European Central Bank

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European Central Bank (ECB)

an independent financial institution established in 1998 to define and implement monetary policy for members of the EUROPEAN UNION (EU) that have adopted the euro as their common currency. The ECB and the national central banks of EU Member States together constitute the European System of Central Banks. Although all EU members participate in the system, countries (e.g. UK, Denmark and Sweden) that do not use the euro have no official role in formulating monetary policy for the euro zone.
Collins Dictionary of Law © W.J. Stewart, 2006
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