THE EUROPEAN CENTRAL BANK
- The European Central Bank (ECB) is the institution responsible for independently implementing the monetary policy of the Euro area. It was created in 1998 and has its headquarters in Frankfurt.
- The ECB and the rest of the central banks in the Euro area form the European System of Central Banks (ESCB), which is responsible for defining EU monetary policy.
- The main objective of the ECB is to maintain price stability within the euro area.
- The principles that govern the workings of the ECB are independence, transparency and accountability.
- Its functions are:
- Defining and implementing the monetary policy of the euro area.
- Performing operations of currency exchange.
- Possessing and administering the official foreign currency reserves of the countries of the euro area.
- Promoting the smooth operation of payment systems.
- Authorising the issue of banknotes.
- Compiling statistical information.
- Monitoring the financial system.
- Cooperating with other European and international organisations within the scope of their respective competences.
Based on the explanation of the possible consequences of a member state leaving the euro, discuss the advantages and inconveniences of such a measure.
> 15 Youtube Channel ECB (en)
> 15 Educational videos by the ECB (bg, da, et, cs, de, el, es, en, fr, it, lv, lt, hu, mt, nl, pl, pt, ro, sl, sk, fi, sv)
> 15 The European Stability Mechanism (ESM) (en, 3’53”)
> 15 How does the ESM work (fr with subtitles in en, 3’21”)
> 15 Against the European Stability Mechanism (en, 3’33”)
> 15 Monetary Policy (bg, da, et, cs, de, el, es, en, fr, it, lv, lt, hu, mt, nl, pl, pt, ro, sl, sk, fi, sv)
> 15 Inflation Island (bg, da, et, cs, de, el, es, en, fr, it, lv, lt, hu, mt, nl, pl, pt, ro, sl, sk, fi, sv)
> 15 Top floor (bg, da, et, cs, de, el, es, en, fr, it, lv, lt, hu, mt, nl, pl, pt, ro, sl, sk, fi, sv)