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Wim Duisenberg, first President of the ECB. The European Central Bank is the de facto successor of the European Monetary Institute (EMI). [7] The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). [7]
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 seat of the European Central Bank is situated in Frankfurt, Germany. [6] Its premises comprise a twin-tower skyscraper and the city's former Wholesale Market Hall (Großmarkthalle), with a low-rise building connecting the two. It was completed in 2014 and was officially opened on 18 March 2015.
The EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro. [3] It had less than 250 staff, mostly seconded from national central banks, and was based in the Eurotower , Frankfurt ( Germany ), where the ECB is now based.
Central Bank of Ireland Italy: Bank of Italy Kosovo [a] Central Bank of Kosovo Latvia: Bank of Latvia Lithuania: Bank of Lithuania Luxembourg: Central Bank of Luxembourg Malta: Central Bank of Malta Montenegro [a] Central Bank of Montenegro Netherlands: De Nederlandsche Bank Portugal: Banco de Portugal San Marino [a] Central Bank of San Marino ...
It followed by announcing two major policy initiatives: first, the creation of European Banking Supervision under the European Central Bank's central authority, using Article 127(6) of the Treaty on the Functioning of the European Union; and second, "when an effective single supervisory mechanism is established," the possibility of direct bank ...
The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. [9] [10] [11] The Union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 449 million.
The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 28 European Union member states. Subcategories This category has the following 7 subcategories, out of 7 total.