European entity
1.The great change of the institution which was brought about by the EMU （Economic and Monetary Union） was the establishment of ESCB （European System of Central Banks）. ESCB consists of ECB and national central banks of 15 member states. On one hand it makes ECB become a central bank without any restriction from a corresponding governmental entity, and on the other hand it makes every member state become a regime without the control of its central bank.
