English Reader. Мишустина В.Д. - 23 стр.

In the United States, the duties of a central bank are divided among different
agencies: the U.S. Treasury borrows the government's money through Treasury bond
and note issues, while the Federal Reserve Board is put in charge of monetary policy
and oversees the printing of money at the Bureau of Printing and Engraving.
      The French central bank, the Banque de France, prints and issues the money, but
the French treasury makes the decisions regarding monetary policy and bank
supervision. In Germany, the central bank, called the Bundesbank, is noted for its
active policy of strict monetary control, limiting money supply growth in order to
control inflation at all costs.
      The Bank of Japan, like many of the word's central banks, acts as a banker to the
government. This activity is a major source of revenue for the bank since fees are
charged for issuing the government's checks and for holding its deposits of foreign
currencies. Some central banks, such as the Swiss National Bank, are even partly
owned by private shareholders.
      During times of financial panic, central banks also act as a lender of last resort,
providing funds to shore up failing banks in order to preserve the stability of the
financial system. In times of international crisis, central banks sometimes turn to their
own central authority, the Bank for International Settlements (BIS), based in Basel,
Switzerland. In addition to providing advice and supervision of the international
banking community, the BIS can provide temporary funds to shore up failing banking
systems. The BIS often provides short-term financing called bridge loans, which are
paid back as soon as longer-term financing can be arranged.
      Central banks also use the Bank for International Settlements to transfer funds to
other central banks around the world. The French government, for example, may use
the BIS to facilitate a payment to Nigeria's central bank, or the Bank of Japan may
use the BIS to transfer funds to the U.S. Federal Reserve.
      These international payments are handled in the same way as bank payments are
credited or debited at a central bank, or as checks are cashed at a neighbourhood
bank. The system of crediting one account and debiting another makes it possible to
settle accounts without having to actually deliver the money directly from one person
or one bank to another. In this way. the Bank for International Settlements serves as a
central bank to the world's central banks.

    5.1.5 Найдите ответы на следующие вопросы, попытайтесь понять их без
словаря:

     What is the percentage of printed notes and coins in most modern
economies?(A).
     What is the most effective way for a central bank to control the economy? (A).
     What do central banks use the reserve requirements for? (A).
     What happens when banks are allowed to get cheaper money at the central
bank? (A).
     What is the most dramatic way of increasing and decreasing the money supply?
(A).
     What may cause inflation? (B).
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