Every national central bank may decide when, where and how much will be produced.

National central banks play an important role in the foreign exchange markets.

National central banks heavily discourage the practice, but it is not illegal.

Until January, the formal power of monetary policy will continue to lie with the 11 national central banks.

All the relevant national central banks are now independent as regards setting interest rates.

It states that they will even undertake not to influence their national central banks, which means rule by bankers.

The culture of the national central banks in Europe did not have this kind of transparency.

The third important factor is that the national central banks will adjust their balance to the introduction of the euro.

If the former national central banks moved to that ratio, it would mean a sweeping selloff of gold.

Any distribution of profits would then go not to the EU but to the national central banks.

Its capital is five billion euro which is held by the national central banks of the member states as shareholders.

We feel that there should be an effort to seek common ground with the national central banks, but not to the extent of defining economic policy.

In the view of these economists, coexistence means that the national central banks would never cede the new bank enough power to be effective.

The authors showed that the national central banks of the northern countries became net debtors to their own banking systems.

In practice, only the national central banks of the zone physically issue and withdraw euro banknotes.

With commercial banks phasing out the old money, travelers will have to go to a country's national central bank to exchange that money.

The Presidents of the national central banks are able to explain the monetary policy in their national parliaments.

National central banks continue to be responsible for the supply of their respective currencies and their exchange rates.

Mr President, ladies and gentlemen, legal convergence of national central banks is not just a technical detail.

The national central banks are also on the hook for the ECB's other operations.

The notes are issued by the ECB and the national central banks.

The relevant statistical and technical data will be stored as a database to which national central banks will have full access.

National central banks - and in some cases, perhaps, shopkeepers - will exchange the old notes for euros for long afterward.

Over this period, some national central banks have feared radical resizing with subsequent centralisation of power in Frankfurt.

But at the same time, in all Member States, the national parliaments will have to enter into a dialogue with their national central bank presidents.