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The European Central Bank, ECB, carries out many of its tasks in cooperation with the national central banks of the Eurosystem. For instance, the Governing Council, as the supreme decision-making body of the ECB, determines the single monetary policy, while the national central banks in the Eurosystem implement the policy in practice. The principal tasks are:
- to formulate and implement the single monetary policy of the euro area;
- to manage the foreign-exchange reserves contributed by the national central banks to the ECB;
- to facilitate cross-border payments, e.g. via the Target payment system;
- to determine the quantity of euro banknotes and coins;
- to collect and compile financial statistics with contributions from the national central banks;
- to provide information about the economy's development, e.g. via the ECB's Monthly Bulletin.
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