European Central Bank
The European Central Bank (ECB) was established on 1 June 1998 and took over responsibility for monetary policy in the euro area, comprising 11 countries in Europe, on 1 January 1999. The 11 countries were Austria, Belgium, Finland, France, Germany, Italy, Ireland, the Netherlands, Luxembourg, Portugal and Spain. In these countries, from 1 January 1999, a single currency, the euro, started operating as the only legal tender in non-cash payment transactions. Greece joined the euro
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