European System of Central Banks (ESCB)
Système européen des banques centrales (SEBC)
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1 June 1998, as an integral part of European Union (EU). Establishment was envisaged in the Treaty on European Union (Maastricht Treaty), 7 Feb 1992, together with that of the European Central Bank, under the 3rd stage of European Economic and Monetary Union (EMU). The Committee of Governors of the Central Banks of the Member States of the European Economic Community was closely involved in drawing up the ESCB statute, which is laid down in a protocol to the Maastricht Treaty. European Monetary Institute (EMI), set up 1 Jan 1994, under the second stage of EMU, prepared the regulatory, organizational and logistic framework necessary for the ESCB to perform its tasks; its work was completed 31 May 1998 and succeeded on 1 June 1998 by establishment of ECB and ESCB. The 3rd stage of EMU was launched following decision of Council of the European Union, that the majority of member states had met convergence criteria and fulfilled conditions for adoption of a single currency. This 3rd stage commenced on 1 Jan 1999, with the irrevocable fixing of the exchange rates of the currencies of the participating Member States and when the new European currency - the 'euro' - became effective, and was finalized on 31 Dec 2001. From 1 Jan 2002, banks of countries of the Euro Area (Eurosystem) issue only euro notes and coins. Legal framework for the single monetary policy is the Treaty on the Functioning of the European Union (TFEU) and the Statute of the European System of Central Banks and of the European Central Bank.
Primary objective: maintain price stability. Without prejudice to objective price stability: support general economic policies in the European Community; act in accordance with the principle of an open market economy, with free competition, favouring efficient allocation of resources. Basic tasks: define and implement the monetary policy of the Community; conduct foreign exchange operations; hold and manage official foreign reserves of euro area Member States; promote smooth operation of payment systems; contribute to smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system.Available with paid subscription only.
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Members in 28 countries
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UN Sustainable Development Goals **
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