money-supply, monetary-policyIn the US, the Federal Reserve creates more dollars by fiat and lends them out to member banks or the federal gov’t. Is there a body that does the same for the euro? If so, what is it called, and is there only one, or does each member country have their own? In other words, can one member nation, say Greece, print more euros and devalue the currency?
The European Central Bank (ECB) is the Central Bank for the Eurozone. It sets monetary policy for the Eurozone, including interest rates and, potentially, any quantitative easing - it does this in partnership with the national central banks. It has legal personality under public international law.
The challenge that peripheral states have faced, is that they have little control over their monetary policy - they cannot individually chose to devalue the Euro - policy is set for the whole Eurozone. See What are some of the options and consequences available to Greece? for related information.
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