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European Central Bank



Article 127.1. 2 and 128.1 of the Treaty on the functioning of the European Union

The main objective of the ESCB (European System of Central Banks), "shall be to maintain price stability. Without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union. The ESCB shall act in accordance with the principle of an open market economy with free competition, promoting an efficient allocation of resources in accordance with the principles set out in article 119.

The basic functions to be carried out through the ESCB shall be:

• define and implement the monetary policy of the Union,

• conduct of foreign exchange operations in accordance with the provisdions of article 219 TFUE,

• hold and manage the official foreign reserves of the euro area countries,

• promote the smooth operation of payment systems.

The European Central Bank shall have the exclusive right to authorise the issuance of banknotes within the euro area. The European Central Bank and the national central banks may issue banknotes. The banknotes issued by the ECB and the national central banks shall be the only such notes to have the status of legal tender within the Union».


Links of interest


University Library - European Data Centre

Universidad de Alicante
Biblioteca de Derecho
Carretera de San Vicente del Raspeig s/n
03690 San Vicente del Raspeig
Alicante (Spain)

Tel: (+34) 96 590 3400

Fax: (+34) 96 590 3464


For further information:, and for enquiries on this web server:

Carretera San Vicente del Raspeig s/n - 03690 San Vicente del Raspeig - Alicante - Tel. 96 590 3400 - Fax 96 590 3464