GROUPEMENT D'ETUDES ET DE RECHERCHES NOTRE EUROPE Président : Jacques Delors THE AMERICAN FEDERAL RESERVE SYSTEM : FUNCTIONING AND ACCOUNTABILITY Axel KRAUSE Research and Policy Paper N° 7 April 1999 44, Rue Notre-Dame des Victoires F-75002 Paris Tel : 01 53 00 94 40 e-mail :
[email protected] http://www.notre-europe.asso.fr This study is also available in French and German. © Notre Europe, April 1999 2 Axel Krause Axel Krause has been a Paris-based correspondent and editor for American publications for over twenty years, including "Business Week" magazine and the "International Herald Tribune". Currently, he is a regular contributor to "Europe" magazine, published in Washington, United Press International and TV5, the French International channel. A graduate of Colgate and Princeton universities, he is secretary general of the Anglo-American Press Association of Paris, and board member of the association of French economic and financial journalists (AJEF). He is the author of "Inside the New Europe", (Harper Collins, 1991) that appeared in translated and revised editions in Japan and France ("La Renaissance - Voyage à l’intérieur de l’Europe") in 1992. Notre Europe Notre Europe is an independent research and policy unit focusing on Europe – its history and civilisations, process of integration and future prospects. The association was founded by Jacques Delors in autumn 1996. It has a small international team of five in-house researchers (British, French, German, Italian and Portuguese) coordinated by Christine Verger, the association's secretary-general. "Notre Europe" participates in public debate in two ways. First, publishing internal research papers and second, collaborating with outside researchers and academics to produce contributions to the debate on European questions.