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.
The European Central Bank will buy over 1 point 1 trillion euro of eurozone financial papers to jump start the currency bloc's economy. It marks a turning point in German history with the country's monetary policy now being decided by the ECB. It's an historic yielding of sovereign decision making. But even the great moments in history are subject to the frailties of human systems.
The value of the euro has dropped to its lowest level against the US dollar since 2003. The sudden slump followed the ECB's announcement of a massive bond-buying program which it hopes will boost inflation.