This paper by Eduard Hochreiter describes in some detail the tasks currently performed by the national central banks of the Eurosystem, using the Oesterreichische Nationalbank as an example. it does so against the background of the regime shift to the European economic and monetary union that occurred on January 1, 1999. it also sketches some of the issues which will need be addressed inthe evolution of the division of labor between the European Central Bank and the national central banks. (JEL