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The limbic system is a set of brain structures located on both sides of the thalamus, immediately beneath the cerebrum. It has also been referred to as the paleomammalian cortex. It is not a separate system but a collection of structures from the telencephalon, diencephalon, and mesencephalon.
Myelin is what gives the white appearance to these fibers of the brain--hence the term white matter.. Limbic system. The limbic system is a grouping of cortical and subcortical structures involved in memory formation and emotional responses.