Currently, the European Central Bank is responsible for creating the uniform monetary policy for the euro zone.
The central bank of a country uses a set of instruments called monetary policy to regulate the total amount of money in circulation, foster economic expansion, and implement measures like adjusting interest rates and altering bank reserve requirements. With a twin purpose to maximise employment and contain inflation, the Federal Reserve Bank of the United States carries out monetary policy. Adjusting bank reserve requirements and changing interest rates are examples of monetary policy strategies. Typically, monetary policy is categorised as either expansionary or contractionary. Reserve requirements, the discount rate, and open market operations are the three monetary policy tools that the Federal Reserve frequently employs.
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