What is the primary task of the European Central Bank (ECB)?

The primary task of the European Central Bank (ECB) is to maintain price stability in the euro area. Price stability is crucial for the overall economic health of the eurozone, as it helps to ensure that inflation is kept in check and the purchasing power of the euro is preserved. By targeting inflation and implementing monetary policy measures, the ECB aims to foster an environment conducive to sustainable economic growth and employment.

This focus on price stability is a cornerstone of the ECB's mandate, as outlined in the Treaty on the Functioning of the European Union. It allows the ECB to influence interest rates, control money supply, and address economic fluctuations, all aimed at achieving stable prices. The other options, while related to the ECB’s broader functions, do not encapsulate its primary objective as directly as maintaining price stability does. For instance, while the ECB does supervise certain banking activities and sets interest rates, these tasks support its overarching goal of ensuring price stability.