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Following the introduction of the euro on 1 January 1999, some of the functions previously carried out by the national central banks of the euro area were redefined.

In the case of Spain, the Law of Autonomy of the Banco de España had to be amended to include the authority of the European Central Bank (ECB) to define the monetary policy of the euro area and its powers in respect of exchange rate policy. The Law also needed to be adapted to the provisions of the Treaty on European Union (TEU), the Statute of the European System of Central Banks (ESCB) and ECB guidelines and instructions.

Functions as a member of the ESCB

Since 1 January 1999, the Banco de España has performed the following basic functions attributed to the ESCB:

Functions as a national central bank

Observing the functions resulting from membership of the ESCB, the Law of Autonomy confers the following functions on the Banco de España: