European Central Bank

The European Central Bank (ECB) is the central bank for the euro and the monetary authority of the euro area, the group of European Union member states that have adopted the euro currency. Based in Frankfurt, Germany, it forms the core of the Eurosystem together with the national central banks of those states. The ECB's primary objective is to maintain price stability, which it pursues mainly by setting key interest rates and conducting monetary-policy operations. It also has responsibilities for issuing euro banknotes, supporting the smooth functioning of payment systems, and, through the Single Supervisory Mechanism, supervising significant banks in participating countries. Its decision-making bodies include the Governing Council and Executive Board, and it operates as an independent institution under the EU treaties.