It administers monetary policy within the Eurozone, which comprises 19 member states of the European Union, one of the world’s largest trading blocs.
The ECB is controlled by all 28 central banks of the EU (European Union) member states. The Treaty of Amsterdam ratified the ECB, and it is one of the world’s most vital central banks. The ECB serves as one of the European Union’s seven institutions, enshrined in the Treaty on European Union Treaty.
The principal aim of the ECB is to maintain price stability in the euro area, helping to preserve the purchasing power of the euro. The governing council of the ECB decides changes to monetary policy. This council contains six executive board members and the national central banks’ governors from the twelve euro area countries.