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The Basic Tasks of the European Central Bank Within the Eurosystem and Issuance of Banknotes and Coins

In: European Central Banking Law

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  • Christos V. Gortsos

    (National and Kapodistrian University of Athens)

Abstract

This chapter first examines in detail the definition of the single monetary policy, as well as its implementation, with an emphasis on the instruments used, the eligible counterparties, the assets eligible as collateral in the Eurosystem and then, in particular, the implementation of this policy following the recent (2007–2009) international financial crisis and the ongoing fiscal crisis in the euro area. The (recent) introduction of the euro short-term rate is also discussed in this section. The second section analyses the other basic tasks of the European Central Bank (ECB) within the Eurosystem: the exchange-rate policy, holding and managing foreign reserve assets, and promoting the smooth functioning of payment systems. In relation to the latter, the 2014 ECB Regulation on oversight requirements for systemically important payment systems, the Trans-European Automated Real-Time Gross Settlement Express Transfer 2 (TARGET2) payment system and the TARGET2-Securities system are discussed in more detail. Finally, the third section develops on the powers of the ECB in relation to the issuance of euro-denominated banknotes and coins.

Suggested Citation

  • Christos V. Gortsos, 2020. "The Basic Tasks of the European Central Bank Within the Eurosystem and Issuance of Banknotes and Coins," Palgrave Macmillan Studies in Banking and Financial Institutions, in: European Central Banking Law, chapter 0, pages 281-329, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-34564-8_7
    DOI: 10.1007/978-3-030-34564-8_7
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