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The big obvious ones: regulate and supervise other banks, settle interbank payments, explicitly act as a lender of last resort to stabilize the financial system
by danielmarkbruce 5y ago
The big obvious ones: regulate and supervise other banks, settle interbank payments, explicitly act as a lender of last resort to stabilize the financial system as required.
There are also other practical differences - for example, having a set, specific target for short term rates (the first bank of US didn't have a target rate, even if they did loosely have some ability to sort of influence rates).