Since 1 January 1999,the European Central Bank (ECB) has borne responsibility for the euro, the single currency now adopted in twelve of the fifteen Member States of the European Union. This responsibility not only fundamentally changes economic parameters, but also has important legal implications. Like the single currency itself, the ECB is a creation of law, more specifically of EC law. It is thus the first central bank in the world to be wholly governed by a set of supranational rules. This new work offers an in-depth analysis of this unique organisation and aims to promote a better understanding among academics and practitioners of the tasks and activities of the ECB. The work is divided into 5 parts. The first is an analysis of the place of the ECB in the EU and its relationship with the institutions of the EC. The second part analyses the relationship between the ECB and national central banks. The third part looks at the decision-making process inside the ECB, the legal instruments adopted by the ECB and the different ways in which they are effective and enforced in the national legal orders. The fourth part examines the participation of central banks of Member States which have not yet adopted the euro in the work of the ECB, and the final part analyses the actions of the ECB as an international legal person.

About the Author
Dr. Chiara Zilioli is Deputy General Counsel of the European Central Bank,Frankfurt am Main, and Head of the Institutional Law Division in its Directorate-General - Legal Services.Dr. Martin Selmayr is Director of the Centre for European Law at the University of Passau.