Saudi Press

Saudi Arabia and the world
Tuesday, May 21, 2024

The European Central Bank celebrates its 25th anniversary

The European Central Bank celebrates its 25th anniversary

Hundreds were in attendance in Frankfurt to mark 25 years of the ECB. Today the euro is the world's second currency, used by almost 250 million Europeans in 20 countries.
Two hundred guests attended an event at the European Central Bank in Frankfurt to celebrate the 25th anniversary of the institution.

Among those present at the glass and steel ECB HQ in Frankfurt were the current ECB president, Christine Lagarde, and two of her predecessors, Jean-Claude Trichet and Mario Draghi.

In the last 25 years, the eurozone, overseen by the ECB, has grown from 11 to 20 members. Today the euro is the world's second currency after the dollar and is used by almost 250 million Europeans in 20 countries.


Speaking at the celebration, the European Commission President, Ursula von der Leyen, made it clear the project is far from over as she spoke about the future.

"Together with the ECB, we are working on a digital version of the euro to complement our trusted banknotes and coins," she outlined. "We never forget who it is meant to serve: our citizens. It is the trust of citizens and businesses that the digital euro needs to earn. In this spirit, the Commission will shortly put forward a proposal for a legal framework for Europe’s digital currency."

But the ECB's first priority right now is to curb inflation, and it is struggling. In April it reached 7%, driven by food prices, while energy prices recorded a significant decline.

The ECB's work and tasks were first defined in the Maastricht Treaty in 1992; since the Lisbon Treaty in 2007, it has formally had the status of an EU institution.

In 2014, the ECB was additionally entrusted with the supervision of systemically important banks in the euro area under the Single Supervisory Mechanism.

Its headquarters are located in Frankfurt's Ostend district.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
BOEING WHISTLEBLOWER: THE MAX AIRPLANE IS NOT SAFE!!!
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.
Unprecedented Flooding Disrupts Dubai
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Ajman Crown Prince Declares Remote Work Day for Government Employees Due to Weather (Except Essential Jobs)
UK Urges Israel to Avoid Escalation in Iran-Israel Tensions: 'Time to Be Smart'
Iran's New Strategy: Direct Retaliation Against Israel After Damascus Consulate Attack
Saudi Finance Minister to Lead Delegation at IMF-World Bank Meetings: Discussing Global Economic Developments and Saudi Arabia's Three-Year Chairmanship
×