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The Functions of Central Banks and Definition of European Central Banking Law

In: European Central Banking Law

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  • Christos V. Gortsos

    (National and Kapodistrian University of Athens)

Abstract

This chapter provides a definition of European central banking law on the basis of the functions of central banks in the monetary, financial, and payment and settlement systems, discussing, in the first section, in turn, their monetary policy function (including both ‘conventional’ and ‘unconventional’ monetary policy), their financial stability function(s), their functions in relation to payment and settlement systems and their function in promoting financial inclusion and literacy. The second section defines European central banking law as a synthesis of European monetary and financial law (also defined therein), based on the stronger link, since November 2014, between European monetary and banking law, given that, inter alia, the European Central Bank (ECB) is both a single monetary authority within the Eurosystem and a banking supervisory authority within the Single Supervisory Mechanism.

Suggested Citation

  • Christos V. Gortsos, 2020. "The Functions of Central Banks and Definition of European Central Banking Law," Palgrave Macmillan Studies in Banking and Financial Institutions, in: European Central Banking Law, chapter 0, pages 3-61, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-34564-8_1
    DOI: 10.1007/978-3-030-34564-8_1
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