Eurosystem
Encyclopedia
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
, the collective of European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
member states that have adopted the euro as their sole official currency. The Eurosystem consists of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
(it decides the monetary policy) 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). The primary objective of the Eurosystem is price stability. Secondary objectives are financial stability and financial integration.
The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives.
With a number of the member states outside the Eurozone, the European System of Central Banks
European System of Central Banks
The European System of Central Banks is composed of the European Central Bank and the national central banks of all 27 European Union Member States.-Functions:...
is the system of central banks consisting of the ECB and the central banks of all member states, inside and outside 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.
Current members
European Central BankEuropean Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
}: Österreichische Nationalbank
}: Nationale Bank van België/Banque nationale de Belgique
National Bank of Belgium
The National Bank of Belgium has been the central bank of Belgium since 1850...
}: Kεντρικη Τραπεζα της Κυπρου (Kentrike Trapeza tis Kyprou)
}: Eesti Pank
}: Suomen Pankki/Finlands Bank
Bank of Finland
The Bank of Finland is the central bank of Finland. It is the fourth oldest central bank in the world.-History:The Bank of Finland was established on 1 March in 1812 in the city of Turku by Alexander I of Russia. In 1819 it was relocated to Helsinki...
}: Banque de France
Banque de France
The Banque de France is the central bank of France; it is linked to the European Central Bank . Its main charge is to implement the interest rate policy of the European System of Central Banks...
}: Deutsche Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...
}: Τράπεζα της Ελλάδος (Trapeza tis Ellados)
Bank of Greece
The Bank of Greece is the nationalcentral bank of Greece, located in Athens on Panepistimiou Street, with several branches across the country. Founded in 1927...
}: Banc Ceannais na hÉireann / Central Bank of Ireland
}: Banca d'Italia
Banca d'Italia
Banca d'Italia is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, Roma, via Nazionale...
}: Banque Centrale du Luxembourg
Banque Centrale du Luxembourg
The Central Bank of Luxembourg is the central bank of Luxembourg. It was founded in 1998, at the same time the European Central Bank was created, by laws dated 22 April and 23 December...
}: Bank Ċentrali ta’ Malta
Central Bank of Malta
The Central Bank of Malta was established on 17 April 1968. In May 2004, when Malta joined the European Union, it became an integral part of the European System of Central Banks. It was responsible for, amongst other things, issuing Maltese lira banknotes and coins, before Malta adopted the euro...
}: De Nederlandsche Bank
De Nederlandsche Bank
De Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:...
}: Banco de Portugal
Banco de Portugal
The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
}: Národná banka Slovenska
National Bank of Slovakia
National Bank of Slovakia , is the central bank of Slovakia, which is a member of the European Union and the European System of Central Banks. Since 1 January 2009, it has also been a member of Eurosystem.-History:...
}: Banka Slovenije
Bank of Slovenia
The Bank of Slovenia is the bank of issue and the central bank of the Republic of Slovenia. Based in Ljubljana, it was established on 25 June 1991. Its primary task is to take care of the stability of the domestic currency and to ensure the liquidity of payments within the country and with...
}: Banco de España
Banco de España
The Bank of Spain , is the national central bank of Spain. Established in Madrid in 1782 by Charles III, today the bank is a member of the European System of Central Banks.-History:...