System of Central Banks (ESCB) is composed of the European Central Bank (ECB)
and the national central banks (NCBs) of all 27 European Union (EU) Member
States. Since not all the EU states have joined the euro, the ESCB could not
be used as the monetary authority of the eurozone.
reason the Eurosystem (which excludes all the NCBs which have not adopted
the euro) became the institution in charge of those tasks which in principle
had to be managed by the ESCB. In accordance with the treaty establishing
the European Community and the Statute of the European System of Central
Banks and of the European Central Bank, the primary objective of the
Eurosystem is to maintain price stability (in other words control
prejudice to this objective, the Eurosystem shall support the general
economic policies in the Community and act in accordance with the principles
of an open market economy.
of European System of Central Banks:
to define and implement the monetary policy of the eurozone;
foreign exchange operations;
and manage the official foreign reserves of the Member States; and
the smooth operation of payment systems.
In achieving the tasks above, ESCB commits itself to providing effective
support functions through a sound banking and financial control system,
appropriate information system and the development of competent and
European System of Central
60311 Frankfurt am Main
+49 69 13
+49 69 13
44 60 00
Friday : 8:30 am - 5:30 pm
Since June 1998,
the ECB as the 'captain' of the Eurosystem team, the central banking
system of the euro area has been conducting monetary policy for the
countries in the currency union. Its primary objective is price
stability over the medium term, because stable prices form the basis for
sustainable economic growth and prosperity in Europe.
EU States joined European System of Central Banks:
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