European System of Central Banks (ESCB)

The central banking system of the European Union. It comprises the ECB and the national central banks of all EU Member States (but the national central banks of EU Member States whose currency is not the euro are not involved in the conduct of the Eurosystem's monetary policy for the euro area because they retain responsibility for monetary policy under national law). See also euro area; European Central Bank (ECB); Eurosystem; national central bank (NCB) (European Central Bank)

YOU MAY ALSO LIKE