The Federal Reserve is the central bank of the United States and consists of a board of governors, a board of directors, and 12 Federal banks. The Federal Reserve's measures in conducting monetary policy are Open Market Operations, the Discount Window and the interest rate on minimum and required reserves. Open market operations are divided into permanent and temporary. The discount rate is divided into primary, secondary and seasonal. Reserve interest rates consist of Interest on Required Reserve and Excess Reserves. By reducing interest rates on reserves and on discount loans, liquidity increases and vice versa. The Fed sets the Federal Funds Rate as the target rate. During the financial crisis, the Federal Reserve lowered interest rates and began programs to buy government securities and Mortgage backed securities from banks. The normalization process was announced in 2014, and in 2015 the overnight rate was raised. During 2019, the process of normalization ends, and in 2020 there is a pandemic crisis during which endless QE is announced. The European Central Bank consists of a governing board with members of the executive board and central bank governors of the 19 euro area members. The ECB uses open market operations, standing facilities and minimum reserve requirements for credit institutions in the implementation of monetary policy. The Main refinancing operation for banks lends money from the ECB with collateral, Deposit facility allows for deposit on the account of national central bank, and the Marginal lending facility option allows banks to take out overnight loans with the central bank. The ECB introduces a negative interest rate in 2014 and government securities soon receive a negative yield. The ECB, together with the Fed, is implementing quantitative easing in response to low economic growth and low inflation.