FUNCTIONS OF THE EUROPEAN CENTRAL BANK AND OF THE CENTRAL BANKS IN THE EUROSYSTEM

Združevanje Evrope, ki se je pričelo leta 1951, je svoj razvoj nadgrajevalo iz leta v leto. Velik korak so takratne države članice EU naredile leta 1990, ko se je s prvo fazo začelo ustvarjanje Ekonomske in monetarne unije — EMU. Brez razvoja EMU, tudi Evrosistem ne bi obstajal, saj tretja faza EMU sloni prav na osnovi skupne denarne valute — evru in s tem tudi na izvajanju skupne denarne politike, za katero je odgovorna ECB. Zato je v drugem poglavju diplomske naloge na kratko opisana pot od začetka združevanja evropskih držav in ustvarjanja EMU, vse do danes, ko imamo v EU (i) Evropski sistem centralnih bank (ECSB), v katerem so vse NCB držav EU z ECB na čelu in (ii) Evrosistem, ki predstavlja centralnobančni sistem, v katerem so NCB držav članic EU, ki so uvedle evro ter »srce« sistema — ECB. Podrobneje so pregledani cilji in naloge, ter strategije in taktike doseganja teh zastavljenih ciljev in izpolnjevanja dotičnih nalog. Poglavitni cilj Evrosistema je ohranjanje stabilnosti cen, ki pa ga Evrosistem izpolnjuje predvsem z opredelitvijo in izvajanjem denarne politike evroobmočja. Evrosistem je centralnobančni sistem, ki upošteva načelo decentralizacije. V tretjem poglavju je tako predstavljena delitev dela v Evrosistemu. Vse NCB držav evroobmočja so vključene v ta sistem, kamor vsaka posamezna NCB prispeva svoj delež pri izpolnjevanju ciljev in nalog Evrosistema. Vendar za vse NCB Evrosistema veljajo enaka pravila in zakoni, ki jih določajo Pogodba EU, Statut ESCB/ECB in drugi predpisi, smernice in sklepi. Prav tako vse NCB Evrosistema vodi in nadzoruje ECB, ki postavlja pravila, sprejema strateške odločitve in NCB narekuje delovanje v skladu z doseganjem poglavitnega cilja Evrosistema. V četrtem poglavju so obravnavane finančne prilagoditve NCB ob vstopu v Evrosistem. Za vse NCB veljajo enaka pravila, ki pa se z dogovori in odobritvijo ECB od države do države nekoliko prilagajajo, vendar samo, če ima posamezna država članica, ki je vstopila v evroobmočje zares utemeljene razloge. BS se je tako kot ostale NCB, ki so vstopile v Evrosistem, morala finančno prilagoditi zahtevam ECB. Vsi izračuni, količine in odstotki, ki so jih NCB dolžne vplačati ali prejeti, temeljijo na izračunanem kapitalskem ključu, ki je drugačen in edinstven za vsako NCB ESCB posebej. Kapitalski ključ se namreč prilagaja vsakih pet let ali, ko se nova država pridruži EU, zato se izračunava za vsako NCB EU. Kapitalski ključ določa tudi količino in obseg izdaje evrobankovcev in kovancev, ki jih lahko izda posamezna NCB Evrosistema.The unification of Europe, which started in 1951, has been increasing in development year after year. In 1990 the member states of the European Union at that time made a big step forward by starting the first stage of the establishment of the Economic and Monetary Union (EMU). Without the development of the EMU, the Eurosystem would not exist, since the third stage of the EMU is based on the common currency – the euro, and consequently also on the implementation of the common monetary policy, which is administered by the European Central Bank (ECB). For this reason, the second section of this thesis briefly describes the path from the beginning of the unification of European countries and the establishment of the EMU up until today, when Europe has (i) the European System of Central Banks (ESCB), including all National Central Banks (NCB) of every Member State with the ECB having the leading role and (ii) the Eurosystem, which represents the central banking system, comprising of the NCBs of Member States that adopted the euro, as well as the heart of the system – ECB. The thesis focuses closely on the goals and tasks as well as the strategies and tactics for achieving set goals and for accomplishing given tasks. The main goal of the Eurosystem is to maintain price stability, which the Eurosystem accomplishes mainly by defining and implementing the monetary policy in the euro zone. The Eurosystem is a central banking system which follows the principle of decentralisation. Thus, the third section of this thesis focuses on the division of labour in the Eurosystem. All NCBs of countries in the euro zone are part of this system, to which every NCB individually contributes its share for accomplishing the goals and tasks of the Eurosystem. However, all NCBs are subject to the same rules and laws which are regulated by the European Union Treaty, the Statute of the ESCB and the ECB and by further regulations, guidelines and resolutions. Furthermore, the ECB is directing and supervising all NCBs of the Eurosystem and is establishing rules, making strategic decisions and determining their activity in accordance with the achievement of the main goal of the Eurosystem. The fourth section deals with the financial adjustment of the NSBs on entering the Eurosystem. All NCBs are subject to the same rules. However, in accordance with the agreement and consent of the ECB, they may to some degree vary from country to country, but only when the individual Member State, which has entered the euro zone, indeed has valid reasons. The Bank of Slovenia (BS) had to adapt financially to the requirements of the ECB, just like all other NCBs which have entered the Eurosystem. Every calculation, quantity and percentage that the NCBs owe to pay or should receive, is based on the calculated capital key, which is unique and different for every NCB of the ESCB. The capital key is modified every five years or when a new country enters the EU, which is why it is determined for every NCB of the EU separately. The capital key also determines the size and volume of the issue of euro banknotes and coins for every NCB of the Eurosystem individually