The functions of SEBC/Eurosystem

The Treaty on European Union (TEU) establishes the primary purpose of the European System of Central Banks (ESCB) as maintaining price stability and "supporting the general economic policies in the Community".

The TEU refers to the ESCB and not to the Eurosystem because its drafting was based on the assumption that all Member States of the European Union (EU) would adopt the euro. Until this occurs, however, the Eurosystem is responsible for carrying out the functions entrusted to the ESCB which are:

Finally, to indicate that the ECB must be consulted on Community proposals or national initiatives that fall within the scope of its responsibilities and that the ECB maintains close links with institutions, organisations and forums, both of the EU and internationally, whenever required by the functions assigned to the Eurosystem.