Europe - European Central Bank

What is the ECB and where is it?

The European Central Bank operates monetary policy and maintains price stability for all the European countries that are part of the single European currency. It is located in Frankfurt. It was established in June 1998 and took over from the European Monetary Institute (EMI) which ceased to exist once the final decision had been made to go ahead with the euro.

They have set an inflation target of 2% or less and set interest rates to achieve that target. They also have a target for money supply growth (M3 measure) of 4½%.