European System of Central Banks

EU executive body

Not to be confused with the Eurosystem.

This article is part of a series on

Politics of the European Union

Member states (27)

* Austria
* Belgium
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

* * *

Candidate countries

* Albania
* Bosnia and Herzegovina
* Georgia
* Moldova
* Montenegro
* North Macedonia
* Serbia
* Ukraine

* * *

Countries with suspended accession negotiations

* Turkey

* * *

Applicant countries

* Kosovo

* * *

States not on the agenda

* Armenia
* Azerbaijan
* Belarus
* Iceland
* Kazakhstan
* Norway
* Russia
* Switzerland
* United Kingdom

* * *

Microstates and the European Union

* Andorra
* Liechtenstein
* Monaco
* San Marino
* Vatican City

* * *

* Special territories
* EU 3 (EU founding states)
* Enlargement of the European Union
* Withdrawal from the European Union

* * *

Treaties and Declarations

* Schuman Declaration (1950)
* Treaty of Paris (1951)
* Europe Declaration (1951)
* Spaak Report (1956)
* Treaty of Rome (1957)
* Euratom Treaty (1957)
* Merger Treaty (1965)
* Solemn Declaration (1983)
* Single European Act (1986)
* Maastricht Treaty (1992)
* Treaty of Amsterdam (1997)
* Treaty of Nice (2001)
* Berlin Declaration (2007)
* Treaty of Lisbon (2007)
* Article 7
* Article 50

* * *

Opt-outs

* * *

Treaties of accession

1972, 1979, 1985, 1994, 2003, 2005, 2011

* * *

Treaties of withdrawal

1984, 2020

* * *

Other treaties

* Schengen Agreement (1985)
* European Economic Area Agreement (1992)

* * *

Abandoned treaties and agreements

* European Constitution (2004)
* UK membership renegotiation (2015–2016)

Executive institutions

European Council

* President: Costa (PES)
* Parties
* List of meetings

* * *

European Commission

* Von der Leyen Commission
* President: Von der Leyen (EPP)
* Vice Presidents
* College of Commissioners
* Civil Service
* Secretary-General:  Juhansone

Legislative institutions

* Legislative procedure

* * *

Council of the EU

Presidency

Denmark

(July–December 2025)

* * *

Configurations

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* * *

* Voting
* Secretariat
* Secretary-General: Thérèse Blanchet
* Directorates-general
* Council preparatory bodies
* COREPER
* Council Working Parties

* * *

European Parliament
(Members)

* President: Metsola
* Largest groups
* EPP (Manfred Weber)
* S&D (Iratxe García)
* Member of the European Parliament
* 10th session (2024–2029)
* Bureau
* Vice Presidents
* Quaestor
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* * *

National parliaments

Judicial institutions

Court of Justice of the EU

* European Court of Justice
* Members
* Advocates General
* Rulings
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Auditory institutions

European Court of Auditors

* European Court of Auditors

* * *

Other auditory bodies

* Internal Audit Service of the Commission
* Committee on Budgetary Control of the Parliament
* Economic and Financial Affairs configuration of the Council
* Anti-Fraud Office
* Public Prosecutor's Office

European Central Bank

* President Lagarde
* ESCB
* EMU
* Euro banknotes
* Euro coins

Other bodies

European Investment Bank Group

* Investment Bank
* Investment Fund
* EIB Institute

* * *

European Stability Mechanism

* European Stability Mechanism

* * *

European University Institute

* European University Institute

* * *

Unified Patent Court

* Unified Patent Court

* * *

Agencies, decentralised independent bodies and joint undertakings

* Decentralised agencies of the EU
* Single market agencies
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* ESFS European Supervisory Authorities
* SRM bodies
* Executive agencies of the EU
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* European Public Prosecutor's Office
* Corporate bodies of the EU
* European Data Protection Board
* Authority for European Political Parties and European Political Foundations
* Joint undertakings
* of the EU
* of the Euratom

* * *

Other independent bodies

* European Data Protection Supervisor
* European Ombudsman

* * *

Advisory bodies

* European Committee of the Regions
* European Economic and Social Committee
* Political and Security Committee
* European Union Military Committee
* EU/ESA Space Council

* * *

Inter-institutional bodies

* Publications Office of the European Union
* European External Action Service
* European Personnel Selection Office
* Anti-Fraud Office
* European Administrative School

Euratom

Euratom members

* Austria
* Belgium
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

* * *

Associated states

* Switzerland
* United Kingdom

* * *

* Nuclear power in the European Union

Euratom since 1 January 2021

Economic and Monetary Union

Eurozone members

* Austria
* Belgium
* Croatia
* Cyprus
* Estonia
* Finland
* France
* Germany
* Greece
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Portugal
* Slovakia
* Slovenia
* Spain

* * *

Eurogroup

* President
* Paschal Donohoe

* * *

Other currencies in use

* Bulgarian lev
* Czech koruna
* Danish krone
* Hungarian forint
* Polish złoty
* Romanian leu
* Swedish krona

* * *

* ERM II
* Enlargement of the eurozone

* * *

Non Euro countries relationship to Euro

* Bulgaria
* Czechia
* Denmark
* Hungary
* Poland
* Sweden
* Romania

Eurozone since 2015

Schengen Area

* Austria
* Belgium
* Bulgaria
* Croatia
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

* * *

Non-EU members

* Iceland
* Liechtenstein
* Norway
* Switzerland

* * *

Non-Schengen area EU member states

* Cyprus
* Ireland (Opt-out)

* * *

* ETIAS
* Prüm Convention
* Schengen Information System
* Visa Information System
* Visa policy of the Schengen Area

Schengen Area from January 2023

European Economic Area

EEA members

* Austria
* Belgium
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

* * *

Non-EU members

* Iceland
* Liechtenstein
* Norway

* * *

Topics

* EEA Joint Committee
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* Microstates and the European Union

European Economic Area

Elections

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* * *

European elections

* 1979
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* * *

Elections in EU member states

* Austria
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* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
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* Netherlands
* Poland
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* Romania
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Law

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Policies and issues

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* Institutional seats of the European Union
* Integration
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* European Federation
* Multi-speed Europe
* Enhanced cooperation

Foreign relations

High Representative

* Kaja Kallas

* * *

* Ext. Action Service
* Foreign Policy
* Defence Policy

* * *

Foreign relations of EU member states

* Austria
* Belgium
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

* * *

* Argentina–European Union relations
* Armenia–European Union relations
* Australia–European Union relations
* Brazil–European Union relations
* Canada–European Union relations
* China–European Union relations
* European Union–NATO relations
* Georgia–European Union relations
* Iceland–European Union relations
* Iran–European Union relations
* Israel–European Union relations
* Japan–European Union relations
* Kazakhstan–European Union relations
* Mexico–European Union relations
* Moldova–European Union relations
* Norway–European Union relations
* Russia–European Union relations
* Switzerland–European Union relations
* Turkey–European Union relations
* Ukraine–European Union relations
* United Kingdom–European Union relations (History)
* Post-Brexit United Kingdom relations with the European Union
* Brexit
* United States–European Union relations

* * *

* Common Travel Area (Ireland)
* Microstates and the European Union
* European Union and the United Nations
* European Union Association Agreement
* European Neighbourhood Policy
* Eastern Partnership
* Euronest Parliamentary Assembly

* * *

* G7
* G20

Defunct bodies

* European Communities (1958–1993)

European Coal and Steel Community
European Economic Community
* European Community
* Western European Union
* Convention on the Future of Europe

European Union portal

* Other countries

* v
* t
* e

The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU).[1] Its objective is to ensure price stability throughout the EU, and improve monetary and financial cooperation between eurozone and non-eurozone member states of the EU.[2]

## Organization

[edit]

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 eurozone 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 eurozone 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, that is, those countries which have adopted the euro. The main responsibilities of the Governing Council are:

* Adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the Eurosystem
* Formulate the monetary policy of the eurozone, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates, and the supply of reserves in the Eurosystem
* 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:

* 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
* 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 27 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:

* ECB's advisory functions
* Collection of statistical information
* Preparation of the ECB's annual reports
* Establishment of the necessary rules for standardising the accounting and reporting of operations undertaken by the NCBs
* 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
* Laying-down of the conditions of employment of the members of staff of the ECB
* 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:

* Minimum renewable term of office for national central bank governors of five years
* 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)
* Removal from office is only possible in the event of incapacity or serious misconduct; in this respect the Court of Justice of the European Union is competent to settle any disputes

## Member banks

[edit]

The ESCB is composed of the European Central Bank and the national central banks of all 27 member states of the EU. 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[3]

|
|

Eurozone members (Eurosystem)
Eurozone | European Central Bank | Christine Lagarde
Austria  | Oesterreichische Nationalbank | Robert Holzmann
Belgium  | Nationale Bank van België
Banque nationale de Belgique
Belgische Nationalbank  | Pierre Wunsch [nl]
Croatia  | Hrvatska narodna banka | Boris Vujčić
Cyprus  | Kεντρική Τράπεζα Κύπρου (Kentriki Trapeza Kyprou)  | Christodoulos Patsalides
Estonia  | Eesti Pank | Madis Müller
Finland  | Suomen Pankki
Finlands Bank  | Olli Rehn
France  | Banque de France | François Villeroy de Galhau
Germany  | Deutsche Bundesbank | Joachim Nagel
Greece  | Τράπεζα της Ελλάδος (Trapeza tis Ellados)  | Yannis Stournaras
Ireland  | Banc Ceannais na hÉireann
Central Bank of Ireland  | Gabriel Makhlouf
Italy  | Banca d'Italia | Fabio Panetta
Latvia  | Latvijas Banka | Mārtiņš Kazāks
Lithuania  | Lietuvos bankas | Gediminas Šimkus
Luxembourg  | Banque centrale du Luxembourg
Luxemburger Zentralbank  | Gaston Reinesch
Malta  | Bank Ċentrali ta’ Malta
Central Bank of Malta  | Edward Scicluna
Netherlands  | De Nederlandsche Bank | Klaas Knot
Portugal  | Banco de Portugal | Mário Centeno
Slovakia  | Národná banka Slovenska | Peter Kažimír
Slovenia  | Banka Slovenije | Boštjan Vasle
Spain  | Banco de España | José Luis Escrivá
Non-eurozone (outside Eurosystem)
Bulgaria  | Българска Народна Банка (Bulgarska Narodna Banka)  | Dimitar Radev
Czech Republic  | Česká národní banka | Aleš Michl
Denmark  | Danmarks Nationalbank | Christian Kettel Thomsen
Hungary  | Magyar Nemzeti Bank | Mihály Varga
Poland  | Narodowy Bank Polski | Adam Glapiński
Romania  | Banca Națională a României | Mugur Constantin Isărescu
Sweden  | Sveriges Riksbank | Erik Thedéen

## Notes

[edit]

English Wikisource has original text related to this article:

Protocol on the Statute of the ESCB and ECB

1. ^ "European System of Central Banks". hnb.hr. 1 February 2015. Archived from the original on 6 December 2022. Retrieved 6 December 2022.
2. ^ "ECB, ESCB and the Eurosystem". 28 October 2022. Retrieved 24 September 2024.
3. ^ Most common name for post, also used: President, Chairman or General Secretary

## External links

[edit]

* Media related to European System of Central Banks at Wikimedia Commons
* European Central Bank
* ECB – The General Council
* ECB - The Eurosystem Mission
* Video: ECB and the Eurosystem explained in 3 minutes
* Organisation and operation of the ECB CVCE (Centre for European Studies)

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Former fiscal provisions|

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Central banks of the European Union

Within Eurozone
(Members of the Eurosystem)|

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