The European Central Bank (ECB) has been responsible for conducting monetary policy for the euro area since 1 January 1999. It is the central bank for Europe's single currency, the euro. The European Central Bank was a milestone in a process of European integration.
The history of the European Central Bank:
1962. The European Commission makes its first proposal (Marjolin Memorandum) for economic and monetary union.
May 1964. A Committee of Governors of the central banks of the Member States of the European Economic Community (EEC) is formed to institutionalize the cooperation among EEC central banks.
1971. The Werner Report sets out a plan to realize an economic and monetary union in the Community by 1980.
April 1972. A system (the "snake") for the progressive narrowing of the margins of fluctuation between the currencies of the Member States of the European Economic Community is established.
April 1973. The European Monetary Cooperation Fund (EMCF) is set up to ensure the proper operation of the snake.
March 1979. The European Monetary System (EMS) is created.
February 1986. The Single European Act (SEA) is signed.
June 1988. The European Council mandates a committee of experts under the chairmanship of Jacques Delors (the "Delors Committee") to make proposals for the realization of EMU.
May 1989. The "Delors Report" is submitted to the European Council.
June 1989. The European Council agrees on the realization of EMU in three stages.
July 1990. Stage One of EMU begins.
December 1990. An Intergovernmental Conference to prepare for Stages Two and Three of EMU is launched.
February 1992. The Treaty on European Union (the "Maastricht Treaty") is signed.
October 1993. Frankfurt am Main is chosen as the seat of the EMI and of the ECB and a President of the EMI is nominated.
November 1993. The Treaty on European...