Governing Council of the European Central Bank
Not to be confused with the Executive Board of the European Central Bank.
The Governing Council of the European Central Bank is the main decision-making body of the ECB, responsible for formulating monetary policy for the Eurozone. It comprises the members of the Executive Board of the European Central Bank and the governors of the National Central Banks of the euro area countries.
Responsibilities
The Governing Council is responsible for formulating monetary policy for the Eurozone. This encompasses decisions relating to monetary objectives, most commonly, via the setting of the key interest rates or the supply of reserves in the Eurosystem. The Governing Council's target is to keep inflation below, but close to, 2% over the medium term.[1]
In addition, the Council has responsibility for the establishment of guidelines and the adoption of decisions leading to the fulfilment of the tasks entrusted to the Eurosystem.
Composition
The Governing Council consists of:
- the six members of the Executive Board of the European Central Bank, and
- the Governors of the National Central Banks of the 19 euro area countries (as of 2015).
| Mario Draghi, President of the ECB | Vítor Constâncio, Vice-President of the ECB | Benoît Cœuré, Member of the Executive Board of the ECB | Yves Mersch, Member of the Executive Board of the ECB | Sabine Lautenschläger, Member of the Executive Board of the ECB |
| Peter Praet, Member of the Executive Board of the ECB (Chief Economist of the ECB) | Jan Smets (Belgium) | Jens Weidmann (Germany) | Philip R. Lane (Ireland) | Yannis Stournaras (Greece) |
| Luis María Linde (Spain) | Ardo Hansson (Estonia) | François Villeroy de Galhau (France) | Ignazio Visco (Italy) | Chrystalla Georghadji (Cyprus) |
| Gaston Reinesch (Luxembourg) | Mario Vella (Malta) | Klaas Knot (Netherlands) | Ewald Nowotny (Austria) | Carlos Costa (Portugal) |
| Boštjan Jazbec (Slovenia) | Jozef Makúch (Slovakia) | Erkki Liikanen (Finland) | Ilmārs Rimšēvičs (Latvia) | Vitas Vasiliauskas (Lithuania) |
Meetings and decisions
In general, the Governing Council meets twice a month at the Eurotower in Frankfurt, Germany. The first meeting is the most important and is devoted to the assessment of economic and monetary developments. The ECB makes public its monthly monetary policy decision after the meeting. At its second meeting, the Governing Council discusses issues concerning other tasks of the ECB and the Eurosystem.
References
- ↑ "ECB: Monetary Policy".
- ↑ "Members of the Governing Council". Retrieved 22 September 2015.