Eurosystem

European Central Bank in Frankfurt
National Bank of Slovakia, Eurosystem member since 2009

Not to be confused with the European System of Central Banks.

The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The Eurosystem consists of the European Central Bank and the central banks of the member states that belong to the eurozone (their function is to apply the monetary policy decided by the ECB).[1] The primary objective of the Eurosystem is price stability.[2] Secondary objectives are financial stability and financial integration.[3] The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives.[4]

The Eurosystem is distinct from the European System of Central Banks, which is the group of central banks that includes the ECB and the central banks of all European Union member states, including those of countries not included in the eurozone. 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 the member states outside the eurozone.[1]

Current members

References

  1. ↑ 1.0 1.1 European Central Bank/Eurosystem, Organisation
  2. ↑ "Price stability: Year-on-year increase in the Harmonized Index of Consumer Prices for the euro area of below 2%." Source: FACTS presentation: Monetary policy
  3. ↑ The mission of the Eurosystem
  4. ↑ FACTS presentation: Organisation

External links