The European Central Bank is taking a larger interest rate step than America's central bank, the Fed: If inflation in the euro area is more than 8 percent, the monetary watchdogs must continue to act. How are the power relations?
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.