The European Central Bank (ECB) is the central bank for the eurozone, which consists of 19 European Union countries that have adopted the euro as their currency. The ECB was established in 1998, and its primary objective is to maintain price stability within the eurozone, which means keeping inflation under control.
The ECB is responsible for conducting monetary policy in the eurozone, which includes setting interest rates and implementing other monetary policy measures such as quantitative easing. It also has the responsibility of supervising banks and ensuring the stability of the financial system within the eurozone.
The ECB is governed by a decision-making body called the Governing Council, which is made up of six members of the ECB's Executive Board and the governors of the national central banks of the eurozone countries. The President of the ECB is also the Chair of the Governing Council and is responsible for representing the ECB to the outside world.
In short, the ECB plays a crucial role in maintaining economic stability and promoting growth within the eurozone.
You can learn more about this topic and relevant case law with our EU Law notes.
