This is the only way to ensure that the monetary policy of the euro area is uniform. Monetary policy implementation, which usually absorbs the better part of a central bank’s capacities, takes place at the subsidiary level and is coordinated by the Executive Board of the ECB.
In other words, the national central banks are responsible for the operational aspect of the single monetary policy. This approach central decision making and adoption of guidelines as well as decentral implementation - is a common thread that runs through all areas of activity of the Eurosystem.