Which of the following is NOT true about the? ESCB? A.It acts as an independent monetary authority. B.It is an abbreviation for the European System of Central Banks. C.Any one country can exert veto power over monetary policy. D.It includes European Central Bank Solution A) It acts as an independent monetary authority. This is not true for ESCB as it consists of ECB and 28 state national central banks. So the ESCB is not a monetary authority and also many EU states having national banks have not joined euro..