On the one hand, it is deeply rooted in national tradition and sovereignty, which reflects specific national tasks and responsibilities. On the other hand, it is part of a system of central banks responsible for a fully supranationalised monetary policy and related, common tasks. Let me now briefly outline my paper on the role of national central banks in Europe.
First, I will shortly discuss the general framework of the European System of Central Banks. Subsequently, I will touch on the System tasks and related national responsibilities. Here, I will specifically spend some time on financial stability and supervision. Clearly, this policy area has seen some major developments recently, both on the national and European level.