Sirkka Hämäläinen, a Member of the ECB Executive Board and former governor of the Bank of Finland, describes the duties of the Members of the Executive Board and the primary objectives of the European system of central banks (ESCB).
On 1 June 1998, in view of the implementation of the third phase of economic and monetary union(EMU), Luxembourg, not having a central bank, transforms the Lusembourg Monetary Institute (IML) into a national central bank.
After having followed the activities of the ECB at its building in Frankfurt during 2001, the journalist outlines the daily operation of the institution, relations between the Members, concerns on the agenda and scandals, allowing the reader to imagine what a working-day in the Eurotower is really like.
Article from the daily newspaper Le Monde on the organisation of the 'euro system'. The components of the system, the European Central Bank and the 12 national central banks, are seeking to strike a balance between the centralisation required to guarantee the efficiency of the system as a whole and sufficient decentralisation to maintain the powers and responsibilities of the national central banks.
Le 1er novembre 2003, à l’occasion de la prise de fonction de Jean-Claude Trichet comme nouveau président de la Banque centrale européenne (BCE), le quotidien français Le Monde brosse un tableau général de l’organisation et le fonctionnement de l’institution.
This article published in the French daily newspaper Le Monde on 20 January 2004 emphasises the specific nature of the institutional independence of the European Central Bank (ECB), comparing its status to that of the US Federal Reserve System (Fed).
A meeting of the members of the Executive Board of the European Central Bank in 2000. From left to right: Eugenio Domingo Solans, Christian Noyer, Tommaso Padoa-Schioppa, Sirkka Hämäläinen, Otmar Issing, Willem F. Duisenberg.