European Central Bank

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The European Central Bank is the main bank of the European Union. The European Central Bank is in Frankfurt am Main. The main goal of the European Central Bank is to maintain price stability, in other words make sure inflation is below 2%. This is done by e.g. controlling the interest rates. It is also the only bank allowed to issue euro banknotes (€), used by 16 of the 27 member states of the European Union (EU).