The ECB assumed responsibility for the euro area’s single monetary policy on 1 January 1999. While the ECB is fully embedded in the EU institutional framework, the Treaty provides it with a special status.
In particular, the ECB is fully independent in carrying out its mandate and tasks. As a corollary, the ECB is subject to stringent reporting requirements to the people of Europe and their elected representatives.
The ECB interacts with other European institutions and bodies for a number of economic, functional and legal reasons. In the pursuit of its tasks related to European cooperation, the ECB operates within the institutional setting of Economic and Monetary Union (EMU) of the European Union.