Chapter 6
The European Central Bank
The ECB was born on June 1, 1998. It is the successor to the European Monetary Institute, which was founded in 1994 to prepare for the introduction of the euro, and is headquartered in Frankfurt, Germany.
The ECB is the core of the Eurosystem and the European System of Central Banks. The former is comprised of the ECB and the national central banks that have adopted the euro. The latter is comprised of the ECB and the national central banks of all EU member states regardless of whether they have adopted the euro or not. Denmark and the U.K. negotiated opt-out clauses and are not legally bound to ever join the euro area. All other EU countries have legally committed to eventually joining the euro area.
The main ...
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