What is the European Central Bank?
The European Central Bank (ECB) is the central bank for the euro and the Eurozone. It’s responsible for administering monetary policy within the Eurozone.
All the central banks of each EU (European Union) member state own the bank’s stock. The ECB directly supervises 124 significant banks holding 82% of the Euro area’s banking assets.
The 27 European Union member states form one of the largest economic areas globally, and the 19 Eurozone countries are also a powerful economic force.
The Treaty of Amsterdam established the ECB in 1999, and it’s now one of the world’s most influential central banks. The ECB is one of seven European Union institutions enshrined in the Treaty on European Union.
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EU plan for risk-based AI rules to set fines as high as 4% of global turnover, per leaked draft – TechCrunch
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ECB Annual Report 2020
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Susanne Wixforth
From the beginning of her mandate, the president of the European Commission, Ursula von der Leyen, promised to ‘put forward a framework to ensure that every worker in our Union has a fair minimum wage’. Proposing in October 2020 a directive ‘on adequate minimum wages in the European Union’, the commission kept this promise.
By no means does the commission envisage a uniform statutory minimum wage for the EU. Rather, the directive would establish prerequisites for
national minimum wages. To avoid interference with collective bargaining and wage-setting by social partners, the directive would also protect and promote collectively-agreed minimum wages. This is indeed crucial: for many years the share of workers covered by collective agreements in Europe has been declining.