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Contemporary Issues in Central Banking
Until what event did most central banks remain private institutions independent of Government?
Until the outbreak of World War II.
Which central banks were made subordinate to their Governments during and after WWII?
Those of Germany, France, England, Japan, Italy and Sweden.
When did the European Central Bank become operational?
On 1 June 1998.
When did the Bank of England gain operational independence?
In May/June 1998 via the Bank of England Act, with the MPC mechanism.
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