The anchor of Europe for 20 years -The European Central Bank is celebrating its 20th anniversary- from Thomas Seidel

The headquarter of the European Central Bank at Frankfurt am Main
(Source: ECB)

It all started on 1st June 1998. The rules agreed in the Maastricht Treaties for the establishment of a European central bank and the introduction of a common currency, the EURO, came into force. For the past twenty years, the common central bank of many European Union countries has at the same time been a rescuer in times of need and a goal, of ongoing sharp criticism. We went out in search for what constitutes this globally unique supranational institution at its core.

Robert Heyes a travel experienced British works in the
payment department. A core function
(Source: Thomas Seidel)

The 1990s brought the world the hitherto most comprehensive reorganization of the post-war world. With the reunification of Germany disappeared the old line of confrontation of the Cold War. Above all, the communication technology made unimaginable rapid progress. Everyone is virtually connected to everyone thanks to the Internet. Today, worldwide logistics quickly deliver any demanded goods to all desired locations. A liberalized finance industry provided almost infinite funding for investment and consumption.

Akuvie Edzave the family is from Togo. Organizing travels
for her colleagues in a polyglot way
(Source: Thomas Seidel)

An economically fragmented nationalist Europe would not have been competitive in the rush of global trade. Reason enough for Europe to unite ever deeper and closer. It started with a monetary and banking union. It should be followed by a tax and social union. At least in economic terms, a kind of United States of Europe. So far only the EURO and the European Central Bank (ECB) have been realized.

Patricia Kern-Endres from Ireland is the
49th employee. Today she is working at
the president office
(Source: Thomas Seidel)

More than just a central bank

This largely unfinished European Union project has imposed a responsibility on the ECB that was not intended for the purpose of a central bank. But of all the European institutions, the ECB is the only one that has the impression to the European people that it really works. You may or may not agree with the decisions of the ECB committees. But if a decision has been made, it will be implemented immediately and effectively. The ECB is not just moving billions of euros. It promotes or slows down the economy, it creates a global competitive framework for the European economy and sometimes also saves its own currency or the dilapidated national budgets of entire member countries. But all this only in the context of their original mission (original Mario Draghi: "within our mandate").

Beverley Standon left Great-Britain 20 years ago
to work at the ECB. Today she is a compliance- officer
(Source: Thomas Seidel)

The ECB was usually taken by surprise by politics a few years ago with the additional task of being the supreme banking regulator in Europe alongside monetary policy. Nobody in the ECB wanted that at the time. Many outside the ECB had and still have doubts as to whether the ECB is thus permanently in a depleting conflict of interest. But the policy had no choice. Very quickly, a competent and effective European banking supervisory authority had to be established from the scratch. To do that at all could only be trusted by the ECB. It is therefore fair to say that the choice of this decision is the largest vote of confidence in the ability of the central bank to date. But ultimately, the project of a European central bank and years later of European banking supervision was successful only because all the staff of the ECB had the competence, the skills and the will to successfully implement both powerful projects.

Conception Alonso is of Portoguese origin, but
grew up in France. She takes care of investments
of the ECB in foreign currencies
(Source: Thomas Seidel)

Only Europe is true

It must have been at the time of the first President of the ECB, Wim Duisenberg, that the employees developed that awareness of being part of this supranational institution, and that, at least for their work, their national origin occasionally takes a back seat. What is the current central bank policy, decide the overall interests of all member countries of the EURO-Community, but indirectly also all countries of the EU. This overall interest must be kept in mind by the ECB, never only by the interests of individual states or smaller groups of states. This is a balancing act, which is not always easy to understand for some large but also small member countries. 

Eva Finkernagel-Eid is one of the longest serving
employees within the ECB. She studied banking
business and multilingual secretary and keeps
contact to the media

Despite severe elemental crises, the ECB has still succeeded in maintaining its share of the European project. Meanwhile, some go so far as to say that should the EURO and the ECB collapse, Europe will fall apart too. That may sound a bit drastic. For the future, however, one should wish the European Central Bank to concentrate only on its very own tasks. Sooner or later, a central bank would be overwhelmed to be the sole anchor for a drifting community of states.