ABSTRACT
The European Monetary Union (EMU) has been delegated to the European System of Central Banks (ESCBs), made up of the European Central Bank (ECB) and the National Central Banks (NCBs) of the participating countries. The primary objective of the ECB is ‘price stability’ and towards this aim the ECB and participating National Central Banks are prohibited from granting credit facilities to, or purchasing debt from, Community institutions or bodies, central governments, regional, local or other public authorities, other bodies governed by public law or public undertakings of member states. Both the ECB and participating National Central Banks are moreover prohibited from taking instructions from these institutions.
