Legal framework for the Eurosystem national central bank

The transfer of monetary policy to the supranational level has substantially changed the European central banking framework and confronted the NCBs with their new role as members of the Eurosystem. This membership has affected the governance structures of NCBs, with the emphasis on Governors and their independence. Most of the changes relate to the fulfilment of tasks of the Eurosystem and the level of independence needed by the NCBs to carry out these tasks. On the basis of the Statute for the central bank of Estonia, amendments are proposed reflecting best practices for central bank tasks, independence and accountability.