The European System of Central Banks

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[...] The European System of Central Banks Introduction The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 15 EU Member States. The "Eurosystem" is the term used to refer to the ECB and the NCBs of the Member States which have adopted the euro. The NCBs of the Member States which do not participate in the euro area, however, are members of the ESCB with a special status while they are allowed to conduct their respective national monetary policies, they do not take part in the decision-making with regard to the single monetary policy for the euro area and the implementation of such decisions. [...]

[...] The reserve requirement of each institution is determined in relation to elements of its balance sheet. In order to pursue the aim of stabilising interest rates, the Eurosystem's minimum reserve system enables institutions to make use of averaging provisions. This implies that compliance with the reserve requirement is determined on the basis of the institutions' average daily reserve holdings over a one-month maintenance period. The required reserve holdings are remunerated at a level corresponding to the average interest rate over the maintenance period of the main refinancing operations of the Eurosystem. [...]

[...] those countries which have adopted the euro. The main responsibilities of the Governing Council are to adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the Eurosystem, to formulate the monetary policy of the euro area (including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in the Eurosystem), and to establish the necessary guidelines for their implementation. The Executive Board comprises the President (Willem F. [...]

[...] Five types of instruments are available to the Eurosystem for the conduct of open market operations. The most important instrument is reverse transactions (applicable on the basis of repurchase agreements or collateralised loans). The Eurosystem may also make use of outright transactions, the issuance of debt certificates, foreign exchange swaps and the collection of fixed-term deposits. Open market operations are initiated by the ECB, which also decides on the instrument to be used and the terms and conditions for the execution of such operations. [...]

[...] The euro area NCBs have paid up their respective subscriptions to the ECB's capital in full. The NCBs of the non-participating countries have paid up of their respective subscriptions to the ECB's capital as a contribution to the operational costs of the ECB. As a result, the ECB was endowed with an initial capital of just under EUR 4 billion. In addition, the NCBs of the Member States participating in the euro area have provided the ECB with foreign reserve assets of up to an amount equivalent to around EUR 40 billion. [...]