European Central Bank
Since 01 January 1999, the European Central Bank (ECB) has been responsible for conducting monetary policy for the euro zone - the world's largest economy after the United States.
The euro area came into being when responsibility for monetary policy was transferred from the national central banks of 11 EU Member States to the ECB in January 1999. Greece joined as the 12th member two years later. The creation of the euro zone and a new supranational institution, the ECB, was a milestone in a long and complex process of European integration.
The 12 countries had, and have, to fulfill the convergence criteria. So do future members of the euro zone. The criteria ensure the economic and legal preconditions for successfully participating in monetary union.
The legal basis for the single monetary policy is the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. The Statute established both the ECB and the European System of Central Banks (ESCB) as from 1 June 1998.
The ECB was established as the core of the Eurosystem and the ESCB. The ECB and the national central banks together perform the tasks they have been entrusted with. The ECB has legal personality under public international law.
Contact details
The European Central Bank
Kaiserstrasse 29
D-60311 Frankfurt am Main, Germany
Tel: +49 691 344 0
Fax: +49 691 344 6000
info@ecb.int
www.ecb.int