On 1 June 1998, the European Central Bank (ECB) was established in Brussels to define and execute the European Union's monetary policy.
As the central authority responsible for defining and executing the EU's monetary policy, the ECB was tasked with maintaining price stability and ensuring the smooth operation of the euro, which was introduced as a common currency among member states.
ECB's primary objective is to maintain price stability within the Eurozone, which it achieves by controlling inflation and managing interest rates.
The foundation of the ECB marked a significant step towards economic integration, laying the groundwork for the introduction of the euro and the coordination of monetary policies across member states.
