June 2, 1998 the May eighth day (Tiger), the European Central Bank was formally established. European Central Bank

newly established bank is located in Frankfurt, Germany, on June 2, 1998, the first board meeting, which signs the safeguard mechanism in the euro started operation one month earlier than originally planned.
in accordance with the decision of the member states of the EU Summit held on May 2 this year, the European Central Bank should be in the single European currency - the birth of the euro, half a year before the official start.
European Central Bank on the same day, a spokesman announced that the European Central Bank in Frankfurt from now on officially replace the functions of its predecessor, the European Monetary Board. The main purpose of the board meeting is to prepare for the first session of the Commission of the European Central Bank held on the 9th of this month.
by board members and central bank governors of the first to join the European single currency of 11 EU member states, the Commission, in the next seven months, the Commission will determine the guiding interest rate of the European Economic and Monetary Union to coordinate. The European Central Bank will be January 1, 1999, that a major purpose of the board meeting of the Euro is to prepare for the first session of the Commission of the European Central Bank held on the 9th of this month.
its primary task is to protect the stability of the euro. According to some of Europe's financial experts said, although its structure and working methods substantially in accordance with the German central bank mode, but the independence of the European Central Bank will be greater than the Bundesbank. The so-called German model, that is, through the control of currency in circulation to ensure monetary stability and to provide the necessary means of payment as well as the financing of economic growth. The central bank to implement a minimum reserve, financing and financial policies of open markets.
European Central Bank will be worked out before the end of 1998, financial strategy and specific measures to prevent inflation. But the policy of stabilizing the euro, part of the central bank of the euro countries, the German model is still controversial, some euro countries worry that, once the German model, domestic credit institutions will certainly be at a disadvantage in competition with the Bank of England. British monetary policy is to develop a clear price target, rather than direct control of the monetary liquidity. Credit institutions in the United Kingdom does not have the obligation to a certain percentage of accounts payable as a minimum reserve of non-interest bearing deposit at the central bank. (Lssdjt.cn) part of the euro countries, including France, central bank governors, the British stabilization policy more in line with their national conditions. A spokesman for the European Central Bank acknowledged, select the appropriate stabilization policy is almost as difficult to determine the candidates of the president and board members. The European Central Bank started operation in advance also out of this into consideration it more or less. (Lssdjt.com)