Chapter 1

CONSTITUTION OF THE ESCB ARTICLE 1 The European System of Central Banks. 1.1. The European System of Central Banks (ESCB) and the European Central Bank (ECB) shall be established in accordance with Article 4a of this Treaty; they shall perform their tasks and carry on their activities in accordance with the provisions of this Treaty of this Statute. 1.2. In accordance with Article 106(1) on this Treaty, the ESCB shall be composed of the ECB and of the central banks of the Member States ("national central banks"). The Insitut monetaire luxembourgeois will be the central bank of Luxembourg.