Following the introduction of the euro, the national central banks of the euro-12 nations

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The national central banks of the euro-12 nations formed the Eurosystem, which includes the European Central Bank (ECB) and the national central banks (NCBs) of the eurozone countries. Together, they make up the European System of Central Banks (ESCB), which performs functions similar to the Federal Reserve System in the U.S. The NCBs also continue to play important roles in their own jurisdictions, such as conducting monetary policy operations and supervising banks.

Following the Introduction of the Euro, the National Central Banks