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European Central Bank, ECB

European Central Bank (Photo: EU Commission)

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 France, Mr. Jean-Claude Trichet.

Its executive board is appointed by agreement with the Member States and the European Council after consultation with the EU Parliament. Governors of national central banks are also members of the board.

Became fully operational on 1^st 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 2007 the Bank employed 1375 persons in 3 buildings in Frankfurt am Main. In April 2008 they started to build a new building for €850 million. It shall be finished by 2011. The budget of the ECB was €141.7 million in 2007.

Notes

In 2003 the Bank adopted a rotation system between the Member States for nominating governors to the board.

Links

European Central Bank http://www.ecb.int/home/html/index.en.html