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European Central Bank

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by

Rafael Gomez

on 26 November 2014

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Transcript of European Central Bank

2014
1998
European Central Bank
The European Central Bank
History
The capital stock of the bank is owned by the central banks of all 28 EU member states. The bank was established by the Treaty of Amsterdam on 1 June in 1998.
Function of the ECB

The basic tasks of the ECB are:
define and implement the monetary policy for the Euro Zone
conduct foreign exchange operations;
take care of the foreign reserves of the European System of Central Banks
take care of the financial market infrastructure under the TARGET2 payments system
take care about the technical platform for settlement of securities in Europe (TARGET2 Securities)
Shareholders
Although the ECB is governed by European law directly and thus not by corporate law applying to private law companies, its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital.
Its capital is five billion euros which is held by the national central banks of the member states as shareholders.
Shares in the ECB are not transferable and cannot be used as collateral.
Independence
1. Political independence
The independence of the ECB is instrumental in maintaining price stability. Not only must the bank not seek influence, but EU institutions and national governments are bound by the treaties to respect the ECB's independence.

2.Financial independence
The ECB's financial independence means that the ECB has its own budget. Its capital is subscribed and paid up by the euro area central banks.
...is the central bank for the Euro and administers the monetary policy of the Euro Zone, which consists of 17 EU member states and is one of the largest currency areas in the world.
The first President of the Bank was Wim Duisenberg.
As of 2013 the President of the ECB
is Mario Draghi.
The mission of the European Central Bank
The European Central Bank and the National
Central Banks constitute the
Euro System.
The main objective of the Euro System is to maintain price stability.
Plekhanov University Moscow - Institutional Economics - 2014
presented by Rafael Gomez & Marc Krämer
The European Central Bank
Organization
The Executive Board
The ECB has three decision-making bodies...
The Governing Council
The General Council
... is responsible for the implementation of the monetary policy and the daily business of the bank.

It can issue:

decisions to the national central banks
exercise powers delegated to it by the Governing Council

It is composed of:
the President of the Bank
the Vice-President (Vitor Constâncio)
and four other members.

is the decision-making body of the Subsystem...


It comprises the members of:
the Executive Board (6 in total)
the governors of the National Central Banks of the 17 euro area countries.

The Governing Council usually meets twice a month in the Euro Tower in Frankfurt am Main.


The General Council comprises:
the President of the ECB;
the Vice-President of the ECB;
the governors of the national central banks (NCB´s) of the 28 EU Member States.
Responsibilities:
The General Council can be regarded as a transitional body. It carries out the tasks taken over from the European Monetary Institute.
The General Council also contributes to:
the ECB's advisory functions;
the collection of statistical information;
the preparation of the ECB's annual report;
the establishment of the necessary rules for standardizing the accounting and reporting of operations undertaken by the NCBs;
the taking of measures relating to the establishment of the key for the ECB's capital subscription other than those laid down in the Treaty.

Process
?
1998 -2014
from end 2014
Full transcript