European central bank (ECB)

The ECB lies at the centre of the European System of Central Banks (ESCB) and the Eurosystem and has legal personality under Community law. It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either by its own activities or those of the national central banks pursuant to the Statute of the European System of Central Banks and of the European Central Bank. All national central banks (NCBs) of the European Union are represented in the ECB, however, the non-euro members do not take part in decisions affecting the euro-zone and conduct their own monetary policies. It is based in Frankfurt.