Differences among Bank of Canada, the Bank of England, and the Bank of Essay

Differences among Bank of Canada, the Bank of England, and the Bank of Japan - Essay Example In 1694, the bank operated from its foundation, and it was privately owned. However, the bank has since become independent becoming a public organization. The Treasury Solicitor owns the bank on behalf of the Government. In addition, the Treasury Solicitor has independence in monetary policy (Yasin, 2013). The bank of Japan, BOJ had its reorganization after the post-war time in 1942. The bank was independent and operated independently. The BOJ had its own monetary and controlled its credits. The bank had considerable independence that lead to losing of its accountability leading to promulgation of the Japan law. The BOJ controlled the monetary and currency, which controlled the economy. The government maintains a close relationship with the bank. The government helps the bank in managing the currency and monetary aspects of the bank (Yasin, 2013). The main difference among the three banks is the ownership and control of the banks. The Canada Minister of Finance owns the bank of Canada. He owns the bank behalf of Her Majesty in right. The Treasury Solicitor on behalf of the Government owns the Bank of England. The Bank of Japan is independently owned, and the government maintains a close relationship to help the bank in its currency and monetary aspect (Yasin,