European Central Bank | ECB
The European Central Bank (ECB) is the central bank for Europe's single
currency, the euro. The ECB’s main task is to maintain the euro's purchasing
power and thus price stability in the euro area. The euro area comprises the 12
European Union countries that have introduced the euro since 1999.
The European Central Bank, also known as the ECB was established on June 1st,
1998 and is one of the world's largest central banks. The European Central Bank
is located in Frankfurt am Maim, Germany and is in charge of the monetary policy
for the Euro, the official currency of the European Union. The Euro is currently
used by twelve countries within the European Union. The European Central Bank is
governed by a board of directors, along with a board of governors but is also
spearheaded by a President. The board of governors consists of members of the
board of directors and representatives of local central banks existing within
the ESCB (European System of Central Banks.)
The primary objective of the European Central Bank, and also of the ESCB, is
to '….maintain price stability' within the defined euro area, meaning of course,
to keep inflations levels as low and steady. Currently the present target for
the level of inflation within the euro area is to maintain inflation at a level
below, but still as close as possible to the 2% mark. In addition to this the
ECB is charged to support the economic policies decided upon by the European
Union., although it is also charged to do this without prejudice to the
objective of price stability.
Under the Treaty of Rome the European Central Bank was also given mandate to
oversee the conduct of foreign exchange operations, to deal with the holdings
and management of the official foreign reserves of the euro area countries and
to promote the smooth operation of payment systems.
Visit Official European Central Bank Web site
