EUROPEAN CENTRAL BANK (ECB) BIOGRAPHY| European Central Bank History Explained

EUROPEAN CENTRAL BANK (ECB) BIOGRAPHY| European Central Bank History Explained #upsc #banking #bank

The decision to establish an Economic and Monetary Union in 1988—which included free capital movements within Europe, a single monetary policy for all member states of the euro region, and a shared monetary authority—was the first step toward the establishment of the ECB.

The European Central Bank's (ECB) major goal is to preserve price stability, which means it makes sure that consumer prices do not rise or fall dramatically over time. This helps to ensure that our money retains its worth over time. The ECB bases its choices on its monetary policy strategy in order to accomplish this goal.

Sveriges Riksbank, or the Riksbank as it is usually called, is the world's oldest central bank. The Riksbank has a 350 year old history. In 1668, the Riksdag, Sweden's parliament, decided to found Riksens Ständers Bank (the Estates of the Realm Bank), which in 1867 received the name Sveriges Riksbank. The Riksbank is thus the world's oldest central bank.

The ECB formulates and carries out EU economic and monetary policy in addition to managing the euro. Its fundamental objective is to maintain stable prices, which will promote economic expansion and employment development.

The ECB is directly governed by European Union law. Its capital stock, worth €11 billion, is owned by all 27 central banks of the EU member states as shareholders.

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