The ESCB, the EUROSYSTEM, the ECB and the NBCS
The ESCB and the Eurosystem
The European System of Central Banks (ESCB), established under the European Union Treaty (EUT), is made up of the European Central Bank and the National Central Banks of all EU Member States, regardless of whether or not they have adopted the euro.
The Eurosystem, on the other hand, groups the European Central Bank and the National Central Banks of all EU Member States that have adopted the euro.
Therefore, as long as there are Member States that have not adopted this currency, the distinction between the Eurosystem and the ESCB must be maintained.
The European Central Bank
The ECB, a supranational organisation with independent legal status under international public law, constitutes the core of the Eurosystem and the ESCB.
It was created on 1 June 1998 in Frankfurt, taking over the functions of the European Monetary Institute. Since 1 January 1999, it has been responsible for implementing the Eurozone monetary policy.
The National Central Banks
The National Central Banks (NCB) have independent legal status under the national legislation of their respective countries.
Those of the countries that are part of the Eurozone make up the Eurosystem and, as such, carry out the duties entrusted to them pursuant to the regulations established by the ECB.
Furthermore, they can also carry out duties outside the Eurosystem, under their own responsibility, unless the Governing Council considers that said activities interfere with the Eurosystem's goals and work.