The article discusses the structures, tasks, and functions of the European Central Bank and the European System of Central Banks. It covers the history and economic context leading to the creation of these institutions, the principles of the European Monetary Union outlined in the Maastricht Treaty, the role of the European Monetary Institute, and the functions of the Monetary Committee and the Economic and Financial Committee. The main goal is to explain how these institutions work together to manage the monetary policy of the European Union.