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Decision-making bodies of the ECB

The Governing Council

The Governing Council comprises the members of the Executive Board of the ECB and the governors of the NCBs of the Member States which have adopted the euro.

As laid down in the Treaty, its main responsibilities are:
• to take the decisions and adopt the guidelines necessary to ensure the performance of the tasks entrusted to the Eurosystem;
• to formulate the monetary policy of the euro area, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in the Eurosystem, as well as to establish the guidelines for their implementation.

The meetings of the Governing Council take place, as a rule, twice a month at the ECB’s premises in Frankfurt am Main. Two meetings a year are held outside Frankfurt, hosted by one of the NCBs.
At its first meeting of the month, the Governing Council, among other things, conducts an in-depth assessment of monetary and economic developments and takes related decisions, while the second meeting usually focuses on issues related to the other tasks and responsibilities of the ECB and the Eurosystem.

When taking decisions, the members of the Governing Council act in a fully independent personal capacity. This is reflected by the “one member, one vote” principle.

Decisions are generally taken by simple majority, and the President has the casting vote in the event of a tie.

Decisions with regard to capital are weighted according to shares in the subscribed capital of the ECB.

As the number of members of the Governing Council increases as a result of the enlargement of the euro area, it has been decided that 15 voting rights will be assigned to the governors in rotation, while the members of the Executive Board will continue to have permanent voting rights (see Article 10 of the Statute of the ESCB/ECB). On 18 December 2008, the Governing Council of the European Central Bank decided to introduce the rotation system only when the number of governors and Presidents of the euro area national central banks exceeds 18.

A Code of Conduct adopted by the ECB provides the members of the Governing Council with ethical guidelines and principles in order to safeguard the integrity and reputation of the Eurosystem and to maintain the effectiveness of its operations.