!!!Europäische Zentralbank, EZB

European Central Bank, ECB, institution of the Economic and Monetary 
Union (members: Austria, Belgium, Finland, France, Germany, Ireland, 
Italy, Luxembourg Netherlands, Portugal and Spain) operative since 
June 1, 1998. Its basic tasks are: to define and implement, jointly 
with the national central banks (for Austria, the Oesterreichische  
Nationalbank) that form part of the European System of Central Banks 
(ESCB), the monetary policy of the  Euro area (i.e. to conduct foreign 
exchange operations, to hold and manage official foreign reserves of 
the member states and to promote the smooth operation of payment 
systems etc.). Part of the currency reserves (up to a maximum of  50 
billion Euro) is directly administered by the ECB.


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