Which institution is known as the central bank of the 19 European Union members?

The European Central Bank (ECB) serves as the central bank for the 19 European Union member countries that have adopted the euro as their official currency. Established in 1998, the ECB is responsible for maintaining price stability within the eurozone and implementing monetary policy aimed at fostering economic growth among its member states. It plays a crucial role in overseeing the stability of the euro, conducting foreign exchange operations, and ensuring the smooth functioning of payment systems across the region.

Understanding the ECB's function is vital, as it influences everything from interest rates to inflation targets, which directly affects the economic environment of the eurozone countries. Its centrality within the European monetary system makes it a pivotal institution in European and global finance.