European System of Central Banks

Not to be confused with the Eurosystem.

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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]

Organization

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 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:

to adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the Eurosystem;
to formulate the monetary policy of the euro area, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in the Eurosystem, and
to establish the necessary guidelines for their implementation.

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:

to implement monetary policy in accordance with the guidelines and decisions laid down by the Governing Council of the ECB and, in doing so, to give the necessary instructions to the NCBs; and
to execute those powers which have been delegated to it by the Governing Council of the ECB.

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 ECB's advisory functions
the collection of statistical information
the preparation of the ECB's annual reports
the establishment of the necessary rules for standardising the accounting and reporting of operations undertaken by the NCBs
the taking of measures relating to the establishment of the key for the ECB's capital subscription other than those already laid down in the Treaty
the laying-down of the conditions of employment of the members of staff of the ECB, and
the necessary preparations for irrevocably fixing the exchange rates of the currencies of the Member States with a derogation against the euro.

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:

a minimum renewable term of office for national central bank governors of five years;
a minimum non-renewable term of office for members of the Executive Board of eight years (a system of staggered appointments was used for the first Executive Board for members other than the President in order to ensure continuity); and
removal from office is only possible in the event of incapacity or serious misconduct; in this respect the Court of Justice of the European Communities is competent to settle any disputes.

Member banks

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]
Eurozone members (Eurosystem)
Eurozone	European Central Bank	Mario Draghi
Austria	Oesterreichische Nationalbank	Ewald Nowotny
Belgium	Nationale Bank van België / Banque Nationale de Belgique	Jan Smets
Cyprus	Central Bank of Cyprus	Crystalla Giorkatzi
Estonia	Eesti Pank	Ardo Hansson
Finland	Suomen Pankki – Finlands Bank	Erkki Liikanen
France	Banque de France	François Villeroy de Galhau
Germany	Deutsche Bundesbank	Jens Weidmann
Greece	Bank of Greece	Yannis Stournaras
Ireland	Banc Ceannais na hÉireann / Central Bank of Ireland	Patrick Honohan
Italy	Banca d'Italia	Ignazio Visco
Latvia	Latvijas Banka	Ilmārs Rimšēvičs
Lithuania	Lietuvos Bankas	Vitas Vasiliauskas
Luxembourg	Banque Centrale du Luxembourg	Gaston Reinesch
Malta	Bank Ċentrali ta’ Malta / Central Bank of Malta	Josef Bonnici
Netherlands	De Nederlandsche Bank	Klaas Knot
Portugal	Banco de Portugal	Carlos Costa
Slovakia	Národná banka Slovenska	Jozef Makúch
Slovenia	Banka Slovenije	Boštjan Jazbec
Spain	Banco de España	Luis María Linde
Non-eurozone/Eurosystem
Bulgaria	Българска народна банка / Bulgarian National Bank	Dimitar Radev
Croatia	Hrvatska narodna banka	Boris Vujčić
Czech Republic	Česká národní banka	Miroslav Singer
Denmark	Danmarks Nationalbank	Lars Rohde
Hungary	Magyar Nemzeti Bank	György Matolcsy
Poland	Narodowy Bank Polski	Marek Belka
Romania	Banca Națională a României	Mugur Constantin Isărescu
Sweden	Sveriges Riksbank	Stefan Ingves
United Kingdom	Bank of England	Mark Carney

Notes

Wikisource has original text related to this article:

Protocol on the Statute of the ESCB and ECB

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

External links

European Central Bank
ECB – The General Council
Organisation and operation of the ECB CVCE (Centre for European Studies)

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Outside Eurozone	Bulgarian National Bank Croatian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank Bank of England

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Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

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Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

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Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

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Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Authority control	GND: 3046795-0

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