European Central Bank1
The temporary ECB tower in Frankfurt
Headquarters	Frankfurt, Germany
Coordinates	50°06′34″N 8°40′26″E / 50.1095, 8.6740Coordinates: 50°06′34″N 8°40′26″E / 50.1095, 8.6740
Established	1 January 1998
President	Jean-Claude Trichet
Central Bank of	Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain
Currency	Euro
ISO 4217 Code	EUR
Reserves	€43bn directly, €338bn through the Eurosystem (including gold deposits). €145bn of foreign currency reserves.
Base borrowing rate	5%
Base deposit rate	3%
Website	ecb.eu
Preceded by	Banca d'Italia Banco de España Banco de Portugal Τράπεζα της Ελλάδος (Bank of Greece) Banka Slovenije Banque Centrale du Luxembourg Banque de France Central Bank and Financial Services Authority of Ireland De Nederlandsche Bank Deutsche Bundesbank Nationale Bank van België / Banque nationale de Belgique Oesterreichische Nationalbank Suomen Pankki
1 See in other languages

The view from the Maintower

The European Central Bank (ECB) (also in other languages) is one of the world's most important central banks, responsible for monetary policy covering the 13 member countries of the Eurozone. Image File history File links This is a lossless scalable vector image. ... Image File history File linksMetadata Download high resolution version (960x1280, 563 KB) European Central Bank From German Wikipedia: Fotograf: Florian Kienetz Date: 9. ... For other uses, see Frankfurt (disambiguation). ... Map of Earth showing lines of latitude (horizontally) and longitude (vertically), Eckert VI projection; large version (pdf, 1. ... Map of Earth showing lines of latitude (horizontally) and longitude (vertically), Eckert VI projection; large version (pdf, 1. ... is the 1st day of the year in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... This is a list of the Presidents of the European Central Bank since the establishment of the bank on June 1, 1998. ... Order: 2nd President Nationality: French Vice President: Lucas Papademos Term of office: November 1, 2003 – Present Preceded by: Wim Duisenberg Succeeded by: Incumbent Jean-Claude Trichet (born December 20, 1942) is a French banker. ... “EUR” redirects here. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Headquarters Rome Established 1893 Governor Mario Draghi Central Bank of Italy Website bancaditalia. ... The Banco de España (Bank of Spain) is the national central bank of Spain. ... The Banco de Portugal is the central bank of the Republic of Portugal. ... Not to be confused with the National Bank of Greece. ... The Bank of Slovenia (Banka Slovenije in Slovenian) is the bank of issue and the central bank of the Republic of Slovenia. ... Banque Centrale du Luxembourg (BCL, Central Bank of Luxemburg) is the central bank of the Luxemburg. ... One of the Banque de Frances offices in Paris. ... Banc Ceannais na hÉireann or the Central Bank of Ireland is the Republic of Ireland which had control of the issue of Irish banknotes and coins. ... De Nederlandsche Bank (DNB, The Dutch Bank) is the central bank of the Netherlands. ... The Deutsche Bundesbank (German Federal Bank) is the central bank of Germany and a part of the European System of Central Banks. ... The National Bank of Belgium (Nationale Bank van België in Dutch, Banque nationale de Belgique in French, and Belgischen Nationalbank in German) has been the central bank of Belgium since 1850. ... The Oesterreichische Nationalbank (OeNB) is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurozone. ... The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the central bank of Finland. ... Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2136 × 2848 pixel, file size: 1. ... Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2136 × 2848 pixel, file size: 1. ... Maintower in the evening The Maintower is a skyscraper in Frankfurt am Main, Germany. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

The ECB was established on 1 June 1998 and its headquarters are located in Frankfurt, Germany. June 1 is the 152nd day of the year (153rd in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... For other uses, see Frankfurt (disambiguation). ...

Structure and organisation

The organisation of the ECB is modelled on that of the German Bundesbank and Landesbanken. The Deutsche Bundesbank is the central bank of Germany and a part of the European System of Central Banks. ...

The ECB is governed by a board of directors, headed by a President, and a board of governors, consisting of the members of the board of directors and representatives of the local central banks within the European System of Central Banks (ESCB). This is a list of the Presidents of the European Central Bank since the establishment of the bank on June 1, 1998. ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ...

Executive Board of Directors

Main article: Executive Board of the European Central Bank

The Executive Board consists of six members who elaborate the strategies for the bank's policy. They are nominated by unanimous decision of all eurozone Member States. By a tacit understanding arrived at in 2005, four of these six seats are currently reserved for the Eurozone's four big central banks of France, Germany, Italy and Spain.^[1] This article should appear in one or more categories. ...

President of the European Central Bank

Main article: List of Presidents of the European Central Bank

In 1999 Wim Duisenberg, the former president of De Nederlandsche Bank, and former finance minister of the Netherlands became the first president of the ECB. This is a list of the Presidents of the European Central Bank since the establishment of the bank on June 1, 1998. ... Willem Frederik Duisenberg, commonly known as Wim Duisenberg, (July 9, 1935 – July 31, 2005) was a Dutch banker and politician. ... De Nederlandsche Bank (DNB, The Dutch Bank) is the central bank of the Netherlands. ...

In November 2003 Jean-Claude Trichet succeeded and is the current president. Lucas Papademos is the current European Central Bank vice-president. Order: 2nd President Nationality: French Vice President: Lucas Papademos Term of office: November 1, 2003 – Present Preceded by: Wim Duisenberg Succeeded by: Incumbent Jean-Claude Trichet (born December 20, 1942) is a French banker. ... Lucas D. Papademos, born October 11, 1947, is the current Vice President of the European Central Bank. ...

European System of Central Banks

The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB), and the local Central banks of the 27 member states of the European Union. For this reason the monetary authority of the Euro Area is the Eurosystem, which is only composed of the ECB and the governors from national banks which are inside the eurozone. The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... The Eurosystem is the system of central banks consisting of the European Central Bank and the central banks of the member states of the European Union whose currency is the euro. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

Objectives and Tasks

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Council Presidency: Portugal (Luís Amado) European Council: José Sócrates Established 1952 Presiding Country Portugal President Luís Amado President in Office José Sócrates Members 27 (at one time) Political parties 7, including: European Peoples Party Party of European Socialists Meeting place Justus Lipsius, Brussels, Belgium, European Union Web site http://www. ... The Presidency of the Council of the European Union refers to the responsibility of presiding over all aspects of the Council of the European Union, when exercised collectively by a government, on a pre-established rota of the member states, of the European Union. ... Luís Filipe Marques Amado (b. ... The European Council (referred to as a European Summit) is a body of the European Union which meets around four times a year. ... José Sócrates de Carvalho Pinto de Sousa, GCIH (pron. ...
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Objectives

The primary objective of the ECB, and the wider ESCB, is "to maintain price stability" within the euro area, i.e., to keep inflation low. The present target is to keep inflation below, but close to, 2%. The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

In addition, and without prejudice to the objective of price stability, the bank has to support the economic policies of the European Union. These are designed to foster a high level of employment and sustainable and non-inflationary economic growth under Article 2 of the Treaty of the European Union (otherwise known as the Maastricht Treaty). For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... This article needs additional references or sources for verification. ... The Maastricht treaty (formally, the Treaty on European Union) was signed on 7 February 1992 in Maastricht between the members of the European Community and entered into force on 1 November 1993. ... The Maastricht Treaty (formally, the Treaty of European Union, TEU) was signed on February 7, 1992 in Maastricht, Netherlands after final negotiations in December 1991 between the members of the European Community and entered into force on November 1, 1993 during the Delors Commission. ...

Tasks

The major task of the ECB is to maintain a monetary policy for the euro area in pursuit of the objectives set out above. The current monetary policyPDF (44.8 KiB) is published on the ECB website. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... The Portable Document Format (PDF) is the file format created by Adobe Systems, in 1993, for document exchange. ... A kibibyte (a contraction of kilo binary byte) is a unit of information or computer storage, commonly abbreviated KiB (never kiB). 1 kibibyte = 210 bytes = 1,024 bytes The kibibyte is closely related to the kilobyte, which can be used either as a synonym for kibibyte or to refer to...

It has several tools for this purpose:

• Main refinancing operations, in which money is injected into the banking system as an auction.
• Deposit facility: private banks depositing overnight.
• Marginal lending facility: ECB lending to private banks overnight.

In addition to monetary policy the ECB's other tasks are: Open Market Operations are the means by which central banks control the liquidity of the national currency. ...

• the conduct of foreign exchange operations and the holding and management of the official foreign reserves of the eurozone countries. Official reserves total over €40 billion of which over 30% are gold reserves of the Bundesbank and around 20% of the Banque de France. All gold and foreign exchange reserves of the national central banks remain their assets but, under the Maastricht treaty, are at the disposal of the ECB.
• the promotion of the smooth operation of payment systems.

The following are described by the ECB as "further tasks": The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... Foreign exchange reserves are the foreign currency deposits held by national banks of different nations. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... The Deutsche Bundesbank is the central bank of Germany and a part of the European System of Central Banks. ... One of the Banque de Frances offices in Paris. ...

• Banknotes: the ECB has the exclusive right to authorise the issuance of banknotes within the euro area.
• Statistics: in cooperation with the National Central Banks, the ECB collects statistical information necessary for fulfilling the tasks, either from national authorities or directly from economic agents.
• Financial stability and supervision: the Eurosystem contributes to the smooth conduct of policies pursued by the authorities in charge related to the prudential supervision of credit institutions and the stability of the financial system.
• International and European cooperation: the ECB maintains working relations with relevant institutions, bodies and for both within the EU and internationally in respect of tasks entrusted to the Eurosystem.

A £20 Ulster Bank banknote. ... A £20 Ulster Bank banknote. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... This article does not cite any references or sources. ... The Eurosystem is the system of central banks consisting of the European Central Bank and the central banks of the member states of the European Union whose currency is the euro. ... The Eurosystem is the system of central banks consisting of the European Central Bank and the central banks of the member states of the European Union whose currency is the euro. ...

Criticism of the ECB

Night view of the Euro sculpture.

There are two main criticisms of the ECB: Image File history File links Download high resolution version (768x1024, 215 KB) Night view of Euro neon sign outside European Central Bank in Frankfurt am Main, Germany. ... Image File history File links Download high resolution version (768x1024, 215 KB) Night view of Euro neon sign outside European Central Bank in Frankfurt am Main, Germany. ... “EUR” redirects here. ...

Inflation target

Many economists have stated the ECB should adopt a symmetrical inflation target, much like the one the Bank of England follows.^[2] The Bank of England's inflation target is 2% plus or minus 1%, whilst the ECB's, "below but close to 2%", is less clearly defined. Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound Sterling ISO 4217 Code GBP Base borrowing rate 5. ...

Some critics think the objectives given to the ECB are inappropriate. The ECB sets interest rates in order to control inflation. Some feel this too narrow an objective, leading to decisions on interest rates that are inappropriate given the wider needs of the economy. This kind of criticism about what targets should be used, are made of many central banks and not just the ECB.

The low interest rates set by the ECB have been criticized as being inappropriate for regions of Europe with property bubbles. These low interest rates are a factor in the Irish property bubble. Low rates have been set to avoid deflation in the eurozone as a whole. The property market in the Republic of Ireland in 2007 is controversially described by some as the Irish Property Bubble. ...

Independence

The Eurotower

The ECB was established as a central bank designed to operate independently of political intervention. Its objectives and powers were politically established, but decisions on how those powers are best used to achieve the objectives are left in the hands of the ECB itself, this is known as operational independence. Many national banks in the EU are outside the eurozone and independent; Denmark's Danmarks Nationalbank and the Bank of England also have similar arrangements. Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2136 × 2848 pixel, file size: 1. ... Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2136 × 2848 pixel, file size: 1. ... Danmarks Nationalbank (English: National Bank of Denmark - in Danish often simply Nationalbanken) is the central bank of Denmark. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound Sterling ISO 4217 Code GBP Base borrowing rate 5. ...

There is a consensus amongst economists that an independent central bank is the best way to avoid manipulation of the macroeconomy for political purposes.^[3] On the other hand, in other countries, central banks are neither independent nor dependant -- managing the economy well, achieving anti-inflationary credibility, etc. -- yet are still accountable to the democratic process (such as the Bank of Canada and Reserve Bank of New Zealand). ^[4][5] Headquarters Ottawa, Ontario ,Canada Established 1935 Governor David A. Dodge Central Bank of Canada Currency Canadian dollar ISO 4217 Code CAD Website www. ... The Reserve Bank of New Zealand is the central bank of New Zealand. ...

Some see the ECB's independence as undemocratic and criticise the decision-making processes and objectives of the ECB, asserting that the ECB is hard-wired to be secretive and independent from most citizens of the European Union, and to be isolated from feedback mechanisms regarding the influence of the money economy on human rights violations or the natural environment. It has been suggested that this article or section be merged with Feedback loop. ... It has been suggested that this article or section be merged with Human rights abuse. ...

The ECB does not publish or invite comments on its proposed decisions.^{[citation needed]} After publication of its actions and decisions, ECB web pages do not solicit direct comments by citizens. It is thought that details of internal meetings are not made public in order not to reveal internal splits in the board of governors.

The ECB is accountable to the European Parliament and the Council of ministers. The council appoints the ECB president and vice-president and other members of the ECB's executive board. The nominees must be approved by Parliament first, and then by the council of ministers before they can assume their roles in the institution. It is required by law for the ECB president to present an annual report to the plenary sitting of Parliament. Furthermore, the ECB president or their deputy reports to the Parliament's monetary affairs committee four times a year; this can be more frequent at either the Parliament's or the ECB's request. Established 1952, as the Common Assembly President Hans-Gert Pöttering (EPP) Since 16 January 2007 Vice-Presidents 14 Rodi Kratsa-Tsagaropoulou (EPP) Alejo Vidal-Quadras (EPP) Gérard Onesta (Greens – EFA) Edward McMillan-Scott (ED) Mario Mauro (EPP) Miguel Angel Martínez Martínez (PES) Luigi Cocilovo (ALDE) Mechtild...

European citizens may influence the policy decisions of the ECB indirectly via the formal, national democratic electoral process. However, if changes in economic assumptions are expressed via formal democratic means, elected politicians may have little power to directly transmit these changes to the ECB. Democracy describes a number of related forms of government. ... Democracy describes a number of related forms of government. ...

Other languages

The bank is known by various names across Europe:

Catalan IPA: (català IPA: or []) is a Romance language, the national language of Andorra, and a co-official language in the Spanish autonomous communities of Balearic Islands, Catalonia and Valencia (in the latter with the name of Valencian), and in the city of LAlguer in the Italian island of...

Location

The new ECB tower site in Ostend

The current ECB building in Downtown Frankfurt is only its temporary home. The ECB ran a large international architecture competition in 1999 for a new tower in Frankfurt, Ostend. At present the winning design scheme of Vienna-based architects Coop Himmelbau is under construction.^[6] Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (2848 × 2136 pixel, file size: 1. ... Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (2848 × 2136 pixel, file size: 1. ... UFA-Palast in Dresden Groninger Museum, in the Netherlands Arteplage in Biel/Bienne from Expo. ...

Trivia

On January 5, 2003, a man stole a small motor glider and flew it over down town Frankfurt, circling skyscrapers and threatening to crash into the ECB. He landed safely after about two hours and was arrested. The man, a 31-year-old mentally disturbed German student named Franz Strambach, told a television station he wanted to call attention to Judith Resnik, a U.S. astronaut killed in the 1986 Space Shuttle Challenger disaster. January 5 is the 5th day of the year in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Gliders or Sailplanes are heavier-than-air aircraft primarily intended for unpowered flight. ... This article does not cite any references or sources. ... Dr. Judith Arlene Resnik (April 5, 1949 – January 28, 1986) was an American astronaut who died at the age of 36 in the Space Shuttle Challenger disaster during the launch of the mission STS-51-L. Resnik was born in Akron, Ohio and attended Hebrew school. ... Astronaut Bruce McCandless II using a manned maneuvering unit outside the U.S. Space Shuttle Challenger in 1984. ... The iconic image of Space Shuttle Challengers smoke plume after its breakup 73 seconds after launch. ...

See also

• Institutions of the European Union
• Economic and Monetary Union of the European Union
• Euro
• European System of Central Banks
• European Union
• Eurozone

Image File history File links European_flag. ... This article or section should be merged with List of European Union-related topics The European Union has several institutions: The European Parliament The European Council The Council of the European Union (or Council of Ministers) The European Commission The European Court of Justice (incorporating the Court of First Instance... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ... “EUR” redirects here. ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

References

BBC News Online logo The BBC News Website in February 2006. ... The Portable Document Format (PDF) is the file format created by Adobe Systems, in 1993, for document exchange. ... The London School of Economics and Political Science (LSE) is a specialist constituent college of the University of London. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 225th day of the year (226th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 225th day of the year (226th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 225th day of the year (226th in leap years) in the Gregorian calendar. ...

External links

• (20 languages) European Central Bank
• Historical Currency Charts based on the data published daily by the ECB
• The European Central Bank European NAvigator
• Europedia: Guide to European policies and legislation
• ECB - Historical Bank Rate (since 2000) based on the data published by the ECB