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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.
Central bank Pegged with Austria: Euro: Oesterreichische Nationalbank: float Belgium: National Bank of Belgium Croatia: Croatian National Bank Cyprus: Central Bank of Cyprus Estonia: Bank of Estonia Finland: Bank of Finland France: Bank of France Germany: Deutsche Bundesbank Greece: Bank of Greece Ireland: Central Bank of Ireland Italy: Bank of ...
Issues like central bank independence, central bank policies and rhetoric in central bank governors discourse or the premises of macroeconomic policies [9] (monetary and fiscal policy) of the state are a focus of contention and criticism by some policymakers, [10] researchers [11] and specialized business, economics and finance media. [12] [13]
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute, [ 1 ] the exclusive right to authorise the issuance of euro banknotes .
The president of the European Central Bank is the head of the European Central Bank (ECB), the main institution responsible for the management of the euro and monetary policy in the Eurozone of the European Union (EU)
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.
The following is a list of past and present members of the Executive Board of the European Central Bank. A member serves for a non renewable term of eight year. Since the ECB was established in 1998, the following people have served as Executive Board members: [2] Status