What is the difference between the ESCB and the Eurosystem?

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EPSOHQ · Accepted 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.

What is the difference between the ESCB and the Eurosystem?

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

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