European Central Bank, ECB

European Central Bank (Photo: EU Commission)

European Central Bank, ECB

The Central Bank for the Economic and Monetary Union, EMU. Is part of the European System of Central Banks, ESCB. The ECB is headed by the ex-governor of the Bank of Italy, Mario Draghi, who succeeded French Jean-Claude Trichet.

Its executive board is appointed by agreement with the member states and the European Council after consultation with the European Parliament. Governors of national central banks are also members of the board. The ECB is lead by a president, a vice president and a few members who together compose the Board.

Became fully operational on 1st January 1999. It takes responsibility for the European monetary policy, is independent of national governments and has the exclusive right to authorise the use of Euro bank notes. In 2014 the ECB also got the responsability to govern the new EU Banking Union.

In 2003, the Bank adopted a rotation system between the member states for nominating governors to the board.  



European Central Bank