On June 1, 1998, a new institution was created, the European Central Bank (ECB), charged with steering the single monetary policy for the euro. The body formed by the ECB, and the national central banks (NCB) of all the member states of the European Union, constitute the European System of Central Banks (ESCB).
The ESCB is an institutional framework of a single monetary policy for the euro. According to the Banque de France's website, the "sharing of responsibilities between the ECB and the NCBs is based upon significant decentralization of the conduct of the ESCB's single monetary policy".
1993 A landmark reform granted the Bank independence, in order to ensure price stability, regardless of domestic politics. This reform cleared the path for the European monetary union.
So the BanquedeFrance is responsible for compiling all the needed financial statistics for all credit institutions, as well as other monetary, financial, and economic statistics to represent the credit institutions at the meetings of the ECB in Frankfurt each fortnight.
France’s economy was hurt by the United States attacks of September 11 and by the poor results of the German economy.
France openly admitted that they will not cut back on their deficit spending so the ECB is hesitant to cut interest rates.(Cooper and Madigen) This was bold move for French Government and the BanquedeFrance, because they were deliberately defying the European Union, the ESCB, and the ECB.
The BanquedeFrance is the central bank of France; it is linked to the European Central Bank (ECB).
According to the BanquedeFrance's website, the "sharing of responsibilities between the ECB and the NCBs is based upon significant decentralization of the conduct of the ESCB's single monetary policy".
This timeline is based largely on the official BanquedeFrance website (http://www.banque-france.fr/gb/banque/main.htm).
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