European Central Bank

About European Central Bank

Established on June 1, 1998, in Frankfurt to manage the euro and monetary policy for the eurozone. The ECB inherited responsibilities from the European Monetary Institute. Wim Duisenberg was the first president, famously serving only half his term to allow Jean Claude Trichet to take over. The ECB faced the 2008 crisis, the European sovereign debt crisis, and the COVID crisis. Mario Draghis whatever it takes speech in July 2012 saved the euro. The ECB launched quantitative easing in 2015 under Draghi, buying over 3 trillion in bonds. Christine Lagarde became the first female ECB president in 2019. The ECB targets 2 percent inflation and sets rates for 20 European countries.