European System of Central Banks
The European System of Central Banks (ESCB) is the set of institutions for monetary policy in the EU.
Composition
The ESCB is a federal system. EU member states have their own national banks (sometimes referred to as national central banks, NCBs). These member institutions include:
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The ECB is the central bank for the EU. It is led by an executive board composed of a president, vice-president and four expert members.
The ECB's Governing Council includes the executive board and the governors of each national bank that implements the Euro currency.
The ECB also houses a General Council that includes the ECB's president, vice-president, and the governors of each EU member's national bank. If all EU members implement the Euro currency, this institution becomes defunct.
History