Eurosystem

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Map of European states related to the euro

The Eurosystem is an organizational unit for the euro formed within the framework of the European Monetary Union . It consists of the national central banks (NCBs) of those EU countries that have introduced the euro as legal tender and the European Central Bank (ECB). The Eurosystem is to exist until all EU member states have introduced the euro.

function

Functions are assigned to the Eurosystem and has its own organization. It is managed by the decision-making bodies of the ECB ( Governing Council ). The Eurosystem fulfills the functions of a central bank in the currency area of ​​the euro and implements a common monetary policy . Functionally, it corresponds to the Federal Reserve System in the USA.

Demarcation

In contrast to the Eurosystem, the European System of Central Banks (ESCB) is an abstract term. It comprises the ECB and the NCBs of all member states of the European Union , some of which do not belong to the euro area . The member NCBs have only limited rights and obligations to participate in the performance of the Eurosystem's tasks.

tasks

The Eurosystem has the following tasks:

• Ensuring price stability.
• Define and execute the monetary policy of the euro area .
• Conduct foreign exchange transactions.
• Hold and manage the official currency reserves of the member states of the euro area.
• Promote the proper functioning of payment systems.

• Issue the euro banknotes and ensure that they are forgery-proof.
• Collect and process statistical data.
• Contribute to the smooth implementation of banking supervision and financial market stability.
• International cooperation.

Monetary policy

→ Main article : European Central Bank

The Eurosystem's primary objective is to ensure price level stability , while the secondary objective is to support general economic policy in the European Union.

List of national central banks in the Eurosystem

•  European Union - European Central Bank
  •  Belgium - National Bank of Belgium
  •  Germany - Deutsche Bundesbank
  •  Estonia - Eesti Pank
  •  Finland - Suomen Pankki
  •  France - Banque de France
  •  Greece - Bank of Greece
  •  Ireland - Central Bank and Financial Services Authority of Ireland
  •  Italy - Banca d'Italia
  •  Latvia - Latvijas Banka
  •  Lithuania - Lietuvos bankas
  •  Luxembourg - Luxembourg central bank
  •  Malta - Bank Ċentrali ta 'Malta
  •  Netherlands - De Nederlandsche Bank
  •  Austria - Oesterreichische Nationalbank
  •  Portugal - Banco de Portugal
  •  Slovakia - National Bank of Slovakia
  •  Slovenia - Banka Slovenije
  •  Spain - Bank of Spain
  •  Cyprus - Central Bank of Cyprus

Web links

ECB, ESCB and the Eurosystem

Individual evidence

1. ↑ The currency area of ​​the euro is sometimes referred to colloquially as the euro area , the euro zone and the euro zone .