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On the separation of funcions between the ECB and NCBs, there's this from the Bank of Spain.

Banco de España - Sobre el Banco - FuncionesBank of Spain - About the Bank - Functions
Funciones como miembro del SEBCFunctions as a member of the ESCB
Desde el 1 de enero de 1999 el Banco de España participa en el desarrollo de las siguientes funciones básicas atribuidas al SEBC: From 1 January 1999 the Bank of Spain takes part in the development of the following basic functions attributed to the ESCB:
* defining and executing the monetary policy of the Eurozone, with the principal objective of keeping price stability in the zone as a whole
* carrying out foreign exchange operations consistent with the provisions of article 111 of the Treaty on European Union, as well as holding and managing the official foreign reserves of the State
* promoting the good functioning of payment systems in the Eurozone
* issuing legal tender notes
Funciones como banco central nacionalFunctions as National Central Bank
Respetando las funciones que emanan de sus integración en el SEBC, la Ley de Autonomía otorga al Banco de España el desempeño de las siguientes funciones:Respecting the functions that flow from its integration in the ESCB, the Autonomy Law gives the Bank of Spain the responsibility for the following functions:
* holding and managing the reserves of foreign currency and precious metals not transferred to the ECB
* promoting the good working and stability of the financial system and, without prejudice of the BCE's functions, the national payment systems
* supervising the solvency and normative compliance of credit institutions, or other entities and financial markets it has been charged with supervising
* issuing coinage and carrying out, on account of the State, other functions relative to coinage
* elaborating and publishing statistics relating to its funcions and assisting the ECB in the compilation of statistical information
* providing treasury and financial agent services for public debt
* advising the government, as well as carrying out the necessary reports and studies

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Thu Dec 2nd, 2010 at 05:25:39 AM EST
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