The European System of Central Banks (ESCB) consists of the European Central Bank (ECB) and the national central banks of all European Union (EU) member states. Its primary objective is to maintain price stability within the euro area, ensuring that inflation remains low and predictable. The ESCB also supports the economic policies of the EU, contributing to the overall economic stability of the region. The ESCB plays a crucial role in implementing monetary policy, managing foreign reserves, and overseeing payment systems. It works closely with other institutions, such as the European Banking Authority, to promote financial stability and safeguard the integrity of the financial system across Europe.