The establishment of the European Central Bank (ECB) 25 years ago is scheduled to be celebrated with a ceremony in the German city of Frankfurt where it is headquartered on Wednesday evening.
On June 1, 1998, the bank started operations and seven months later on January 1, 1999, the euro common currency was introduced to 11 countries out of the then 15 members of the European Union.
The euro currency, the stability of which is ensured by the ECB, was initially used electronically as a clearing currency, until on January 1, 2002, the euro replaced the previous national currencies such as the German Deutschmark, the French franc and the Italian lira in notes and coins.
Today, the euro is the official means of payment for more than 346 million people in 20 European Union countries.
Not only does the bank set the key interest rates for the eurozone, but it also, together with the national central banks, produces and issues fresh euro banknotes and directly supervises the largest banks in the eurozone.
Former ECB presidents Jean-Claude Trichet and Mario Draghi are also invited to the celebration.
The first president of the ECB, Wim Duisenberg, died in 2005.
