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| 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: | The system is federalized; each member's national bank (sometimes referred to as national central banks, NCBs) is a participant. These participants are: |
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| The [[WorldHistory/EuropeanUnion/EuropeanCentralBank|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. | |
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| 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. |
The centralized institution is the [[WorldHistory/EuropeanUnion/EuropeanCentralBank|ECB]]. |
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| ---- == Policies == |
TODO: learn some history! |
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 system is federalized; each member's national bank (sometimes referred to as national central banks, NCBs) is a participant. These participants are:
- ...
The centralized institution is the ECB.
History
TODO: learn some history!