Dhe European Central Bank (ECB) gave itself the greatest gift on its 25th birthday: the average inflation rate in the euro area from June 1998 to the present is exactly 2.007692 percent. The central bank has thus achieved its self-imposed goal of ensuring stable prices in the monetary union in the medium term. Even if the current inflation rate is arguably less flattering. Last but not least, it was the crises of the past 25 years that had a strong impact on the central bank, as well as the monetary policies of their respective presidents. Aside from the ceremony, after a quarter of a century, it is time to put into a historical context what goals the central bank has achieved – and how it has changed Europe.
ECB: Monetary guardian for 25 years – A balance sheet of the European Central Bank
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