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The beginning of stage three of Economic and Monetary Union (EMU) on 1 January 1999 meant that some of the functions previously carried out until then 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. Also, it was necessary to adapt the aformentioned Law 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 been performing the following basic functions attributed to the ESCB:

Functions as a national central bank

Recognising the functions resulting from membership of the ESCB, the Law of Autonomy stipulates the following functions for the Banco de España: