Ch.4 EU Agencies Concept
Question
What is the difference between the ESCB and the Eurosystem?
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Answer
ESCB = ECB + national central banks of ALL EU states; Eurosystem = ECB + NCBs of euro-area states only.
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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)
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