The Eurosystem, quick facts

Does the ECB has gold reserves ?

   No.

The ECB hold claims on the NCBs [National Central Banks]

the NCBs of the Member States participating in the euro area have provided the ECB with foreign reserve assets of up to an amount equivalent to around EUR 40 billion. The contributions of each NCB were fixed in proportion to its share in the ECB's subscribed capital, while in return each NCB was credited by the ECB with a claim in euro equivalent to its contribution. 15% of the contributions were made in gold, and the remaining 85% in US dollars and Japanese yen. (1999)

Source: Organisation of the European System of Central Banks (ESCB)
Note: ESCB is commonly called the "Eurosystem".

PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK *.pdf file

 For more information on the institutional framework, see the article entitled "The institutional framework of the European System of Central Banks" in the July 1999 issue of the ECB's Monthly Bulletin, pages 55 to 63.
http://www.ecb.int/pub/pdf/mb199907en.pdf

NEW: 2004-01-30 second edition of "The monetary policy of the ECB"
This publication aims to provide the public with a comprehensive overview of the ECB's monetary policy and its economic and institutional background.
 


Keys:

ESCB = European System of Central Banks a.k.a."The Eurosystem"

NCB = National Central Banks

ECB = European Central Bank

The Eurozone = the participating countries to the common currency = the Eurosystem less UK, Sweden and Denmark.

What is the role of the National Cerntral Banks?

  4 The role of the national central banks
The national central banks have legal personality according to the national law of their respective countries. As a consequence of the requirement of legal convergence, the national laws which apply to the national central banks have been amended in order to be compatible with Community law; in particular, they have to comply with the requirement of independence, which is necessary for the smooth functioning of the ESCB. Despite their separate legal personality, the national central banks of the Eurosystem are integral parts of it and, as such, subject to the regulatory regime of the ECB; they are therefore functionally subordinate to the ECB. As a consequence, the national central banks have to comply with the internal legal instruments adopted by the Governing Council or the Executive Board.

sce: http://www.ecb.int/pub/pdf/mb199907en.pdf
 

In Euro-language:
National Central Banks remain independent, but are functionally subordinated to the ECB, even the countries (of the Eurosystem) not participating in the Euro.

  

Publications

General information about the ECB: http://www.ecb.int/about/about01.htm#

Weekly consolidated financial statement of the Eurosystem:
 http://www.ecb.int/press/fs/prfs01.htm
(link keeps changing, bookmark the press release section http://www.ecb.int/press/press.htm then click on re "Weekly financial statements")
 

Other links:

Central Banks websites (list maintained by the BIS)

Mark Bernkopf's central banking resource center (good place to start research on CBs)