Founding of European System of Central Banks

The European System of Central Banks consists of the European Central Bank in Frankfurt and the national central banks of all the member states of the European Union, whether or not they use the euro. It was set up ahead of the introduction of the single currency, together with the ECB, and is distinct from the Eurosystem, which includes only the central banks of the countries that have adopted the euro and which carries out the common monetary policy. The system's main objective is to maintain price stability, and the Maastricht Treaty requires its members to be independent of governments. Decisions are taken by the ECB's Governing Council, which includes the governors of the national central banks.

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