Before that, allow me to briefly explain our terminology, with which you may, as yet, be unfamiliar. The “Eurosystem” is the name given to the European Central Bank (ECB) and the – at present – 11 national central banks of those countries which have introduced the euro. The “euro area” is the term used to refer to these 11 countries.
The “European System of Central Banks” also includes the central banks of the four EU Member States which have not, as yet, adopted the euro. The launch of the euro On 1 January 1999 the European Union achieved a new and unprecedented stage of economic integration.