The project, which will start on 1 November, will be implemented jointly by the ECB and nine national central banks (NCBs) of the euro area (the central banks of Austria, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain) on the basis of what we call a "Eurosystem approach". By "Eurosystem approach", we mean the following.
I would like to begin with the word, “returns.” In this group of distinguished businessmen and professionals, it could readily mean “return on investment”— a financial metric indicating efficiency of a commercial venture. At the same time, to this same group of community builders and philanthropists, “to return” could also mean, “to give back” and to work for society’s improvement and welfare.