1998: CREATION OF THE ECB

The ECB (European Central Bank) is the EU's bank. It is based in Frankfurt (Germany). It is one of the world's most important central banks.

Its main function is to manage the euro — the EU’s single currency, and to safeguard price stability. The ECB is also responsible for the monetary policy of the euro area (Eurozone). 

The central banks of the countries that have the euro as their currency, together with the European Central Bank, are known as the ‘Eurosystem’. In this link you can see what countries are in the euro system and which ones are not.

When the ECB was created, it covered a Eurozone of eleven members. Spain was one of these members. Since then, Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011, Latvia in January 2014 and Lithuania in January 2015.

The ECB works in complete independence and don't accept instructions from anybody. 

In the ECB's site there are materials for schools to learn about Economics! This video explains why price stability is important:

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Sources:

-http://www.ecb.europa.eu/ecb/educational/pricestab/html/index.en.html

-http://www.medianeighbourhood.eu/european-union/the-european-central-bank-managing-the-euro/#sthash.5QE80lee.dpuf

-https://en.wikipedia.org/wiki/European_Central_Bank