European Central Bank--ECB
The European Central Bank (European Central Bank - ECB), referred to as the European Central Bank is based on the 1992 "Maastricht Treaty" provided for in July 1, 1998 formally established, is issued in order to adapt to the flow of the establishment of the euro financial institutions, but also a product of European economic integration. Its predecessor is located in Frankfurt, the European currency board. The European Central Bank's function is to "maintain monetary stability", management-led interest rate, currency reserves and distribution as well as the development of European monetary policy; its functions and structure of the German Federal Bank as a model, independent of the EU institutions and Governments. Headquartered in Frankfurt, Germany's financial center, the current president is Jean-Claude Trichet.
The European Central Bank - History The European Central Bank European Central Bank was established in Frankfurt am Main, Germany, in June 1998, employs about 1,350 people from all 27 EU countries. The European Council in June 1988 the progressive realization of goals set by the Economic and Monetary Union (the European Monetary Union).
It provides for a committee chaired by Jacques Delors, the then Chairman of the European Commission to study and propose concrete stages leading to this alliance.
The Board consists of the governor, the then European Community (EC) national central banks; Alexandre Lamfalussy, the then General Manager, Bank for International Settlements (BIS) of; Niels Thygesen, professor of economics, Denmark; and Miguel Boyer of the outer wall of the then President of the Bank of Spain, the United States. Economic and Monetary Union is the ultimate goal of establishing the European Community, from the European Community started with the establishment by Member States on matters of monetary policy cooperation, the relevant EC Treaty, and not the specific economic and monetary union will become more impossible to be licensed, while the central bank governor Commission is only an advisory organization.
The first phase of Economic and Monetary Union was officially launched in 1990, the need for the coordination and harmonization of monetary policy, central bank governor Committee began playing an increasingly important role. Then in the "Maastricht Treaty" in the last set position of the European Central Bank.
European Monetary Board in January 1, 1994 in the economic and monetary union, the beginning of the second phase of the establishment, its task is to coordinate monetary policy and strengthen cooperation among member central banks and preparation of the European System of Central Banks. Formulation and implementation of monetary policy by member governments still retain the power.
May 25, 1998, the euro and the participating Governments agreed to the appointment of the European Central Bank and the Vice-President, marking the establishment of the European Central Bank has taken a major step forward.
From June 1, 1998, the European currency board to complete its historic mission to enter the final liquidation stage of the history of the European System of Central Banks come to front.
Since January 1999, the European Central Bank (ECB) has been responsible for monetary policy in the euro area - the world's largest economy, after the United States.
The birth of the euro area is responsible for monetary policy shifted to the national central banks of EU member states of the European Central Bank. Creation of the euro area and the new supra-national bodies - the European Central Bank, in the long and complex process of European integration, is a milestone.
The European Central Bank - businessThe European Central Bank Executive (Office)Notes (Bureau)Communications (Bureau)Counsel to the Executive BoardRepresentation of the European Central Bank in Washington, DCEconomics (General)Financial Stability and Supervision (Bureau)Human resources, budget and organization (Office)Information System (Office)
