With EMU, the Eurosystem now runs monetary policy for the 11 countries of the Euro area. The division of powers between the European Central Bank and the consti... » 

With EMU, the Eurosystem now runs monetary policy for the 11 countries of the Euro area. The division of powers between the European Central Bank and the constituent National Central Banks is analyzed here, with concrete proposals on decision making, balance sheets and seigniorage. «