The Eurosystem comprises the European central Bank (ECB), which is in charge of monetary policy in the eurozone; and the national central banks of all EU member states, each of which is a stakeholder in the ECB. The ECB’s main monetary policy objective is price stability within the eurozone, which, since its inception, it has defined as a y/y increase in the harmonized index of consumer prices (HICP) of less than 2%. The ECB’s governing council steers short-term interest rates in order to maintain inflation below this limit. The ECB was established on June 1, 1998, and the ECB and the central banks of the EU came together to form the Eurosystem one year later, to coincide with the introduction of the euro.
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