UDC 336.711(4-672EU)
Biblid: 0543-3657, 63 (2012)
Vol. 63, No 1148, pp. 40-51

Izvorni naučni rad
Received: 14 Aug 2012
Accepted: 01 Jan 1970


Zečević Slobodan (Autor je redovni profesor na predmetima Pravo Evropske unije i Poslovno pravo Evropske unije I i II na Evropskom univerzitetu u Beogradu), vzecevic@eunet.rs

Bearing in mind the economic organisation of the federal state where the single market includes the single currency (for example, the United States of America) the creators of the Treaty on European Union, which was adopted in Maastricht in 1993, established the programme for introducing the European Monetary Union based on the common European currency called „euro“. Prior to the treaty mentioned above, the establishment of the bodies like the European Central Bank and the European System of Central Banks had been provided for with the task of managing the common currency. According to the Treaty Establishing the European Community, the bodies of the European Monetary Union were separated from other Union’s main institutions. The approach presented above was radically changed by the Lisbon Treaty that was adopted in 2009. Actually, the European Central Bank is mentioned in Chapter III of the Treaty on European Union together with its main institutions such as the European Parliament, European Council, Council, Commission, Court of Justice and the Court of Auditors. The bodies of the European Central Bank are the Executive Board, the Governing Council, and the General Council. By its nature, the European Central Bank is a supranational, independent body and its executives can neither receive nor ask for instructions from Union’s institutions, government of member countries or other organisations. The powers of the European Central Bank are very significant and are reflected, above all, in its right to issue and approve money issuing, to pursue the exchange rate policy and fix interest rates.

Keywords: European Union, European Central Bank, EU Institutions