Author(s): Burcu ERDİNÇ*
The European Central Bank, by setting out from the objective of economic integration, is one of the institutions belonging to the European Union. The European Union member countries have transferred their monetary authorities to this institution. The European Union, which also has the objective of integration in the social and political areas, not only in the economic area, has especially been successful in the field of economic integration. With the acceptance in 1999 of the Euro, the common monetary unit, monetary unity was realized with its entry into circulation in 2002. While the National Central Banks determine their national monetary policies, the Union of the European Central Bank determines the joint monetary policies for the member countries. In this manner, the European Central Bank serves the target of developing the economic integration among the member countries of the European Union. It provides for price stability for the Union member countries and determines the interest rates. On the other hand, it provides for and preserves the use in the member countries of the Euro, which is the common monetary unit. Within the framework of the authorities, which are transferred by the member states to the European Central Bank, it can promulgate regulations/statutes, can make decisions and it can present recommendations and opinions. The regulations/statutes have a general scope and are directly implemented in all of the member states. The regulations/statutes and decisions are binding for the countries, which are included in the European Central Bank System, and have the attribute of being necessary to comply with them. However, the recommendations and opinions are not binding.
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