10TH ANNIVERSARY OF THE EUROPEAN CENTRAL BANK/ESCB (1998-2008)
10th Anniversary of the ECB/ESCB (1998-2008)
1 June 2008 is the tenth anniversary of the establishment of the European Central Bank (ECB) and of the European System of Central Banks (ESCB). This marks the start of a period that will culminate on 1 January 2009 with the celebration of the 10th anniversary of the adoption of the euro and the launch of Stage Three of Economic and Monetary Union (EMU).
During the coming months, both the European Central Bank and the national central banks of the euro area are going to mark the occasion with a number of special events.
A little history
The ECB and the ESCB have their origin in the Treaty on European Union which established both institutions on 1 June 1998.
The ECB is a supranational body with legal personality under international public law. Since 1 January 1999 it has been responsible for conducting monetary policy for the euro area.
The ESCB is the institution that comprises the ECB and the central banks of all EU Member States, whether they have adopted the euro or not.
The euro is the common currency of the euro area. It began to function as an electronic means of payment in January 1999 and came into circulation on 1 January 2002.
More information:
- What is Economic and Monetary Union?
- The functions of the ESCB
- The governing bodies of the ECB
- The introduction of the euro
- The irrevocable exchange rates
The special events
Both the ECB and the national Central Banks of the euro area are going to organise a number of special events to celebrate this tenth anniversary. Notably, a special edition 
(2 MB) of the ECB’s Monthly Bulletin has been published which is devoted to this event.
In the case of Spain, the Banco de España is planning a number of commemorative activities, starting in June 2008, with the celebration of the 10th Anniversary of the ECB and the ESCB, and continuing until 2009, with the celebration of the 10th Anniversary of the euro and of the euro area.
The following are some of the most notable initiatives:
- Visitors’ Days
The Banco de España is going to organise 5 days of visits for groups of the general public to whom the various anniversaries and the significance of that of the establishment of the ECB-ESCB and of the euro will be explained
- Second edition of the competition for schools
The second edition of the competition for upper secondary school students, with a prize to be awarded in June 2008, shall be dedicated to the 10th Anniversary of the Eurosystem.
- International Conference
An international conference is to be held in early 2009 at which distinguished guests will analyse what membership of the single currency has meant for the euro area countries and, in particular, for Spain.
- Exhibition “10 years of the euro in Spain”
In January 2009 a commemorative three-month exhibition on the 10 years of the euro will be opened to be public at the Banco de España’s headquarters in Madrid.