Overview

The ECB is an official EU institution at the heart of the Eurosystem and the Single Supervisory Mechanism. Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy for the euro area - the world's largest economy after the United States. The legal basis for the single monetary policy is the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank.The European Central Bank is responsible for the prudential supervision of credit institutions located in the euro area and participating non-euro area Member States, within the Single Supervisory Mechanism, which also comprises the national competent authorities. It thereby contributes to the safety and soundness of the banking system and the stability of the financial system within the EU and each participating Member State.This book aims to familiarize the reader with the history, role and functions of the ECB in the context of EMU. It is divided into five chapters dealing with the various aspects of the ECB as a policymaker, as an organization of Community law and as the core and head of the Eurosystem.

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