<Table> <Tr> <Td> </Td> <Td> This section needs expansion . You can help by adding to it . (December 2015) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This section needs expansion . You can help by adding to it . (December 2015) </Td> </Tr> <P> The ECB's financial independence means that the ECB has its own budget . Its capital is subscribed and paid up by the euro area central banks . </P> <P> From late 2009 a handful of mainly southern eurozone member states started being unable to repay their national Euro - denominated government debt or to finance the bail - out of troubled financial sectors under their national supervision without the assistance of third parties . This so - called European debt crisis began after Greece's new elected government stopped masking its true indebtedness and budget deficit and openly communicated the imminent danger of a Greek sovereign default . Seeing a sovereign default in the eurozone as a shock, the general public, international and European institutions, and the financial community started to intensively reassess the economic situation and creditworthiness of eurozone states . Those eurozone states being assessed as not financially sustainable enough on their current path, faced waves of credit rating downgrades and rising borrowing costs including increasing interest rate spreads . As a consequence, the ability of these states to borrow new money to further finance their budget deficits or to refinance existing unsustainable debt levels was strongly reduced . </P>

Who manages the euro and what is their main goal