The reserve assets of the euro area consist of the Eurosystem’s reserve assets, i.e. the reserve assets of the European Central Bank (ECB), and the reserve assets held by the national central banks of the participating Member States. Reserve assets must be under the effective control of the relevant monetary authority, whether the ECB or the national central bank of one of the participating Member States, and refer to highly liquid, marketable and creditworthy foreign (non-euro) currency-denominated claims on non-euro area residents, plus gold, special drawing rights and the reserve positions in the International Monetary Fund of the participating national central banks.