The European Central Bank (ECB)

The European Central Bank (ECB) is a central institution of the European Union, tasked with managing the euro and overseeing monetary policy within the Eurozone, which includes the EU member states that have adopted the euro as their currency. Founded in 1998 and headquartered in Frankfurt, Germany, the ECB is pivotal in maintaining price stability and managing the monetary policy of the Eurozone to support economic growth and employment.

The primary responsibilities of the ECB include:

The capital of the ECB is owned by the national central banks of all EU member states, reflecting the collaborative nature of the institution. The ECB's decision-making bodies, including the Governing Council, the Executive Board, and the General Council, play essential roles in its policy formulation and implementation.

The role of the ECB is critical not just for the economies of the Eurozone, but for the global financial system, given the euro's role as a major global currency. Through its policies, the ECB aims to foster economic stability and growth, thereby contributing to the prosperity and well-being of European citizens.