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Who is in charge of the Eurosystem?

In: Open Issues in European Central Banking

Author

Listed:
  • Lorenzo Bini Smaghi

    (Italian Treasury)

  • Daniel Gros

    (Centre for European Policy Studies)

Abstract

Who is responsible for the euro? The obvious answer should be the European Central Bank (ECB), but things are not so simple. The ECB is just one component of a broader entity, the Eurosystem, which comprises also the National Central Banks (NCBs) of the — initially 11 — countries that have adopted the euro.1 The main tasks of the Eurosystem are to define and implement the monetary policy of the Eurozone, conduct foreign exchange operations, hold and manage the foreign exchange reserves of the member states that have adopted the euro and promote the smooth operation of the payment system (see Article 3 of the Statute in Annex II).

Suggested Citation

  • Lorenzo Bini Smaghi & Daniel Gros, 2000. "Who is in charge of the Eurosystem?," Palgrave Macmillan Books, in: Open Issues in European Central Banking, chapter 1, pages 5-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98188-7_2
    DOI: 10.1057/9780333981887_2
    as

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