Abbr.: ECB. Central bank of the European Monetary Union whose remit is to implement European monetary policy within the EMU. The headquarters of the European Central Bank are in Frankfurt; it is wholly independent and not subject to instructions from governments or the EU executive. The central banks of member countries, which also enjoy complete independence, remain in existence and along with the ECB constitute the European System of Central Banks (ESCB). Website: www.ecb.int.