The central bank established in 1998 and responsible for the euro area, based in Frankfurt am Main. The ECB is a supranational institution with legal personality; it had 1,536 employees at year-end 2008. – Under the Lisbon Treaty (Article 13 TEU, Article 282 TFEU), the ECB became an EU institution. Until then, it had the legal status of an institution of its own kind, i.e. it was not an EU institution. However, unlike the other EU institutions (European Council, Council of Ministers, European Commission, European Parliament, European Court of Justice, European Court of Auditors), the ECB itself still has its own legal personality. It also has no relationship to the EU budget, but draws its financial resources from the national central banks. The latter are also the owners of the ECB’s capital; they determine the use of its profits and bear any losses. As a result, the EU’s official liability for the ECB is also excluded (Article 340 TFEU). – See ECB, money lender of last resort, formative power, central banking, seat order dispute. – See the ECB’s Annual Report and, with regard to operations, the section entitled “Annual Accounts of the ECB” and, with regard to legal acts, the section entitled “Legal Instruments of the ECB.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/