Central bank

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender.

The primary function of a central bank is to control the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists.

European Central Bank

The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters.

The primary objective of the European Central Bank, as mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. The basic tasks, as defined in Article 3 of the Statute, are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities). The ECB has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins).

European

European, or Europeans, may refer to:

See also

European Parliament

The European Parliament (EP) is the directly elected parliamentary institution of the European Union (EU). Together with the Council of the European Union (the Council) and the European Commission, it exercises the legislative function of the EU. The Parliament is composed of 751 (previously 766) members, who represent the second largest democratic electorate in the world (after the Parliament of India) and the largest trans-national democratic electorate in the world (375 million eligible voters in 2009).

It has been directly elected every five years by universal suffrage since 1979. However, turnout at European Parliament elections has fallen consecutively at each election since that date, and has been under 50% since 1999. Turnout in 2014 stood at 42.54% of all European voters.

Although the European Parliament has legislative power that the Council and Commission do not possess, it does not formally possess legislative initiative, as most national parliaments of European Union member states do. The Parliament is the "first institution" of the EU (mentioned first in the treaties, having ceremonial precedence over all authority at European level), and shares equal legislative and budgetary powers with the Council (except in a few areas where the special legislative procedures apply). It likewise has equal control over the EU budget. Finally, the European Commission, the executive body of the EU, is accountable to Parliament. In particular, Parliament elects the President of the Commission, and approves (or rejects) the appointment of the Commission as a whole. It can subsequently force the Commission as a body to resign by adopting a motion of censure.

The Central

Coordinates: 1°17′19″N 103°50′47″E / 1.28861°N 103.84639°E / 1.28861; 103.84639

Clarke Quay Central is a commercial and residential building located on Eu Tong Sen Street, opposite Clarke Quay along the Singapore River in Central Area, Singapore. Clarke Quay Central comprises a five-storey shopping mall, situated below a block of purpose-built small office/home office (SOHO) units, and a 25-storey office tower.

Opened in January 2007, the contemporary shopping mall sits on a site directly above Clarke Quay MRT station. Managed by Far East Organization, the mall has five levels totalling 200,000 square feet (19,000 m²) of retailing space, and houses Singapore's first purpose-built SOHO units. The mall has a distinctive Japanese theme, with a wide variety of Japanese shops and restaurants as tenants. The mall's developer, Far East Organization, planned to turn Clarke Quay Central into a Japanese food paradise in the style of Decks Tokyo Beach, a popular waterfront shopping and entertainment complex in Tokyo's Odaiba district.