European Central Bank (ECB)

A European Union institution, the European Central Bank (ECB) is the central bank for Europe's single currency, the euro.

The ECB is part of the European System of Central Banks, which also includes the national central banks of all EU member states, whether they have adopted the euro or not.

The Eurosystem, on the other hand, comprises the ECB and the national central banks only of those countries that have adopted the euro. 

The Eurosystem and the European System of Central Banks will co-exist as long as there are EU member states outside the euro area.

Role and responsibilities

Since the introduction of the euro on 1 January 1999, the ECB has been responsible for conducting monetary policy for the euro area.

Its main task is to maintain the euro's purchasing power, thus ensuring price stability in the euro area.

Participation in Eurogroup meetings

The President of the ECB is invited to Euro Summit and Eurogroup meetings, while a member of the ECB board participates in the Eurogroup Working Group.