European Central Bank (ECB)

The European Central Bank (ECB) is the central bank of the Eurozone countries, which includes 19 of the 27 countries in the European Union. It was established in 1998 with the primary objective of maintaining price stability and controlling inflation in the Eurozone through monetary policy. The ECB is responsible for setting interest rates, conducting open market operations, and providing financial stability in the Eurozone. It also supervises and regulates the banking sector in the Eurozone through the Single Supervisory Mechanism. The ECB works closely with national central banks to implement its monetary policy decisions and maintain financial stability in the Eurozone. The ECB is an independent institution and its governing body is the Executive Board which is made up of six members, including the President of the ECB. The ECB is accountable to the European Parliament and its decisions are subject to judicial review by the European Court of Justice.