European Central Bank is celebrating its tenth birthday - je 02.06.2008 08

Welcome Back. Inflation is surging here in Europe, the economy is cooling, and the financial system is recovering from impact of credit crisis in the US. But the European Central Bank is celebrating. That's because it started work ten years ago. A decade after it began managing some of Europe's largest economies, its facing one of its biggest challenges yet in the form of inflation, which hit 3.6 percent in May, the strongest since the bank's inception. ECB President Jean-Claude Trichet is hosting finance ministers from the 15 nations eurozone and Chancellor Angela Merkel in Frankfurt today. He'll probably be focusing on the success of the European Single Currency, the Euro.