As it relates to the European Union, what is the ECB? The Euro Currency Board, responsible for pegging exchange rates.

The European Central Bank, responsible for monetary policy within the European Union.

The European Currency Bureau, responsible for issuing the euro.

The Economic Council of Banks, responsible for oversight of the European banking industry.

It all depends on the individual

In financial aspects, a depression is a sustained, long haul downturn in monetary movement in one or more economies. it is a more extreme monetary downturn than a recession, which is a slowdown in financial action through the span of a typical business cycle. a depression is an irregular and extreme type of recession. so depression is always followed by recession but it is not correct to state that a depression always follow a recession.