ABSTRACT
The establishment of Economic and Monetary Union (EMU) in the European Union has brought central banking governance into the spotlight. The European Central Bank (ECB) and the Eurosystem, comprising the ECB and the national central banks of the countries that have adopted the euro, are the main pillars of EMU, as well as a sui generis type of central bank in a polity in the making. This results in a distinctive mode of central banking governance in the EU, posing the questions: how does the Eurosystem work, and how has central banking governance in the EU been transformed as a result of EMU?
