The European Central bank, as the only monetary authority in the Eurosystem, has always played a significant role within the euro area. The European Monetary Union has been governed by the ECB in normal as well as in difficult times, such as the current financial crisis. Consequently, the present situation requires the ECB to intervene and take radical steps even more than before. The intent of this book is to draw and elucidate the monetary policy of the ECB. Firstly, the Eurosystem together with its background is described. Secondly, this work elaborates on what tools are utilized by the ECB to pursuit the main goal which is price stability of the euro area. Furthermore, a data analysis is carried out in this work which demonstrates changes in the important figures (key interest rate, assets & liabilities) during a boom (2006) as well as during recession (2007 on). Since every crisis (even ongoing as it is currently) provides lessons to be learnt from, this work points out shortcomings of the ECB´s monetary policy as well. This book,should be particularly helpful to students studying economics but also to wide range of people interested in central banking.