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The European Central Bank (ECB) is the institution of the European Union (EU) that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt, Germany. The current President of the ECB is Jean-Claude Trichet, former president of the Banque de France. Mario Draghi, currently governor of the Bank of Italy, is designated to succeed him when his term ends on 31 October 2011.
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