It was a feat Morgan and his crew would repeat across the industrial landscape, arranging new equilibrium conditions and regulatory mechanisms in one sector after the other, filling in for a non-existent central banking function (the Federal Reserve was created in 1913, marking the start of a whole new story).

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Apparently the leaders of the Eurozone are not ready to do what is nececcessary to keep the Euro together, and as long as the ECB does not function as a true central bank dictating monetry policy, but it is left at the hands of politicians and the politics of re-election, there is no salvation for the single currency.

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For one thing, it gives the impression that the central bank knows more about the world, or even about its own reaction function, than it really does.

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Organizational structure may be an issue because companies that, like the automakers, have a strong central organization or that are organized by function tend to have rigid processes and emphasize efficient operations rather than innovation.

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Central banks' second function is macroeconomic stabilisation, setting interest rates to keep inflation in check without causing the economy to stop and start.

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According to Bitcoin-Central, it's the first exchange of the digital currency to be licensed to operate as a bank and function within the framework of European regulations.

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