European Central Bank (ECB)

Popular Terms
Since January 1, 1999, the central bank of the Euro area, ECB is responsible for formulating and implementing the EU monetary polices. An entity independent of individual EU countries and EU institutions, it sets the short term interest rates and issues Euro bank rates but is not empowered to assist the member states having debt problems. ECB is governed by a council composed of an executive board of six members chosen by member states and the governors of the national central banks.

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