Definition: The European Central bank, or ECB for short, is the European Union’s institution in charge of monetary policy. Founded in 1998, the central bank is one of the most important in the world with more than 500 billion euros in its reserves. Currently, the bank is based in Frankfurt, Germany and led by Jean-Claude Trichet.
Also Known As: ECB
The ECB lowered interest rates today in an attempt to boost growth rates in its member economies.