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European Central Bank - Essay Example

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European Central Bank

In fact, it seems that the bank has been fashioned along the lines of Bundesbank.
The bank was the result of the Treaty on European Union, which is also referred to as Treaty of Maastricht. Despite the fact that the bank was established on June 1998, it started operating six months later on 1 January 1999. This was when the euro was introduced as the bank had been set up with the euro in mind.
The euro, as indicated above, came after the establishment of the European central bank. It is the official currency that has been adopted by a total of 16 members of the European Union, out of the twenty seven that are members. The states which have adopted this currency as their official currency belong to what is referred to as the Eurozone. The countries are Austria, Belgium, and Cyprus among others. There have also been cases where the currency is used by non-member countries since its inception in 2004. This is with or without formal agreements with the member states of the European Union. It is estimated that about 237 million Europeans are currently using this currency. About 175 million people have adopted euro or currencies that are pegged to this. This is especially so in Africa, where the bank has a following of over 150 million presence.
For the few years that the euro and the European central bank have been in operation, their performance can only be ...Show more

Summary

A look at the performance and stature of the European central bank will reveal to the discerning observer that this bank is one of the most important central banks in the world. It is tasked with the role of managing the monetary policy of the sixteen member states of the Eurozone, the region that has adopted euro as their common currency…
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European Central Bank essay example
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