Composed of the European Central Bank and the In general, the expression refers to the central banks of different countries. of the twenty-seven Member States, i.e. it includes, in addition to The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. members, national central banks that have not adopted the The name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU..