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ORGANISATION
The legal texts which establish the European System of Central Banks (ESCB) - the Treaty establishing the European Community and the Statute of the ESCB - were written on the assumption that all EU Member States will adopt the euro and that therefore the ESCB will conduct all the tasks involved in the single currency. However, until all EU countries have introduced the euro, it is the "Eurosystem" which is the key actor. The term "Eurosystem" therefore serves to facilitate understanding of the structure of central banking in the euro area.
The Eurosystem as the central banking system of the euro area comprises:
The Eurosystem is thus a sub-set of the ESCB. Since the ECB's policy decisions, such as on monetary policy, naturally apply only to the euro area countries, it is in reality the Eurosystem which as a team carries out the central bank functions for the euro area. In doing so, the ECB and the NCBs jointly contribute to attaining the common goals of the Eurosystem.
There are three main reasons for having a system of central banking in Europe:
For the mission statement of the Eurosystem, see www.ecb.europa.eu/ecb/orga/escb/html/mission_eurosys.en.html
OR.002 01/07
European Central Bank