The ECB is the central bank which monitors the monetary policy of the Eurozone, with the main objective being to maintain price stability.
The ECB's headquarters are in Frankfurt, Germany. Its owners and shareholders of the European Central Bank are the central banks not just of the 18 eurozone countries, but of the 28 member states of the EU.
Or ABS -- It's a familiar phrase but what exactly does it mean? The ECB has announced it will purchase huge amounts of covered bonds and asset-backed securities from European banks - the so-called Asset BACKED Securities - which some blame for the triggering the financial crisis in the first place.
ECB President Mario Draghi has made it clear that he will do everything possible to bolster the eurozone economy. The central bank slashed interest rates to a record low of 0.05 %. The ECB also announced a program to pump money into the economy and stimulate lending by buying bundles of bank loans.