The Eurosystem is the monetary authority of the Eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The Eurosystem consists of the European Central Bank (it decides the monetary policy) and the central banks of the member states that belong to the Eurozone (their function is to apply the monetary policy decided by the ECB).^[1] The primary objective of the Eurosystem is price stability.^[2] Secondary objectives are financial stability and financial integration.^[3] The mission statement of the Eurosystem says that the ECB and the national central banks jointly contribute to achieving the objectives.^[4]

With a number of the member states outside the Eurozone, the European System of Central Banks is the system of central banks consisting of the ECB and the central banks of all member states, inside and outside the Eurozone. The ESCB's objective is price stability throughout the European Union. Secondarily, the ESCB's goal is to improve monetary and financial cooperation between the Eurosystem and the member states outside the Eurozone.^[1]

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