31. They argue that Argentina's monetary system was an inconsistent mixture of currency board and central banking elements. 32. Two books have appeared this fall that illuminate from different angles the shadowy world of central banking . 33. The interaction between central banking and currency basis formed the primary source of monetary instability during this period. 34. The twelve regional Federal Reserve Banks were established as the operating arms of the nation's central banking system. 35. There have been three great inventions since the beginning of time : fire, the wheel, and central banking . 36. Monetarists, under the leadership of Milton Friedman, believe that discretionary central banking is the problem, not the solution. 37. Unified central banking is to begin on Jan . 1, 1999, when exchange rates would be locked in. 38. The central banking system would be in place soon, providing a framework for investment and trade, Noorzai said. 39. To prevent further crises, Cortelyou advocated a more elastic currency and recommended the creation of a central banking system. 40. Prior to this proclamation, the bank carried out dual activities i . e . commercial banking and central banking .
