The Eurosystem the US Federal Reserve and the Bank of Japan : similarities and differences The paper provides a systematic comparison of the Eurosystem the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks which reflect different historical conditions and national characteristics. However widespread changes in central banking practices in the direction of greater independence and increased transparency as well as changes in the economic and financial environment over the past 15 20 years have contributed to reduce the differences among these three world&rsquo;s principal monetary authorities. A comparison based on simple over the counterʺ policy reaction functions shows no striking differences in terms of monetary policy implementation.