European Central Bank
a.k.a. ECB
The central bank for the euro, based in Frankfurt, which sets interest rates for every country that uses it.
In plain English
The central bank for the euro, based in Frankfurt, which sets interest rates for every country that uses it.
The European Central Bank (ECB) sets monetary policy for the whole eurozone, aiming for 2% inflation. Its Governing Council, made up of the executive board and national central bank governors, decides rates roughly every six weeks.
The rate decision and the President's press conference afterwards are some of the most-watched events for euro traders. Mario Draghi's 2012 pledge to do 'whatever it takes' to save the euro is one of the most famous lines in central banking.
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