European Central Bank

The central bank of the 20 Eurozone member states, the ECB sets monetary policy for 340 million people. It was the first major central bank to cut rates in June 2024, signalling the beginning of the global easing cycle.

The ECB was established in 1998 ahead of the euro's launch in 1999. Unlike the Fed's dual mandate, the ECB has a single primary mandate: price stability (defined as inflation close to but below 2%). Its Governing Council — comprising the ECB Executive Board plus Eurozone central bank governors — meets every six weeks to set rates.