What is European Central Bank?

The European Central Bank sets monetary policy for the euro area and supervises significant banks through a single supervisory mechanism. For a saver, the distinction that matters is simple: a central bank supervises the bank, it does not hold your money. Your balance sits with an individual bank under its country's deposit guarantee scheme, so when you compare current and savings accounts across euro area countries, check the country of the account and the protection that applies to it.