ECB

The European Central Bank (ECB) is the central bank of the European Union countries that have adopted the euro as their currency. Established by the Treaty of Maastricht, it began operations in 1998 and is headquartered in Frankfurt am Main, Germany. The ECB is responsible for formulating and implementing monetary policy for the eurozone, maintaining price stability, and overseeing the payment systems.

The ECB's primary objective is to maintain price stability in the eurozone. It also has supervisory responsibilities over significant credit institutions and plays a key role in banking regulation and financial stability. The bank is governed by a Governing Council composed of the governors of the central banks of eurozone member states and an Executive Board.

Since its inception, the ECB has been a central actor in European economic policy, particularly during the 2008 financial crisis and the subsequent eurozone debt crisis. It manages foreign exchange reserves, issues euro banknotes, and conducts open market operations to influence monetary conditions across the eurozone.