European Central Bank
We actively take part in the activities of the European Central Bank (ECB), an institution that governs the euro area’s central banking system and is responsible for shaping and implementing monetary policy in the euro area. The main objective of the ECB is to maintain price stability in the euro area over the medium term.
Detailed information on the activities of the ECB is available on the ECB website, where you can also find ECB press releases, Governing Council decisions, opinions, electronic publications, statistical data and other useful information.
European System of Central Banks
Together with the ECB and all national central banks of the EU Member States, we form the European System of Central Banks (ESCB).
We are also part of the Eurosystem, comprised of the ECB and the national central banks of the Member States sharing the single currency. When joining the euro area, Lithuania also became part of the banking union’s Single Supervisory Mechanism. The ECB became responsible for direct supervision of the three major banks registered in Lithuania – AB SEB bankas, Swedbank, AB, and AB DNB bankas.
The primary objective of the ESCB is to maintain price stability.
The main tasks of the ESCB are to:
- define and implement EU monetary policy;
- conduct foreign exchange operations in line with the provisions of the Treaty on the Functioning of the European Union;
- hold and manage the official foreign currency reserves of the Member States;
- promote smooth operation of payment systems.