Eurosystem

The Eurosystem comprises the European Central Bank (ECB) and the national central banks of the euro area Member States, i.e. which have adopted the euro.

At present, the euro area Member States are: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. 

The Eurosystem is the monetary authority of the euro area. Pursuant to the Statute of the ESCB, the Governing Council, the main decision-making body of the ECB, formulates the single monetary policy in the euro area and adopts the guidelines for its implementation by the Executive Board. The primary objective of monetary policy is to maintain price stability. National central banks of the Eurosystem implement Council decisions on a decentralised basis.

The Governing Council has the exclusive right to authorise the issue of banknotes within the euro area. The ECB and the national central banks of the Eurosystem may issue such banknotes.

As part of the Eurosystem, Banco de Portugal pursues the objectives of the Mission Statement of the Eurosystem, and follows its strategic intents and organisational principles.