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The European Central Bank is one of the seven institutions of the European Union listed in the Treaty on European Union. It is the central bank for the euro and administers the monetary policy of the 17 EU member states which constitute the Eurozone, one of the largest currency areas in the world. It is thus one of the world's most important central banks. The capital stock of the bank is owned by the central banks of all 27 EU member states. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt, Germany. The current President of the ECB is Mario Draghi, former governor of the Bank of Italy. The primary objective of the European Central Bank is to maintain price stability within the Eurozone, which is the same as keeping inflation low and preventing deflation. The Governing Council aims to keep inflation below, but close to, 2% over the medium term. Unlike other central banks, for instance, the Federal Reserve System, the ECB has a single primary objective, with other objectives subordinated to it. The basic tasks of the ECB are to define and implement the monetary policy of for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and to promote smooth operation of the financial market infrastructure under the TARGET2 payments system and the technical platform for settlement of securities in Europe. (via Freebase)