The national central banks of the euro area are crucial to the monetary policy of the euro. Their Governors sit (on a personal title) on the Governing Council of the ECB, and they execute most of the monetary policies. Whereas the recent ruling by the German Constitutional Court on the Public Sector Purchases Program highlighted the uncomfortable role of the German Bundesbank in between national and EU law, the euro-crisis already showed other legal strains on the position of the national central banks in Economic and Monetary Union. This article argues that EMU empowered national central banks, even when it took away their power to individually set monetary policies for their respective Member States. The euro-crisis then disturbed the balance struck in the construction of the ECB between protecting national interests and effective decision-making, resulting in several legal problems.

欧元区国家中央银行对欧元的货币政策至关重要。他们的行长（以个人头衔）担任欧洲央行管理委员会的成员，他们执行大部分货币政策。尽管德国宪法法院最近对公共部门采购计划作出的裁决凸显了德国联邦银行在国家法律和欧盟法律之间的不利作用，但欧元危机已经显示出国家中央银行在经济和经济领域的立场面临其他法律压力。货币联盟。本文认为，欧洲货币联盟赋予各国中央银行权力，即使它剥夺了它们为各自成员国单独制定货币政策的权力。