European Central Bank

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The European Central Bank, or ECB, is the central bank of the Eurozone. Run by the Germans, and based in Frankfurt. Actually run by the French — Christine Lagarde — at the moment. After the Federal Reserve, probably the most important central bank on the planet, so not to be trifled with, as it administers monetary policy like a mother administers cod-liver oil to a sickly child to the 19 member states of the Eurozone who range from the sober industrial powerhouse Germany to siesta-loving España and friends ringing around the Mediterranean — I mean, good luck with that — one of the largest and most discombobulating monetary areas in the world. Established by the Treaty of Amsterdam, the ECB serves as one of seven institutions of the European Union, who are like the seven wonders of the world, or dwarfs, depending on how you look at it.

See also

• European Union