European Central Bank and the national central banks of all member states of the European Union. Thus, in addition to the members of the Eurosystem, it also includes the national central banks of those member states that have not (yet) adopted the euro. – However, when referring to the (practical) monetary policy of the ESCB, one (usually!) refers to the Eurosystem. – See Sitzordnungsstreit, Subsidiarity Principle. – Cf. ECB Monthly Bulletin, July 1999, p. 59.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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