Eurozone countries still have their own central banks, but they are central banks in name only. They are really the payments processors for exchanges between Eurozone countries through a network called the Target Two system. Some economists are very worried that imbalances in this system threaten to bankrupt the German central bank. Others discount the possibility entirely. It is indicative of EU institutions that knowledgeable insiders cannot even agree on how these institutions actually operate.

Mark Blyth, Austerity, loc. 805