Abstract
The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the National Central Banks (NCB's) of all 15 EU Member States. The "Eurosystem" is the term used to refer to the ECB and the NCBs of the Member States who have euro as their national currency. The NCB's of the Member States which are yet to adopt euro as their national currency have the privilege to become the members of ESCB with a special status. The primary objective of the Eurosystem is to maintain price stability with the aid of European Community and the Statute of the European System of Central Banks and the European Central Bank. Without prejudice to this objective, it shall support the general economic policies in the Community and act in accordance with the principles of an open market economy.
