European Central Bank

It works together with the national central banks of the EU states forming the European System of Central Banks.

Its goal, as defined by the Maastricht Treaty, is to maintain price stability in the eurozone countries.

It sets interest rates, issues banknotes and conducts foreign exchange operations. It is accountable to the European Parliament.

The current president of the bank is the Dutchman Wim Duisenberg. As part of a compromise deal over his appointment, he is expected to step down in mid-2002 after the transition to the euro is completed to make way for the Governor of the Bank of France Jean-Claude Trichet.