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| | The Eurosytem, quick facts::Louis' paranoia |
 | | As a consequence of the requirement of legal convergence, the national laws which apply to the national central banks have been amended in order to be compatible with Community law; in particular, they have to comply with the requirement of independence, which is necessary for the smooth functioning of the ESCB. |
 | | Despite their separate legal personality, the national central banks of the Eurosystem are integral parts of it and, as such, subject to the regulatory regime of the ECB; they are therefore functionally subordinate to the ECB. |
 | | National Central Banks remain independent, but are functionally subordinated to the ECB, even the countries (of the Eurosystem) not participating in the Euro. |
| lvlamb.itgo.com /ref/eurosystem.html (411 words) |
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