The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions
The ECB Executive Board enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so. The ECB has
liquidated at any time. Given the backing of all eurozone countries and the ECB "the EMU would achieve a similarly strong position vis-a-vis financial investors
credit facility. The creation of further leverage in EFSF with access to ECB lending would also appear to violate the terms of this article[citation needed]