The European Central Bank (ECB) main task is to maintain the euro's purchasing power and thus price stability in the euro area. ECB is one of the world's most important central banks, responsible for monetary policy covering the 13 member countries of the Eurozone. The Bank was established on 1 June 1998. The organisation of the ECB is modelled on that of the German Bundesbank and Landesbanken. The ECB is governed by a board of directors, headed by a President, and a board of governors, consisting of the members of the board of directors and representatives of the local central banks within the European System of Central Banks (ESCB).