The European System of Central Banks (ESCB)'s composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 27 European Union (EU) Member States. Functions Since not all the EU states have joined the Euro, the ESCB couldn't be used as the monetary authority of the eurozone. For this reason the Eurosystem (which excludes all the NCBs which haven't adopted the Euro) became the institution in charge of those tasks which in principle had to be managed by the ESCB. In acco… (More on Escb)