TheEurosystem is themonetary authority of theeurozone, the collective ofEuropean Union member states that have adopted the euro as their sole official currency. TheEuropean Central Bank (ECB) has, under Article 16 of its Statute,[1] the exclusive right to authorise the issuance ofeuro banknotes. Member states can issueeuro coins, but the amount must be authorised by the ECB beforehand.
The Eurosystem consists of the ECB and thenational central banks (NCB) of the 20 member states that are part of the eurozone. The national central banks apply the monetary policy of the ECB.[2] The primary objective of the Eurosystem isprice stability.[3] Secondary objectives are financial stability and financial integration.[4] The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives.[5]
The Eurosystem is independent. When performing Eurosystem-related tasks, neither the ECB, nor an NCB, nor any member of their decision-making bodies may seek or take instructions from any external body. The Community institutions and bodies and the governments of the member states may not seek to influence the members of the decision-making bodies of the ECB or of the NCBs in the performance of their tasks.
The Eurosystem is distinct from theEuropean System of Central Banks (ESCB), which comprises the ECB and the central banks of all 27 European Union member states, including those that are not part of the eurozone.
In accordance with the treaty establishing theEuropean Community and the Statute of the European System of Central Banks and of theEuropean Central Bank, the primary objective of the Eurosystem is to maintain price stability. Without prejudice to this objective, the Eurosystem supports the general economic policies in the Community and acts in accordance with the principles of an open market economy.
The basic tasks carried out by the Eurosystem are (art. 127 TFEU):
In addition, the Eurosystem contributes to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of thefinancial system.
The ECB has an advisory role vis-à-vis the Community and national authorities on matters within its field of competence, particularly where Community or national legislation is concerned. The ECB, assisted by the NCBs, has the task of collecting the necessary statistical information either from the competent national authorities or directly from economic agents to enable the ESCB to perform its tasks.
 | This section needs to beupdated. Please help update this article to reflect recent events or newly available information.(September 2023) |
| Assets | Liabilities | ||||
|---|---|---|---|---|---|
| (EUR millions) | 31 December 2023 | 31 December 2022 | (EUR millions) | 31 December 2023 | 31 December 2022 |
| 1Gold and gold receivables[b] | 649,110 | 592,898 | 1Banknotes in circulation | 1,567,711 | 1,572,033 |
| 2Claims on non-euro area residents denominated inforeign currency[c] | 499,583 | 523,240 | 2Liabilities to euro area credit institutions related to monetary policy operations denominated in euro | 3,508,865 | 3,998,940 |
| 3 Claims on euro area residents denominated in foreign currency[d] | 13,876 | 20,417 | 3 Other liabilities to euro area credit institutions denominated in euro | 58,873 | 78,335 |
| 4 Claims on non-euro area residents denominated ineuro[e] | 20,097 | 14,224 | 4Debt certificates issued | 0 | 0 |
| 5Lending toeuro areacredit institutions related tomonetary policy operations denominated in euro | 410,290 | 1,324,347 | 5 Liabilities to other euro area residents denominated in euro | 303,864 | 564,582 |
| 6 Other claims on euro area credit institutions denominated in euro | 28,707 | 31,035 | 6 Liabilities to non-euro area residents denominated in euro | 281,940 | 540,725 |
| 7Securities of euro area residents denominated in euro | 4,898,966 | 5,102,068 | 7 Liabilities to euro area residents denominated in foreign currency | 16,382 | 11,683 |
| 8 Generalgovernment debt denominated in euro | 20,917 | 21,589 | 8 Liabilities to non-euro area residents denominated in foreign currency | 4,474 | 4,753 |
| 9 Otherassets | 393,943 | 321,222 | 9 Counterpart of special drawing rights allocated by theIMF | 177,116 | 181,121 |
| 10 Other liabilities | 260,877 | 290,578 | |||
| 11Revaluationaccounts | 635,144 | 588,053 | |||
| 12Capital andreserves | 120,242 | 120,237 | |||
| Total assets | 6,935,489 | 7,951,039 | 6,935,489 | 7,951,039 | |
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