Functions Of The European Central Bank
The European Union inaugurated the first European central bank on June 1st in the year 1998. The headquarters of the European central bank is situated in Frankfurt, Germany. This bank holds a very vital place among the many banks of the world. The basic responsibility of this bank is the monetary policy of the sixteen member states of the euro zone. The European Monetary Institute (EMI) was the main forerunner of The European Central Bank. However, referring to its design, and importance, The European Central Bank is the heir of the German Bundebank.

