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.
European Union law stipulates that bank deposits of up to 100-thousand euros are fully guaranteed by a bank insurance fund. This law applies to all EU member states - including Bulgaria. But an amendment is now preventing many Bulgarian depositors from gaining access to money from the country's fourth-largest bank KTB, which has been closed since June.
Frankfurt investors pounced on ECB President Mario Draghi's hints that the eurozone can expect a new round of bond purchases to boost the economy. On Wall Street General Motors climbed over 1 percent on news it will post record Chinese sales this year. After a review, New York correspondent Lars Halter tells us why the Inspector general of the TARP Program has pounced on GM.
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.