ABSTRACT
The European Central Bank (ECB) is an extraordinary experiment in central banking – it is a supranational central bank set up in 1998, building on the established co-operation among central banks in the EU. Such co-operation had been institutionalized over time through the activities of the Committee of Central Bank Governors (CCBG) (Andrews 2003), which was set up in 1974 and became the European Monetary Institute (EMI) in 1994. The EMI was the forerunner of the ECB.
