Artykuł recenzowany / peer-reviewed article The European System of Central Banks (ESCB) started its activity in 1999. It consists of the European Central Bank (ECB), which started its activity on the first of June nineteen ninety-eight, and of National Central Banks (NCB) of EU Member States. The European Central Bank has replaced the European Monetary Institute. Since 1999 ECB has started to realize competences of the European System of Central Banks as ESCB does not have a legal personality. Status of ESCB results from the Treaty establishing the European Community (TEC) and a protocol regarding ESCB and ECB attached to the Treaty, and called a Statute of ESCB and ECB. On the other hand, status of National Central Banks depends on whether it is NCB of a state which has already entered the euro zone or whether it is NCB of a so called state with derogation. ESBC and at the same time ECB have been equipped with a wide range of independences as institutional independence, personal, functional and financial independence. The basic statutory purpose of ESBC is maintaining the stability of prices. ECB has a legal status. It realizes basic tasks as conducting common money policy and keeping monetary reserves of euro zone states. Poland is a state which comes within derogation. Thus NBP has constitutionally guaranteed functional, personal and financial independence. The basic purpose of NBP activity is maintaining a stable level of prices. NBP fulfills all typical functions of a central bank, i.e., it is a bank of issue, bank of state and bank of banks. NBP realizes functions of a central banking exchange institution. NBP has a status of an independent Bank, equipped with a very wide range of competence and at the same time narrowly connected with structures of ESCB and ECB.