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 European Central Bank (ECB) has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand.
The Eurosystem consists of the ECB and the national central banks (NCB) of the 20 member states that are part of the eurozone. The national central banks apply the monetary policy of 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.
The Eurosystem is independent. When performing Eurosystem-related tasks, neither the ECB, nor an NCB, nor any member of their decision-making bodies may seek or take instructions from any external body. The Community institutions and bodies and the governments of the member states may not seek to influence the members of the decision-making bodies of the ECB or of the NCBs in the performance of their tasks.
The Eurosystem is distinct from the European System of Central Banks (ESCB), which comprises the ECB and the central banks of all 27 European Union member states, including those that are not part of the eurozone.
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. Without prejudice to this objective, the Eurosystem supports the general economic policies in the Community and acts in accordance with the principles of an open market economy.
The basic tasks carried out by the Eurosystem are (art. 127 TFEU):
In addition, the Eurosystem contributes to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system.
The ECB has an advisory role vis-à-vis the Community and national authorities on matters within its field of competence, particularly where Community or national legislation is concerned. The ECB, assisted by the NCBs, has the task of collecting the necessary statistical information either from the competent national authorities or directly from economic agents to enable the ESCB to perform its tasks.
|Eurozone||European Central Bank||Christine Lagarde|||
|Austria||Oesterreichische Nationalbank||Robert Holzmann|||
|Belgium||National Bank of Belgium||Pierre Wunsch|||
|Croatia||Croatian National Bank||Boris Vujčić|||
|Cyprus||Central Bank of Cyprus||Crystalla Giorkatzi|||
|Estonia||Bank of Estonia||Madis Müller|||
|Finland||Bank of Finland||Erkki Liikanen|||
|France||Bank of France||François Villeroy de Galhau|||
|Germany||Deutsche Bundesbank||Joachim Nagel|||
|Greece||Bank of Greece (Τράπεζα της Ελλάδος)||Yannis Stournaras|||
|Ireland||Central Bank of Ireland||Gabriel Makhlouf|||
|Italy||Bank of Italy||Ignazio Visco|||
|Latvia||Bank of Latvia||Mārtiņš Kazāks|||
|Lithuania||Bank of Lithuania||Gediminas Šimkus|| Archived 18 September 2004 at the Wayback Machine|
|Luxembourg||Central Bank of Luxembourg||Gaston Reinesch|||
|Malta||Central Bank of Malta||Edward Scicluna|||
|Netherlands||De Nederlandsche Bank||Klaas Knot|||
|Portugal||Banco de Portugal||Mário Centeno|||
|Slovakia||National Bank of Slovakia||Peter Kažimír|||
|Slovenia||Bank of Slovenia||Boštjan Jazbec|||
|Spain||Bank of Spain||Pablo Hernández de Cos|||