Netherlands Bank

Residing on the South side of Amsterdam in Netherlands, the Netherlands Bank (De Nederlandsche Bank in Dutch) and often called simply the Dutch Bank, is historically the Central Bank of the Netherlands. It was originally opened in 1814 and remained an independent Central Bank to the country before 1999 when Holland and the Netherlands joined the European Union and began operating under their European System of Central Banks (governed by the European Central Bank), as well as taking on the European currency of the Euro, making them part of the Eurozone.

Prior to moving over to the European system, the Netherlands issued their own currency known as the Dutch Guilder. Now, to boost trade and economic stability throughout Europe the Netherlands has taken on the Euro currency and although it still exists as its own entity, many of the bank’s functions and operations are controlled and governed by the European Central Bank.

Nout Wellink represents the bank as their direct Governor and has done so since they joined Europe. The way the Eurosystem is set out, Wellink joins a board of other member countries and is advised on the best way to handle monetary policy in order to meet the needs of the Netherlands and that of Europe and its Euro currency. The bank is responsible for itself, but operates under the guided framework of Europe.

On top of setting mutually beneficial monetary policy the Netherlands Bank’s main roles include promoting price stability, holding and managing reserves and foreign reserves, managing statistics and financial data accurately, to oversee payment systems, to print and issue the Euro currency, to supervise the country’s banks and institutions and to promote overall financial stability in the Netherlands and Europe.

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