Accordingly, the Eurosystem is the central bank of the euro area, although it does not have a legal personality; this is only conferred upon the ECB and the NCBs. On 1 January 2001 the euro area will welcome a new Member State, Greece.
Moreover, in five days - on 28 September 2000 - the Danish citizens will decide in a referendum whether their country shall also adopt the euro. The Eurosystem enjoys full independence in pursuing its statutory mandate to ensure and maintain price stability. “Independence”, however, does not mean “isolation”.