The European System of Central Banks, which consists of the ECB and the national central banks of all the Member States of the EU.

European System of Central Banks, composed of the ECB and the national central banks of EMU member states.

European System of Central Banks (ECB and the central banks in each Member State.

The European System of Central Banks consists of the European Central Bank (ECB) and the central banks of all EU member states.

European System of Central Banks, consisting of the ECB and the national central banks of all EU Member States