European System of Central banks (ESCB, or Eurosystem)

The European Central Bank and the national central banks of the EU Member States: together they are responsible for the overall monetary policy framework within countries which have adopted the euro. It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem.