After the establishment of the European Union, the need for a common currency arose. To meet this, the European Central Bank was established on 1 April 1998 in Frankfurt. The currency it is authorized to print is the Euro. The Euro, which is the common currency of Europe, and therefore the European Central Bank, is one of the largest and most important banks in the world. The bank's short name is ECB, and the bank's management determines the monetary policies of the European Union, manages the foreign exchange reserves of the member countries of the Union, and sets the interest rates.
The European Union central bank is also responsible for ensuring price stability. The ownership of the bank belongs to the central banks of the 27 countries that are members of the union. The currency abbreviation is known as EUR.
