The ESCB will consist of the ECB and the national central banks (NCBs) of the EU member states. From January 1, 1999, the ESCB will have the sole responsibility for the single monetary policy within the euro area. In performing its tasks, the ESCB will be independent of any political instructions and will be committed to the primary objective of price stability.
1 And we are convinced that greater responsibility and integration at euro area level, which are much needed to strengthen our Economic and Monetary Union, should go hand in hand with greater democratic accountability.2 So Transparency International’s work regarding the EU’s economic governance is certainly useful.