European Central Bank


European Central Bank
= ECB
The central bank of the European Union, established on 1 July 1998 to direct the single monetary policy needed for European Monetary Union (EMU; see European Monetary System). From that date it superseded the European Monetary Institute and the European Monetary Cooperation Fund The bank became fully functional on 1 January 1999 when the single European currency (see euro) was launched. The president, vice-president, and board members are appointed by the participating governments but the bank is otherwise entirely independent. Its main objective is achieving and maintaining price stability. Based in Frankfurt-am-Main, Germany, it works closely with the governors of the central banks of the participating states.

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