Problem
1. When the ECB began operation at the beginning of 1999, how did it ensure that all members of the Executive Board would not end their terms of office at the same time? What would be wrong with the terms of all six members of the Board ending on the same date?
2. Outline the arguments for and against fixed and variable rate tenders as the instrument for the provision by the central bank of liquidity to the banking system.
3. Look at the latest interest rate decision made by the ECB and explain it in terms of the first and second pillars of the ECB's monetary strategy.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.