Ulirch Bindseil is currently the director general of the Directorate General Market Operations at the European Central Bank (ECB), and in November he will become the director general of Market Infrastructure and Payments at the ECB. Ulrich has written widely on central banking operative frameworks, including a textbook, and is considered one of the world’s leading authorities on operating systems. He joins the show today to talk about these frameworks and much more. David and Ulrich also discuss the debate between floor and corridor systems, the principles for evaluating operating frameworks, and the big lessons central bankers have learned from the past decade.   Transcript for the episode: https://www.mercatus.org/bridge/podcasts/07292019/ulrich-bindseil-central-bank-operating-systems   Ulrich’s ECB paper archive: https://www.ecb.europa.eu/pub/research/authors/profiles/ulrich-bindseil.en.html Ulrich’s ResearchGate profile: https://www.researchgate.net/profile/Ulrich_Bindseil   Related Links:   *Evaluating Monetary Policy Frameworks* by Ulrich Bindseil https://www.kansascityfed.org/~/media/files/publicat/sympos/2016/econsymposium-bindseil-paper2.pdf?la=en   *Central Banking Before 1800: A Rehabilitation* by Ulrich Bindseil https://global.oup.com/academic/product/central-banking-before-1800-9780198849995?prevNumResPerPage=60&lang=en&cc=gb   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth