This is the central and main bank of the European Union and the Eurozone. It is based in Frankfurt, where it began work in 1998. Its staff includes representatives of all EU Member States. It develops and implements the monetary policy of the eurozone, controls and contains the official exchange reserve funds of all eurosone countries, conducts emission (see) of banknotes, sets the size of the monthly basic interest rate (see) and also tries to maintain price stability in the eurozone, not allowing inflation to rise by more than 2%. The management of the ECB is comprised of six people, including the Chairperson and his Deputy. The Chairperson's term is for eight years. Currently this position is held by Mario Draghi. He assumed the post in November 2011, succeeding Jean-Claude Trichet.
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