BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  European System of Central Banks European System of Central Banks The European 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.   For this 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 inflation). Without 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. Basic Tasks of European System of Central Banks:    to define and implement the monetary policy of the eurozone;    to conduct foreign exchange operations;    to hold and manage the official foreign reserves of the Member States; and    to promote 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 qualified staff.   European System of Central Banks HQ Address: Eurotower (Main building) Kaiserstrasse 29 60311 Frankfurt am Main Germany Telephone: +49 69 13 44 0 Facsimile: +49 69 13 44 60 00 Email: info@ecb.europa.eu Website: www.ecb.int Currency: Euro Banking Hours: Monday - 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. List of EU States joined European System of Central Banks: Austria Germany Netherlands Belgium Greece Portugal Cyprus Ireland Slovakia Estonia Italy Slovenia Finland Luxembourg Spain France Malta   DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved