central bank - a government monetary authority that issues currency and regulates the supply of credit and holds the reserves of other banks and sells new issues of securities for the governmentEuropean Central Bank - the central bank of those members of the European Union who share a common currency; "The European Central Bank is Europe's equivalent of the Federal Reserve" Federal Reserve, Federal Reserve System, FRS, Fed - the central bank of the United States; incorporates 12 Federal Reserve branch banks and all national banks and state charted commercial banks and some trust companies; "the Fed seeks to control the United States economy by raising and lowering short-term interest rates and the money supply" |