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.
- Central Bank Functions: Europa’s description of bank activities
- Publications of the ECB (includes Annual Report, Legal Documents, Monthly Bulletins, Press Releases and Key Speeches, and Working Papers)
European Investment Bank
About 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.
- Europa’s Description of Investment Bank Functions
- EIB Publications: including Background Notes, Country Fact Sheets, Economic Reports, EIB Information Bulletin, Technical Studies
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.
- The Annual Report is the most important document issued by the court of auditors.