European Central Bank

The European Central Bank (ECB) is the central bank for the Eurozone, responsible for the monetary policy of the 20 (soon to be 21) European Union countries that have adopted the euro. It aims to maintain price stability within the Eurozone. The ECB is currently newsworthy due to its expression of 'full solidarity' with US Federal Reserve Chair Jerome Powell amidst a criminal investigation and perceived threats to central bank independence. This joint statement with other global central banks underscores the importance of independent monetary policy for economic stability. Furthermore, the ECB is relevant due to Bulgaria's recent adoption of the euro, marking the 21st member of the Eurozone. This expansion highlights the ECB's ongoing role in managing the Eurozone's monetary policy and its impact on member states, particularly regarding inflation concerns associated with adopting the euro.