In this article, We learn about “The Board of Governors “.Let’s Go!
The Board of Governors is the main decision-making body of the European Central Bank.
Composed of: The six Executive Board members , plus the central bank governors of the 19 Eurozone countries .
His responsibilities include:
- Adopt guidelines and take the necessary decisions to ensure that the ECB and the Eurosystem fulfill their mandated tasks.
- Determining the euro area’s monetary policy. This includes decisions related to monetary targets, key interest rates, and the supply of Eurosystem reserves, as well as the development of guidelines for the implementation of these decisions.
- Adoption of the decision related to the general framework for taking supervisory decisions in the context of the ECB’s new responsibilities related to banking supervision and the adoption of the full draft decision proposed by the Supervisory Board under the non-objection procedure
Meetings and decisions
The Governing Council usually meets twice a month at the ECB’s headquarters in Frankfurt, Germany.
The Governing Council assesses economic and monetary developments and takes monetary policy decisions every six weeks.
In other meetings, the Council mainly discusses issues related to the other tasks and responsibilities of the ECB and the Eurosystem.
To ensure the separation of the ECB’s monetary policy and other tasks from its supervisory responsibilities, the Governing Council meets separately.
A press conference is held every six weeks to explain monetary policy decisions in detail. The Chairman, assisted by the Vice Chairman, presides over the press conference.
In addition, the ECB publishes its periodic accounts ahead of the next Governing Council monetary policy meeting.
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