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Since 1 January 1999, the European Central Bank (ECB) has borne responsibility for the euro, the single currency now adopted in 12 of the 15 Member States of the European Union. This responsibility not only fundamentally changes economic parameters, but also has important legal implications. Like the single currency itself, the ECB is a creation of law, more specifically of EC law. It is thus the first central bank in the world to be wholly governed by a set of supranational rules. This work offers an in-depth analysis of this unique organization and aims to promote a better understanding among academics and practitioners of the tasks and activities of the ECB.