ESCB/Eurosystem/National Central Banks
Keyword(s):
The European System of Central Banks (ESCB) and the Eurosystem respectively is quite a unique legal structure which is historically unprecedented. As part of the European Union (EU), it is necessarily based on the rule of law and needs to be clearly defined in the primary law as such. Thus, the ESCB was included in the European Union’s constituting Treaties by the Treaty of Maastricht in Articles 8 and 106 of the Treaty establishing the European Community (TEC). However, it reflects a typical European Union compromise.