The European Central Bank is the central bank for the euro and is responsible for monetary policy in the euro area. It was established on 1 June 1998 in Frankfurt, Germany, as provided for in the Maastricht Treaty, replacing the European Monetary Institute. Its first president was Wim Duisenberg. The euro was launched as an accounting currency on 1 January 1999, with banknotes and coins following in 2002, and the bank took charge of setting interest rates for the participating countries. Its primary goal is to maintain price stability, and it works with the national central banks in the Eurosystem. During the sovereign debt crisis of the 2010s it became a central actor, and since 2014 it also supervises the largest banks in the euro area.
Before and after
- 15 April 1998Death of Pol Pot
- from 6 May 1998 to 25 May 2000Eritrean–Ethiopian War
- 14 May 1998Death of Frank Sinatra
- from 20 May 1998 to 26 May 19981998 War in Abkhazia
- 1 June 1998Founding of European Central Bank
- 5 June 1998Creation of Symbian
- from 6 June 1998 to 22 February 2004Premiere of Sex and the City
- 23 June 1998Discovery of Gliese 876 b
- 25 June 1998Aarhus Convention
More in Society, economy & sport
- 16 November 1945Founding of UNESCO
- 7 April 1948Founding of World Health Organization
- 1950Origins of Formula One
- 1959HIV/AIDS
- 9 September 1999Founding of African Union
- from 15 November 2019 to 5 May 2023COVID-19 pandemic
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.