Who is the European Central Bank

The European Central Bank of ECB is the central bank of the European Union. The 28 members of the group are mostly located in Europe and collectively own the capital stock of the bank. The European Central Bank is one of the most important central banks in the world. It is located in Frankfurt Germany, the same place it was founded in on June 1998.

The ECB works with the respective national banks of the EU members to manage the finances and regulate monetary policies within the Eurozone to sustain price stability.

Although this central bank operates directly under European law, it is structured similar to a private company. Like private companies, the ECB has shareholders and capitals. The EU members serve as shareholders and their funds serve as capital.

The European Central Bank is also responsible for authorizing the issuance of banknotes, keeping currency reserves, coming up and polishing monetary policies, conducting foreign exchange, and many other more.

Every movement of the ECB is watched by traders as, most of the time, it affects the market significantly as other central banks do.

Currently, the ECB is headed by Mario Draghi.

The European Union consist of the following:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.