The European Central Bank was inaugurated in June 1998 and six months later assumed responsibility for implementing European monetary policy as defined by the European System of Central Banks (ESCB). Its main objective is to maintain price stability and thereby preserve the purchasing power of the euro. The ECB took over from its precursor, the European Monetary Institute (EMI), which had played a central role in preparing for the launch of the euro on 1 January 1999.
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The highest decision-making body of the ECB is the Governing Council, made up of the six members of the Executive Board and the governors of the 12 national central banks of the euro zone. Its primary mission is to define the monetary policy of the euro zone and fix the interest rates at which commercial banks can obtain money (liquid funds) from the Central Bank.

The European Central Bank enjoys total independence in its work. The President of the ECB and the other 5 members of the Executive Board are appointed by the Member States for a non-renewable term of eight years.

Website of the European Central Bank