The European system of central banks must be designed as a body for coordinating the Union' s supervision and control authorities.

The European System of Central Banks must be on its guard.

Not to be confused with the European System of Central Banks.

The future European System of Central Banks will prevent it happening.

Do you feel the European System of Central Banks is operating correctly at present?

It is a member of the European System of Central Banks.

Article 110(1) of the Treaty grants the European system of central banks the right to issue recommendations and opinions.

That makes 17 representatives of the European System of Central Banks.

This was a prerequisite for integrating the European System of Central Banks.

Other functions, as well as membership to the European System of Central Banks remained.

I can confirm to the hon. Gentleman that there have been no serious discussions yet about the location of the European system of central banks.

A European system of central banks, similar to the Federal Reserve System, would be set up to establish a common monetary policy.

I believe that we need a kind of framework directive to regulate the European System of Central Banks.

We should organise this according to the European System of Central Banks and hasten to take as many decisions as possible by the summer.

It is an integral part of the European System of Central Banks, which was founded in June 1998.

Monetary policy will be decided by the Governing Council of the European System of Central Banks.

The Bank of Estonia also belongs to the European System of Central Banks.

The preparations for the introduction of the euro by the European System of Central Banks are well under way and are keeping to schedule.

Consequently, it is important to realise that these two factors together produce a potential quantity of surplus money in the hands of the European system of central banks.

That is mainly because the proposal still applies very little rigour to the so-called surplus currency reserves of the European System of Central Banks.

It is at the centre of the European System of Central Banks which comprises all EU national banks.

July 1, 1998: European Central Bank and European System of Central Banks to be set up if not already established.

The EC Treaty specifies that the European System of Central Banks shall have price stability as its principal objective.

Sometimes it is to be understood that it refers to the total of all the central banks participating in the European System of Central Banks.

Moreover, the protocol on the statute of the European System of Central Banks contains provisions for supervision of the Bank and its operations.