMI) It will continue to exist until all EU Member States adopt the euro, at which point it will be dissolved It is composed of the

President and Vice President together with the governors of all of the EU's national central banks.[24][25]

[ edit ]Independence and future

Furthermore, not only must the bank not seek influence, but EU institutions and national governments are bound by the treaties to respect the ECB's independence For example, the minimum term of office for an national central bank governor is five years and members of the executive board have a non-renewable eight-year term [26] To offer some accountability, the ECB is bound to publish reports on its activities and has to address its annual report to the European Parliament, the European

Commission, the Council of the European Union and the European Council.[27] The European Parliament also gets to question and then issue its opinion on candidates to the executive board.[28]

The bank's independence has notably come under intense criticism since the election

of Nicolas Sarkozy as French President Sarkozy has sought to make the ECB more susceptible to political influence, to extend its mandate to focus on growth and job creation, and has frequently criticised the bank's policies on interest rates

[ edit ]Location

Main article: European Central Bank Headquarters

Model of the ECB's new headquarters.

The bank is based in Frankfurt, the largest financial centre in the Eurozone Its

location in the city is fixed by the Amsterdam Treaty along with other major

institutions.[29]In the city, the bank currently occupies Frankfurt's Eurotower until its purpose-built headquarters are built.[30]

In 1999 an international architectural competition was launched by the bank to design

a new building It was won by a Vienna-based architectural office named Coop Himmelbau The building will be approximately 180 metres (591 ft) tall (the present building is 148 m/486 ft) and will be accompanied with other secondary buildings on

a landscaped site on the site of the former wholesale market (Großmarkthalle) in the eastern part of Frankfurt am Main The main construction began in October 2008, with completion scheduled during 2014.[31][32] It is expected that the building will become an architectural symbol for Europe and is designed to cope with double the number of staff who operate in the Eurotower.[30]

[ edit ]