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European Central Bank (ECB), download (7), images (2), download (8) -…
European Central Bank (ECB)
President: Christine Lagarde
Established in: 1998
Location: Frankfurt (Germany)
What does the ECB do?
thus controlling money supply and inflation
sets the interest rates at which
it lends to commercial banks
in the eurozone
manages the eurozone's foreign currency reserves and the buying or selling of currencies to balance exchange rates
ensures that financial markets & institutions are well supervised by national authorities
authorises production of euro banknotes by eurozone countries
monitors price trends and assesses risks to price stability.
The ECB has the 3 following decision-making bodies:
Executive Board
Consists of the ECB President and Vice-President and 4 other members appointed for 8-year terms by the leaders of the eurozone countries.
General Council
Consists of the ECB President and Vice-President and the governors of the central banks from all EU countries.
Governing Council
the main decision-making body.
Consists of the Executive Board (see below) plus the governors of the national central banks from eurozone countries.
The ECB works with the national central banks of all EU countries. Together they form the European System of Central Banks.
General Council
contributes to advisory and coordination work and helps to prepare for new countries joining the euro.
Executive Board
implements monetary policy, manages day-to-day operations, prepares Governing Council meetings and exercises powers delegated to it by the Governing Council.
Governing Council
assesses economic and monetary developments, defines eurozone monetary policy and fixes the interest rates at which commercial banks can borrow from the ECB.
