European System of Central Banks

The European System of Central Banks (ESCB) comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 European Union (EU) countries whether or not they have adopted the euro as their currency. The ECB together with the NCBs of the EU countries whose currency is the euro constitute the Eurosystem.

According to the Treaty on the Functioning of the EU, the primary objective of the ESCB is to maintain price stability in the EU. In addition, the ESCB supports the EU general economic policies with a view to achieving the EU’s objectives, as laid down in Article 3 of the Treaty on European Union.

The ESCB is governed by the decision-making bodies of the European Central Bank.

SEE ALSO

• Convergence criteria
• Euro
• Euro area
• European Central Bank
• European Union
• Eurosystem
• Monetary policy
• Opting out
• European Central Bank (summary).