Definition
An organization founded on June 1, 1998, with its own legal personality, which constitutes the core of the European System of Central Banks (ESCB) —composed of the European Central Bank (ECB) and the central banks of the European Union member states— and the Eurosystem —consisting of the ECB and the central banks of the states that have adopted the euro—. In the statistical context, the ECB compiles statistics to support its monetary policy and supervisory functions.
Further information
The main mission of the ECB is to ensure that the functions performed by the Eurosystem in the euro area are fulfilled: defining and implementing monetary policy, maintaining and managing the official international reserves of the states, conducting foreign exchange operations, and ensuring the smooth functioning of payment systems. Its basic legal framework consists of the Treaty establishing the European Community and the Statutes of the ESCB and the ECB. Within the regulatory power assigned to it by the Treaty, the ECB exercises a consultative function with respect to Community and national authorities on matters within its competence, through the issuance of Opinions.
The statistical production of the ECB is largely built with contributions from the national central banks of the ESCB. To obtain useful aggregated figures for the euro area, the ECB ensures that the data provided by the national banks are based on common definitions and classifications. The Statute of the European System of Central Banks and of the European Central Bank itself empowers the ECB in this task.
Related concepts
Legal frame
Update date: January 2025
