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The European Central Bank is a unique creation in world history: an independent central bank managing the single currency - the Euro - adopted in twelve member states of the European Union. The monetary policy decisions of the ECB thus directly affect the lives of roughly 300 million people living in the Euro-Zone and have a significant impact on many more. Providing an excellent synthesis of existing research, new research and insights, David Howarth and Peter Loedel explore the theoretical approaches to the ECB. Many issues are incorporated, including the antecedents of European monetary authority the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.