Classify the statements about the European Central Bank (ECB) as true or false. Macmillan Learning The ECB controls monetary policy in all European countries. The ECB is the oldest central bank in the world. The ECB regulates the supply of Euros. The ECB is relatively insulated from political pressures. The Federal Reserve System and the ECB have a similar design and purpose. Because of the existence of the ECB, the countries of the European Union do not have national banks