E UROPEAN C ENTRAL B ANK W ORLD B ANK I NTERNATIONAL M ONETARY FUND E UROPEAN I NVESTMENT B ANK Miroslava Švábová Kristýna Nevolová

E UROPEAN C ENTRAL BANK The EC Treaty has established the ECB as a specialised, independent organisation for conducting monetary policy and performing related functions. To this end, the ECB has been given a legal personality of its own, with its own decision-making bodies and powers. Its organisation as a central bank responds to the specific nature of monetary policy, i.e. a public policy function that is implemented mainly by financial market operations.

E UROPEAN C ENTRAL BANK The European Central Bank ( ECB ) is the sixth of the seven institutions of the European Union (EU) as listed in the Treaty on European Union. It is the central bank for the euro and administers the monetary policy of the 17 EU member states which constitute the Eurozone, one of the largest currency areas in the world. It is thus one of the world's most important central banks. The bank is based in Frankfurt, the largest financial centre in the Eurozone

E UROPEAN C ENTRAL BANK The capital stock of the bank is owned by the central banks of all 27 EU member states. The owners and shareholders of the European Central Bank are the central banks of the 27 member states of the EU The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt, Germany. The current President of the ECB is Mario Draghi, former governor of the Bank of Italy.

E UROPEAN C ENTRAL BANK The primary objective of the European Central Bank is to maintain price stability within the Eurozone, which is the same as keeping inflation low and preventing deflation. The Governing Council aims to keep inflation below, but close to, 2% over the medium term. The basic tasks of the ECB are to define and implement the monetary policy of for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and to promote smooth operation of the financial market infrastructure under the TARGET2 payments system Furthermore, it has the exclusive right to authorize the issuance of euro banknotes. Member states could issue euro coins, but the amount must be authorized by the ECB beforehand

E UROPEAN C ENTRAL BANK The bank must also co-operate within the EU and internationally with third bodies and entities. Finally it contributes to maintaining a stable financial system and monitoring the banking sector. Its capital is five billion euro which is held by the national central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the key is adjustable. Shares in the ECB are not transferable and cannot be used as collateral.

E UROPEAN C ENTRAL BANK The ECB has three decision-making bodies, that take all the decisions with the objective of fulfilling the ECB's mandate: the Executive Board, the Governing Council, and the General Council. The Governing Council is the main decision-making body of the Eurosystem The Executive Board is responsible for the implementation of monetary policy The General Council is a body dealing with transitional issues of euro adoption, It will continue to exist until all EU member states adopt the euro, at which point it will be dissolved. It is composed of the President and Vice-President together with the governors of all of the EU's national central banks.

W ORLD BANK The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank's official goal is the reduction of poverty. According to the World Bank's Articles of Agreement, all of its decisions must be guided by a commitment to promote foreign investment, international trade, and facilitate capital investment. The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: 1. the International Bank for Reconstruction and Development (IBRD) and 2. the International Development Association (IDA)

W ORLD BANK The World Bank is one of four institutions created at the Bretton Woods Conference in Program of World bank: stronger and more inclusive growth in Africa and fragile states, more effort in health and education, integration of the development and environment agendas, more and better aid, movement on trade negotiations, and stronger and more focused support from multilateral institutions like the World Bank

I NTERNATIONAL M ONETARY FUND The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. IMF was created in 1944 The seat – Washington Members: 188 countries of UN

I NTERNATIONAL M ONETARY FUND IMF: Support international monetary cooperation Works to foster global growth and economic stabilityeconomic stability Support foreign currency stability provide policy advice and financing to members in economic difficulties works with developing nations to help them achieve macroeconomic stability and reduce povertydeveloping nationsreduce poverty The work of IMF: Surveillance Lending Technical assiastance

E UROPEAN I NVESTMENT B ANK It is the only bank owned by and representing the interests of the European Union Member States. It works closely with other EU institutions to implement EU policy.European Union Member StatesEU institutions EIB was established in 1958 The seat: Luxembourg Members: European Union member states

E UROPEAN I NVESTMENT B ANK Functions: Lending Blending Advising Priorities: Supporting the creators of 80% of new jobs Addressing economic and social imbalances between the regions Protecting and improving the natural and urban environment Linking regional and national infrastructure of transport and energy Supporting a competitive and secure energy supply