What is the European Central Bank?

The European Central Bank (ECB) is the overseeing central bank for the 19 EU member states that use the euro. It performs functions equivalent to those of national central banks, chiefly maintaining price stability within the euro zone. The ECB is managed on a day-to-day basis by its Executive Board, all six of whom are elected by the European Council, including the president of the ECB, who serves an eight-year term. It is overseen by its Governing Council, which is made up of the governors of each of the central banks of the 19 euro zone member states. The President of the ECB is Christine Lagarde, the former Managing Director of the International Monetary Fund and former French Finance Minister.