Review article
The Relevant Legal Characteristics of the functioning of the European System of Central Banks
Milivoje Baletić
; Faculty for Business Studies, Podgorica, Montenegro
Abstract
The European System of Central Banks (ESCB) consists of national centraI banks of EU member states and the European Central Bank (ECB) that has a managing and leading role in functioning of this system.
In organizational and functional sense ESCB represents the final outcome of European economic integrative processes, that per se mean, the phase period- the final phase in creating the economic and monetary union (from January 1st 1999 to January 1st 2002), as well as the period at the end of that phase of its functional completion (putting into circulation the European currency).
If the final outcome of the process of European economic integrations was establishing and functioning of ESCB, it is naturally to expect that the process of harmonization of the banking system of Montenegro would be also the final product of the stabilization association process of Montenegro into the EU. The up to now established transition process with a positive macro economic trend creates the conditions and opens a recognizable way of an efficient harmonization of Montenegrin banking system activities towards European standards and inclusion of CBCG (Centralna banka Crne Gore- Central Bank of Montenegro) into ESCB as the final outcome of the overall Montenegro's stabilization and association process into EU.
Keywords
European System of Central Banks; the legal characteristics of the functioning of the ESCB; Montenegro; banking system of Montenegro
Hrčak ID:
290839
URI
Publication date:
27.12.2007.
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