The European Central Bank (ECB), headquartered in Frankfurt, Germany, was established on June 1, 1998 and is responsible for the financial and monetary policies of the euro area of the European Union. It was officially established on July 1, 1998 according to the provisions of the 1992 Maastricht Treaty, and is a financial institution established to adapt to the issuance and circulation of the euro, and is also a product of European economic integration.