The government of the euro" "
Set up in June 1998 in conformity with the Treaty that established the European Community, the European Central Bank (ECB) has the primary task of guaranteeing price stability in the Euro area. The ECB’s headquarters are located in Frankfurt, Germany. It employs a workforce of approximately 800 persons. The bank’s Executive Committee consists of the President, the Dutchman Wim Duisenberg, of a Vice-President, the Frenchman Noyer, and four Councillors, who include the Italian economist Padoa Schioppa; its mandate consists in implementing the monetary policy formulated by the Board of Directors, in preparing the Council’s meetings and in managing the current activities of the ECB. The decision-making organ of the ECB is the Board of Directors, composed of the six members of the Executive Committee and the twelve Governors of the Central Banks of the countries that participate in the Single Currency. The Board has the task of formulating monetary policy for the Euro area and is given the power to determine interest rates for the commercial banks. The third organ of the ECB is the General Council, which plays a role of consultation and coordination. Its members consist of the ECB President and Vice President and the fifteen Governors of the Central Banks of the member states of the European Union.
