The European Central Bank (ECB) or European Central Bank was formed in 1998 ahead of the official introduction of the European Union. The currency of the European Union issued by the ECB is the Euro. The euro was first traded in 1999 in virtual form and then banknotes and coins were introduced in early 2002. The ECB is the central bank that oversees all member countries that are members of the European Union. Previously the ECB supervised 11 countries when it was first established, then now it has increased to 19 countries with each central bank operating in each country under the ECB's authority.
The bank was founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika ("Dutch Bank and Credit Union for South Africa"). In the same year, the bank opened an office in Church Street, Pretoria, South Africa. In 1903, the company was renamed to Nederlandsche Bank voor Zuid-Afrika ("Dutch Bank for South Africa"). In 1906, the bank expanded and an office in London was opened. The bank split in 1951, renaming its South African counterpart as Nederlandse Bank in Suid-Afrika/Netherlands Bank of South Africa (NBSA). In 1969, the number of South African shareholders increased significantly and the company became 100% South African-owned after the Bank Mees and Hope sold 20% of its shares. The South African counterpart was completely independent. The Dutch counterpart of the bank no longer exists. Syfrets SA and Boland Bank listed on the Johannesburg Stock Exchange in 1969. In 1971, NBSA changed its name to Nedbank. Nedbank Group formed from the merger of Syfrets SA, Union Acceptances and Nedbank in 1973. In 1986, Old Mutual became the major shareholder (53%) of Nedbank.
CB has full control in implementing monetary policy in the European Union zone just like the Federal Reserve and Bank of England. Just like other central banks, the ECB also has a main target in achieving price stability determined