Financial Institutions of the European Union

European Central Bank

Under the Treaty on European Union, the European Central Bank was set up in 1998 to introduce and manage the official EU currency, the euro. As it now stands, twelve of the twenty-five member-states have adopted the euro as their official currency. The ECB is responsible for conducting foreign exchange operations and ensuring the smooth operation of payment systems. The ECB also decides on the framing and implementing the EU's economic and monetary policy. Another vital function of the ECB is to maintain price stability in the nations using the euro, in order to preserve the euro's purchasing power. That means strict control of inflation. Controlling the money supply involves, among other things, setting interest rates throughout the European Union countries using the euro.

European Investment Bank

Our Mission is to further the objectives of the European Union by making long-term finance available for sound investment. - The Mission of the EIB

This is the European Union's financing institution. The main task of the European Investment Bank is to contribute toward integration, balanced development, and economic and social cohesion of the Member States.

Court of Auditors

The Court of Auditors acts as the financial watchdog for the European Community by overseeing the correct handling of expenditures and revenue.