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European Central Bank

The european central bank (ecb) is one of the seven institutions of the european union (eu) listed in the treaty on european union (teu). it is the central bank for the euro and administers the monetary policy of the 17 eu member states which constitute the eurozone, one of the largest currency areas in the world. it is thus one of the world's most important central banks. the capital stock of the bank is owned by the central banks of all 27 eu member states.