What is European Central Bank?
2023-06-05
Summary:
The European Central Bank was officially established on July 1, 1998, which is the abbreviation of the European Central Bank and can also be simplified as the "ECB". Its responsibilities and structure are modeled after the German Federal Bank, independent of EU institutions and governments.
The European central bank is the European Central BankBank, also abbreviated as "ECB", is headquartered in Frankfurt, Germany.
The European Central Bank was established in accordance with the provisions of the 1992 Maastricht Treaty, and its predecessor was the European Monetary Authority established in Frankfurt. It was officially established on July 1, 1998. The main function of the European Central Bank is to 'maintain currency stability'. Its responsibilities and structure are modeled after the German Federal Bank, independent of EU institutions and governments of various countries. The European Central Bank is the world's first central bank to manage supranational currencies and the only institution qualified to allow the issuance of euros within the European Union.
The organizational structure of the European Central Bank mainly includes the Executive Board, the European Central Bank Committee, and the Expanded Committee. The Executive Board is composed of the President, Vice President, and four directors, responsible for the daily work of the European Central Bank.
The European Central Bank has its monetary policy base values: 1. open market operations; 2. Regular convenience in managing working capital; 3. Reserve system.
Development History
The European Central Bank was established on June 1, 1998 in Frankfurt am Main, Germany, with approximately 1350 employees from all 27 EU countries.
The goal set by the European Council in June 1988 was to gradually achieve the Economic and Monetary Union (EMU). It stipulated that a committee chaired by Jacques Delors, the then chairman of the European Commission, would study and propose specific stages leading to this alliance.
The Economic and Monetary Union is one of the ultimate goals of the establishment of the European Community. Since its establishment, member states have cooperated on monetary policy matters. At that time, the treaties related to the European Community did not specify the Economic and Monetary Union, let alone authorize it. The Central Bank Governor's Committee was only an advisory organization.
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