The ECB otherwise known as the European central bank is the bank responsible for setting the monetary policy for the members of the Eurozone. It aims to maintain the price stability of the single currency. To do this the ECB sets the interest rate for the Euro as a single currency needs one set interest rate. The rate and policy is set by the governing council which meets twice a month to discuss matters linked to the Euro.
The ECB is also responsible for maintaining the foreign exchange reserves of the euro member states and conducts any foreign exchange changes. They also help the Euro member countries maintain and support their financial systems.
Over the last few years the ECB has played a key role in trying to support the Euro during the debt crisis and has bailed out several member countries, including Ireland and Greece.