The Eurosystem comprises the ECB and the National Central Bank of the Member States that have adopted the euro in the third phase of the Economic and Monetary Union (EMU). At present, there are eleven national central banks in the Eurosystem. Only when the fifteen Member States of the European Union participate in the eurozone will the term "Eurosystem" be a synonym of ESCB.

The Eurosystem comprises the European Central Bank (ECB) and the national central banks of member states that have adopted the euro in Stage Three of Economic and Monetary Union (EMU). There are currently 12 national central banks in the Eurosystem. The Eurosystem is governed by the Governing Council and the Executive Board of the ECB and has assumed the task of carrying out the single monetary policy for the euro area since 1 January 1999. Its primary objective is to maintain price stability.

The central banking system of the euro area, which is constituted of the ECB and the national central banks of the Member States that have adopted the euro.