They will collect statistical data, and they will continue to cooperate in monetary policy-making on an international level, as in the IMF and the BIS. Let me mention just two examples to illustrate the national central banks’ important function in operative business: First, let us consider their role in monetary policy operations within the ESCB.
As a rule, decisions with regard to instruments used to allocate or withdraw liquidity on the initiative of the ESCB will be taken centrally by the ECB. However, their implementation and administration - carried out in line with the ECB’s instructions - will largely be the responsibility of the national central banks.