Which bank became the euro area's central bank when it was established in 1998?

The bank that became the euro area’s central bank when it was established in 1998 was the European Central Bank.

The ECB was created as part of the institutional preparation for Economic and Monetary Union. It works with the national central banks of euro-area countries through the Eurosystem and helps determine monetary policy for countries that use the euro.

The ECB began operating in 1998, while euro banknotes and coins entered circulation in 2002. Its responsibilities include maintaining price stability, conducting monetary operations, managing foreign reserves, and contributing to banking supervision within the European banking union.

The ECB is based in Frankfurt, Germany. It is distinct from the European Commission and the European Investment Bank: those bodies have different political, executive, and lending functions.