Abstract
The Eurosystem includes the national central bank (NCB) and the European central bank (ECB). All states that have central bank in the eurosystem are in the European Union and there are 27 member states. The countries which have not adopted the Euro but that are in the European central bank system are allowed to have an independent monetary policy.
In brief, the European central bank has two main objectives to define the monetary policy of the euro area and to take decision to introduce this currency. The euro area is the world's largest economy after the USA.
It was created in 1998 after many stages that are explained in the first part of this study.
