European Central Bank

The European Central Bank is the central bank for the euro and the monetary authority for the euro area, headquartered in Frankfurt, Germany. Established in 1998, it sets monetary policy for member states that have adopted the single currency, with the primary mandate of maintaining price stability. The ECB sets key interest rates, conducts open-market operations, and oversees the issuance of euro banknotes, working alongside the national central banks within the Eurosystem. Through the Single Supervisory Mechanism it also has responsibilities for the supervision of major banks in participating countries. The bank operates independently of national governments and EU institutions in carrying out its monetary tasks.