Video encyclopedia

01/06/1998 The European Central Bank is founded in Brussels


The European Central Bank


The History of the European Central Bank


ECB and the Eurosystem explained in 3 min.


What is the role of the European Central Bank? | IG Explainers

The ECB formally replaced the EMI in 1998 by virtue of the Treaty on European Union, however it did not exercise its full powers until the introduction of the euro, signalling the third stage of EMU. The bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors.
    • Essentials 

    • History 

    • Response to the European debt crisis 

    • Securities Market Programme 

    • Reaction to the Irish banking crisis 

    • Long-term refinancing operation 

    • Outright Monetary Transactions 

    • Mandate and inflation target 

    • Tasks 

    • Monetary policy tools 

    • Regulatory reliance on credit ratings 

    • Difference with US Federal Reserve 

    • Executive Board 

    • Governing Council 

    • Independence 

    • An independence that would be the source of a democratic deficit. 

    • Transparency 

    • Democratic accountability 

    • Location