Which institution is the central bank for the euro area?

The European Central Bank is the central bank for the euro area.

The ECB was established in 1998 and began conducting monetary policy when the euro was introduced for electronic and financial transactions in 1999. Its headquarters are in Frankfurt, Germany, and it works with the national central banks of euro-area countries through the Eurosystem.

Its primary mandate is to maintain price stability. The ECB also authorizes euro banknotes, manages foreign-exchange reserves in the Eurosystem, supports payment systems, and contributes to banking supervision through the Single Supervisory Mechanism.

The European Union has other major institutions with different jobs. The European Investment Bank finances projects, while the European Commission proposes and implements EU policies. Neither is the euro area's central bank, and not every EU member uses the euro.