Please update this article to reflect recent events or newly available information. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. The Carol jaffery forex is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital.
11 billion held by the national central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the states’ population and GDP, but the capital key has been adjusted. 1 January 1999, signalling the third stage of EMU. The first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute.
Trichet replaced Duisenberg as President in November 2003. There had also been tension over the ECB’s Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. When the ECB was created, it covered a Eurozone of eleven members. Since then, Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011, Latvia in January 2014 and Lithuania in January 2015, enlarging the bank’s scope and the membership of its Governing Council. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, gained official status of an EU institution. In September 2011, when German appointee to the Governing Council and Executive board, Jürgen Stark, resigned in protest of the ECB’s bond buying programme, Financial Times Deutschland called it “the end of the ECB as we know it” referring to its perceived “hawkish” stance on inflation and its historical Bundesbank influence. On 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB.
2013 the ECB sharply lowered interest rates to encourage economic growth, reaching the historically low 0. In November 2014, the bank moved into its new premises. Treaty on the Functioning of the European Union, is to maintain price stability within the Eurozone. The Governing Council confirmed this definition in May 2003 following a thorough evaluation of the ECB’s monetary policy strategy.