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While the Fed was created ‘from scratch’ by the Federal government for a single country, the Eurosystem was established when twelve sovereign states voluntarily gave up their monetary autonomy. This is reflected in the fact that the Eurosystem is some ways more decentralised than the Fed. Greater decentralisation is consistent with the EU-wide principle of subsidiarity, under which decisions are taken at the country or regional level where possible...
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While the Fed was created ‘from scratch’ by the Federal government for a single country, the Eurosystem was established when twelve sovereign states voluntarily gave up their monetary autonomy. This is reflected in the fact that the Eurosystem is some ways more decentralised than the Fed. Greater decentralisation is consistent with the EU-wide principle of subsidiarity, under which decisions are taken at the country or regional level where possible...
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