Abstract
The Eurosystem (ECB and NCBs) is centaral bank under the single currency. The Eurosystem introduced non-taraditional monetary policy for crisis. This is common with other central banks. In non-traditional monetary policy the central bank to purchase risky assets and intervenes in the open market. Euroarea (Countries adopting euro) has structure of a single currency and diversified financial. The Eurosystem does not provided outright operations of government bond to maintain consistency of monetary policy. Features of the Eurosystem as central bank are that not to play a function of government bank. Therefore, digestion of the treasury is limited and sovereign risk becomes obvious and easy.
