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European Central Bank

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The European Central Bank, together with the central banks of the European Union member countries, form the central banking system for the 'eurosystem'. The mission of the European Central Bank, according to its website, is "to maintain price stability: safeguarding the value of the Euro. [1] The bank is based in Frankfurt.

The ECB is a mixture of a central bank and a structural manager of the Euro currency countries. It serves to:

  1. regulate the creation of Euro funds (either by open market operations or printing currency)
  2. purchase sovereign debt from financially stressed countries; or where access to financial markets has been hampered by overall conditions.
  3. issue Eurobonds which are then allocated to member countries.
  4. depending on a country's finances, the ECB's actions range from merely holding constructive discussions with the governments involved, all the way to impose fiscal, monetary and government spending controls.[2]

Principals

Presidents

Chief Economists

  • Otmar Issing – chief economist at the ECB between 1998 and 2006, and the spiritual father of the euro[2]
  • Jürgen Stark – resigned in January 2011.

Board Member

  • Axel Weber Germany’s representative on the ECB’s board of governors[2]

Contact

Website: www.ecb.int

External links

References

  1. [1]
  2. 2.0 2.1 2.2 François Ruffin, Eurozone’s bank of banks, Le monde diplomatique, December 2011.