Leagal Description of the main foundations for functions of the Central Banks in Europe

Abstract

European System of Central Banks is the international banking system, which consists of a supranational European Central Bank and the national central banks of the Member States of the European Economic Community. The European banking system, launched in the early postwar years, the result at the same time an important instrument of European integration and the European Monetary System. Creating an effective banking system needed fundamental changes not only in law countries joined the Mon- etary Union, but the adoption of uniform requirements by all Member States.