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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]
On 3 May 1998, at the European Council in Brussels, the 11 initial countries that will participate in the third stage from 1 January 1999 are selected. On 1 June 1998, the European Central Bank (ECB) is created, and on 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established.
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 Spanish government today approved a set of financial reforms that it hopes will end the country's banking crisis. The proposed reforms will fulfill a commitment by Spain to the European ...
The term Troika has been widely used in Greece, Cyprus (Greek: τρόικα), [1] [2] Ireland, [3] Portugal, [4] and Spain [5] to refer to the consortium of the European Commission, the European Central Bank and the International Monetary Fund that provided a bailout to these states since 2010, and the financial measures and government policies that the three institutions have demanded to be ...
The Bank of Spain still exists but many functions have been taken over by the ECB. The Bank of Spain (Spanish: Banco de España , pronounced [ˈbaŋko ðe esˈpaɲa] ) is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998, issuing the Spanish peseta .
The European Central Bank (seat in Frankfurt depicted) is the supranational monetary authority of the eurozone. The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the ...
1 European Central Bank. 2 Non-Eurozone currencies. 3 See also. ... Country Currency ... Spain: Bank of Spain