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Not to be confused with the "Eurosystem.
"European Union
Flag of the European Union

This article is part of a series on the
"politics and government
of the European Union

The European System of Central Banks (ESCB) consists of the "European Central Bank (ECB) and the national "central banks (NCBs) of all 28 "member states of the European Union (EU).

The ESCB is not the monetary authority of the "eurozone, because not all EU member states have joined the euro. That role is performed by the "Eurosystem, which includes the national central banks of the 19 member states that have adopted the euro. The ESCB's objective is price stability throughout the European Union. Secondarily, the ESCB's goal is to improve monetary and financial cooperation between the Eurosystem and member states outside the eurozone.[1]

Contents

Organization[edit]

The process of decision-making in the Eurosystem is centralized through the decision-making bodies of the ECB, namely the Governing Council and the Executive Board. As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council, shall also exist. The NCBs of the Member States that do not participate in the "euro area are members of the ESCB with a special status – while they are allowed to conduct their respective national monetary policies, they do not take part in the decision-making with regard to the single monetary policy for the euro area and the implementation of such decisions.

The Governing Council comprises all the members of the Executive Board and the governors of the National Central Banks (NCBs) of the Member States without a derogation, i.e. those countries which have adopted the euro. The main responsibilities of the Governing Council are:

The Executive Board comprises the President, the Vice-President and four other members, all chosen from among persons of recognized standing and professional experience in monetary or banking matters. They are appointed by common accord of the governments of the Member States at the level of the Heads of State or Government, on a recommendation from the "Council of Ministers after it has consulted the "European Parliament and the Governing Council of the ECB (i.e. the Council of the "European Monetary Institute (EMI) for the first appointments). The main responsibilities of the Executive Board are:

The General Council comprises the President and the Vice-President and the governors of the NCBs of all 28 Member States. The General Council performs the tasks which the ECB took over from the EMI and which, owing to the derogation of one or more Member States, still have to be performed in Stage Three of "Economic and Monetary Union (EMU). The General Council also contributes to:

The Statute of the ESCB makes provision for the following measures to ensure security of tenure for NCB governors and members of the Executive Board:

Member banks[edit]

The ESCB is composed of the European Central Bank and the national central banks of all 28 member states of the European Union. The first section of the following list lists member states and their central banks that form the "Eurosystem (plus the ECB), which set eurozone monetary policy. The second section lists member states and their central banks that maintain separate currencies.

State Central Bank Governor[2] Website
Eurozone members (Eurosystem)
"European Union "Eurozone "European Central Bank "Mario Draghi [1]
 Austria "Oesterreichische Nationalbank "Ewald Nowotny [2]
 Belgium "Nationale Bank van België / Banque Nationale de Belgique Jan Smets [3]
 Cyprus "Central Bank of Cyprus Crystalla Giorkatzi [4]
 Estonia "Eesti Pank "Ardo Hansson [5]
 Finland "Suomen Pankki – Finlands Bank "Erkki Liikanen [6]
 France "Banque de France "François Villeroy de Galhau [7]
 Germany "Deutsche Bundesbank "Jens Weidmann [8]
 Greece "Bank of Greece "Yannis Stournaras [9]
 Ireland "Banc Ceannais na hÉireann / Central Bank of Ireland "Patrick Honohan [10]
 Italy "Banca d'Italia "Ignazio Visco [11]
 Latvia "Latvijas Banka Ilmārs Rimšēvičs [12]
 Lithuania "Lietuvos Bankas Vitas Vasiliauskas [13]
 Luxembourg "Banque Centrale du Luxembourg Gaston Reinesch [14]
 Malta "Bank Ċentrali ta’ Malta / Central Bank of Malta Josef Bonnici [15]
 Netherlands "De Nederlandsche Bank "Klaas Knot [16]
 Portugal "Banco de Portugal "Carlos Costa [17]
 Slovakia "Národná banka Slovenska "Jozef Makúch [18]
 Slovenia "Banka Slovenije "Boštjan Jazbec [19]
 Spain "Banco de España "Luis María Linde [20]
Non-eurozone/Eurosystem
 Bulgaria "Българска народна банка / Bulgarian National Bank Dimitar Radev [21]
 Croatia "Hrvatska narodna banka "Boris Vujčić [22]
 Czech Republic "Česká národní banka "Jiří Rusnok [23]
 Denmark "Danmarks Nationalbank Lars Rohde [24]
 Hungary "Magyar Nemzeti Bank "György Matolcsy [25]
 Poland "Narodowy Bank Polski "Adam Glapiński [26]
 Romania "Banca Națională a României "Mugur Constantin Isărescu [27]
 Sweden "Sveriges Riksbank "Stefan Ingves [28]
 United Kingdom "Bank of England "Mark Carney [29]

Notes[edit]

  1. ^ European Central Bank/Eurosystem, Organisation
  2. ^ Most common name for post, also used: President, Chairman or General Secretary

External links[edit]

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