European System of Central Banks

The European System of Central Banks (abbreviated ESCB) consists of the European Central Bank ( ECB) and the national central banks ( NCBs) of all States of the European Union. The introduction of the ESCB in the third stage of European Economic and Monetary Union was agreed in the Treaty of Maastricht in 1992 and implemented on 1 January 1999.

The function and objectives of the ESCB under Article 127 et seq. TFEU ​​and regulated in the Statute, which is appended to the TFEU as Protocol 4. The monetary policy the primary objective of the ESCB is to maintain price level stability. If this is reached, it shall be used as a secondary objective, the general economic policies in the European Union.

The ESCB is not to be confused with the Euro system. While the ESCB comprises all EU countries belong to the euro system in addition to the ECB only the national central banks of the countries of the euro zone, so the States which have adopted the euro as their currency.

Tasks of the ESCB

  • Define and execute the monetary policy of the Community
  • Foreign exchange transactions carry out as part of the exchange rate policy
  • Hold and manage the official foreign reserves of the Member States
  • Contribute to the supervision of credit institutions and financial market stability
  • Promote the smooth operation of payment transactions

Organs of the ESCB

  • European Central Bank ( ECB)
  • National Central Banks ( NCBs)

National central banks

  • Belgium: National Bank of Belgium
  • Bulgaria: Narodna Banka Balgarska (no Euros )
  • Denmark: Danish National Bank (no euro, ERM II)
  • Germany: German Bundesbank
  • Estonia: Eesti Pank
  • Finland: Suomen Pankki
  • France: Banque de France
  • Greece: Bank of Greece
  • United Kingdom: Bank of England (no Euros )
  • Ireland: Central Bank and Financial Services Authority of Ireland
  • Italy: Banca d' Italia
  • Latvia: Latvijas Banka
  • Lithuania: Lietuvos Bankas (no euro, ERM II)
  • Luxembourg: Central Bank of Luxembourg
  • Malta: Bank Centrali ta ' Malta
  • Netherlands: De Nederlandsche Bank
  • Austria: Austrian National Bank
  • Poland: National Bank of Poland (no Euros )
  • Portugal: Banco de Portugal
  • Romania: National Bank of Romania (no Euros )
  • Spain: Bank of Spain
  • Sweden: Sveriges Riksbank (no Euros )
  • Slovakia: National Bank of Slovakia
  • Slovenia: Banka Slovenije
  • Czech Republic: Česká národní banka (no Euros )
  • Hungary: Magyar Nemzeti Bank (no Euros )
  • Cyprus: Central Bank of Cyprus
Treaty on the Functioning of the European Union Eurosystem Bulgarian National Bank Bank of Estonia Central Bank of Ireland Bank of Latvia Bank of Slovenia Hungarian National Bank
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