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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 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
According to a report in The Hindu in January 2013, the Reserve Bank of India raised the ECB limit "for non-banking finance companies (NBFCs) classified as infrastructure finance companies (IFCs) ... from 50 per cent to 75 per cent of owned funds, including outstanding ECBs". [2] In telecom sector too, up to 50% funding through ECBs is allowed.
[329] [330] On 9 December 2011 at the European Council meeting, all 17 members of the eurozone and six countries that aspire to join agreed on a new intergovernmental treaty to put strict caps on government spending and borrowing, with penalties for those countries who violate the limits. [331] All other non-eurozone countries apart from the UK ...
The national central banks apply the monetary policy of the ECB. [2] The primary objective of the Eurosystem is price stability. [3] Secondary objectives are financial stability and financial integration. [4] The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives. [5]
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The question of supervising the European banking system arose long before the financial crisis of 2007-2008.Shortly after the creation of the monetary union in 1999, a number of observers and policy-makers warned that the new monetary architecture would be incomplete, and therefore fragile, without at least some coordination of supervisory policies among euro members.
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