The European Central Bank is the central bank for the 16 European Union countries that have adopted the EU's single currency, the euro, as of 2009. It sets monetary policy for the euro zone with the primary objective of maintaining price stability, defined as an inflation rate of below but close to two percent. It is independent of all national and pan-European bodies.

See also: EU, EMU, http://www.ecb.int/home/html/index.en.html