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Mr Trichet takes pride in the ECB's effective monetary control over the rapidly growing euro area, which has expanded from 11 members to 17 since its creation in 1999.
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What are your instruments of monetary control?
The law in question was the Depository Institution Deregulation and Monetary Control Act of 1980.
The Monetary Control Act gutted Regulation Q, and all state usury laws were unilaterally suspended.
A hundred years ago, monetary policy – control over interest rates and the availability of credit – was viewed as a highly contentious political issue.
This would give it more control over monetary policy.
It would, for example, give the government greater control over monetary policy.
The problem is that central banks must rely primarily on monetary policy to exert control over asset markets.
They then stayed high because Britain lost control over monetary policy after joining the European exchange-rate mechanism.
Ecuador's president, Rafael Correa, has won a referendum on a new constitution that will implement leftist reforms, including increased state control over monetary and oil policy.
Paying interest on reserves allows the central bank to set a floor on interest rates and retain at least some control over monetary policy.
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