= Eurosystem = '''Eurosystem''' is the central authority of the '''Eurozone'''. Not to be confused with the [[WorldHistory/EuropeanUnion/EuropeanCentralBank|ECB]] or the [[WorldHistory/EuropeanUnion/EuropeanSystemOfCentralBanks|ESCB]]. <> ---- == Composition == The authority is composed of the governors of each member's national bank and the [[WorldHistory/EuropeanUnion/EuropeanCentralBank|ECB]]. The founding members of the Eurosystem are: * [[Belgium]] * [[Finland]] * [[France]] * [[Greece]] * [[Ireland]] * [[Luxembourg]] * [[Netherlands]] * [[Germany|West Germany]] * [[Italy]] * [[Portugal]] * [[Spain]] Subsequent members include: * [[Greece]] * [[Slovenia]] * [[Cyprus]] * [[Malta]] * [[Slovakia]] * [[Estonia]] * [[Latvia]] * [[Lithuania]] * [[Croatia]] ---- == History == Monetary policies among the members of the '''European Economic Community''' ('''EEC''') were coordinated by the '''European Monetary Cooperation Fund''' ('''EMCF'''). Those members were: * [[Belgium]] * [[Denmark]] * [[France]] * [[Greece]] * [[Ireland]] * [[Luxembourg]] * [[Netherlands]] * [[Germany|West Germany]] * [[Italy]] * [[Portugal]] * [[UnitedKingdom|United Kingdom]] * [[Spain]] There was also a '''European Monetary System''' ('''EMS''') that involved a '''Exchange Rate Mechanism''' ('''ERM''') tied to the '''European Currency Unit''' ('''ECU'''); the [[UnitedKingdom/MargaretThatcher|UK]] however did not participate. The '''Maastricht Treaty''' in 1992 called for a '''European Monetary Union''' ('''EMU'''). The UK and Denmark opted-out of this union. The '''European Monetary Institute''' ('''EMI''') was established to encourage currency convergence, which was a prerequisite for joining the union. At launch in 1999, the Eurosystem was composed of: * [[Austria]] * Belgium * [[Finland]] * France * Germany * Ireland * Italy * Luxembourg * Netherlands * Portugal * Spain Greece achieved the convergence criteria in 2000 and joined shortly after. The '''Treaty of Amsterdam''' in 1999 established the [[WorldHistory/EuropeanUnion/EuropeanCentralBank|ECB]] to oversee the [[WorldHistory/EuropeanUnion/EuropeanSystemOfCentralBanks|ESCB]]. ---- CategoryRicottone