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European Central Bank, ECB

European Central Bank (Photo: EU Commission)

The Central Bank for the Economic and Monetary Union, EMU. Is part of the European System of Central Banks, ESCB. The ECB is headed by the ex-governor of the Bank of France, Mr. Jean-Claude Trichet.

Its executive board is appointed by agreement with the Member States and the European Council after consultation with the EU Parliament. Governors of national central banks are also members of the board.

Became fully operational on 1^st January 1999. It takes responsibility for the European monetary policy, is independent of national governments and has the exclusive right to authorise the use of Euro bank notes.

Notes

• In 2003 the Bank adopted a rotation system between the Member States for nominating governors to the board.
• The former governor, Wim Duisenberg, was due to step-down on 9 July 2003, but his term was extended until November 1 because his successor Mr Trichet was involved in a trial alleging complicity in a Credit Lyonnais banking scandal.

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