The European Central Bank
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The ECB came into being on 1 June 1998. This gave it six months to prepare for the challenging and unprecedented tasks of
- replacing the currencies of a group of sovereign states with the “single currency”, and
- devising a monetary policy for the nascent euro area.
1 June 1998 also saw the establishment of the "European System of Central Banks", the institutional framework that comprises the ECB and the central banks of all 27 EU Member States.
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