What is the difference between the ESCB and the Eurosystem?

Tap to reveal answer

Answer

ESCB = ECB + national central banks of ALL EU states; Eurosystem = ECB + NCBs of euro-area states only.

💡

The Eurosystem is the effective monetary authority of the euro area. Note: it is NOT an agency.

EU history & treaties (EUR-Lex / european-union.europa.eu)

Listen to this card (beta)