The European Central Bank (ECB) 

The objective of the ECB

Article 4(a) of the Maastricht Treaty provides for the establishment of a European System of Central Banks (ESCB) and a European Central Bank (ECB) to operate the single monetary policy of the euro and they were established on 1 June 1998. The Treaty also provides that the primary objective of the ESCB, which comprises the ECB and the central banks of the Member States, will be to maintain price stability; and that without prejudice to this objective, the ESCB will support the general economic policies of the Community with a view to contributing to the achievement of the Community's objectives. Briefly, these are to promote sustainable and non-inflationary growth, a high level of employment and social protection, economic and social cohesion and solidarity among the Member States. The basic tasks of the ESCB include inter alia defining and implementing the single monetary policy of the euro: the central banks of Member States not participating in EMU do not take part in this task. The ECB is responsible for conducting foreign exchange operations in relation to the euro.

Independence of the ECB

The Treaty provides that, when carrying out its tasks, neither the ECB nor a national central bank, nor any member of their decision-making bodies, shall seek or take instructions from Community or national institutions or from any other body.