European Central Bank

Central bank of the European Union (EU), formally constituted on 1 June 1998. It is an integral aspect of European economic and monetary union. Together with the European Union's 15 national central banks, it is part of the European System of Central Banks (ESCB) whose main responsibility is ensuring price stability in those countries which have adopted the euro. The ESCB defines and implements monetary policy for the eurozone, conducts foreign exchange operations, and manages the foreign reserves of the participating member states. Its precursor was the European Monetary Institute.

The current president of the ECB is Jean-Claude Trichet. He was appointed in 2003. He has served two terms as Governor of the Banque de France.