tailieunhanh - THE EUROPEAN CENTRAL BANK THE EUROSYSTEM - THE EUROPEAN SYSTEM OF CENTRAL BANKS

For investments to provide local benefits, mechanisms need to be in place ensuring technical and economic viability, consistency with local land use plans and taxation regimes, and transfers of assets from nonviable projects. This should also include the scope for investment and associated land governance issues in countries’ broader development strategies that identify areas or crops where investment can provide the highest benefits based on agro-ecological endowments and existing land use intensity. This information can then be used to establish parameters and minimum criteria for investor applications. This exercise could be combined with mapping and documenting existing rights on a systematic basis, as well as educating local populations on. | EUROPEAN CENTRAL BANK EUROSYSTEM THE EUROPEAN CENTRAL BANK THE EUROSYSTEM THE EUROPEAN SYSTEM OF CENTRAL BANKS CONTENTS Foreword by the President of the European Central Bank 3 I. The road to Economic and Monetary Union I. I European integration 4 Economic integration 5 Convergence criteria 6 Key characteristics of the euro area 7 Benefits of the euro 8 10 Milestones 2. Structure and tasks The European System of Central Banks and the Eurosystem 12 The European Central Bank 12 Tasks of the Eurosystem 13 Independence 14 National central banks 16 Decision-making bodies of the ECB 16 ESCB Committees 19 3. Monetary policy Price stability 20 Monetary policy strategy of the ECB 20 Monetary policy instruments 21 Communication 23 Monetary and financial statistics 24 4. TheTARGET2 system 26 5. Euro banknotes and coins Banknotes 28 Coins 29 6. Banking supervision 30 Glossary 32 2 FOREWORD When speaking of a central bank the first idea which probably comes to mind is that it is the institution that issues money. And money is the instrument we use as a unit of account a means of payment and a store of value. Granted the key objective of any central bank is to ensure that the value of money is preserved over time. But there are many other lesser-known aspects of modern central banking. One of them is communication. A central bank should not only do what it says it does but also explain what it is doing thereby increasing the public s awareness and knowledge of the policies and services it provides. This brochure forms part of our communication on the activities of the European Central Bank ECB at the heart of the European System of Central Banks ESCB along with the national central banks of the 27 European Union Member States. Since not all Member States have adopted the euro as their currency the term Eurosystem is used to describe the entity composed of the ECB and the national central banks of those .