Category: Banks. Country: France.
On 1 June 1998, a new institution×the European Central Bank (ECB)×was set up to implement the single monetary policy in euro. Its headquarters are in Frankfurt. The ECB and the national central banks (NCBs) of all the EU Member States together form the European System of Central Banks (ESCB). The tasks of the ESCB.The basic tasks of the ESCB are to define and implement the monetary policy of the Community, conduct foreign exchange operations under the Community's foreign exchange policy and hold and manage the official foreign reserves of the Member States. It should be noted that, in the field of foreign exchange policy, there is shared responsibility. The European Council of Ministers formulates general orientations for exchange rate policy vis-a-vis non-Community currencies that are compatible with the ESCB's primary objective of price stability. It also determines the arrangements for negotiating and entering into foreign exchange agreements after consultation of the ECB (Article 109). It is therefore impossible to influence how the ESCB conducts its interest-rate policy. The ESCB is in charge of the daily management of foreign exchange operations. In addition to the single monetary policy, the ESCB is also responsible for ensuring the smooth operation of payment systems and contributing to the effectiveness of the policies implemented by the competent authorities for prudential supervision of credit institutions and the stability of the financial system.
Address: 31 rue Croix des petits champs, PostCode 75001, PARIS, Phone: 33 0 1 42 92 39 08 Fax: 33 0 1 42 92 39 40
