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Organization of the ESCB
The ESCB is a federal, decentralized system, in which decisions are taken centrally by the ECB Governing Council, while the Banque de France and the other NCBs participate in the preparation and implementation of these decisions.
The ECB's decision-making bodies are the Governing Council, the Executive Board and the General Council.
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The Governing Council comprises the governors of the euro area national central banks, a president and a vice-president who also chair the Executive Board, and the other members of the Executive Board. The Council takes the necessary decisions to ensure that the ESCB performs the tasks entrusted to it. It formulates monetary policy, notably the intermediate monetary aggregate, where appropriate, and key interest rates. Each member of the Council has one vote, the president having the casting vote in the event of a tie. Decisions are taken by simple majority.
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The Executive Board is headed by the President and Vice-President of the ECB and includes four other members appointed by the Heads of State or Government on a recommendation from the European Council after consultation of the Governing Council. Their term of office is eight years in principle and is non-renewable. The Executive Board implements the monetary policy determined by the Governing Council and, in so doing, gives the necessary instructions to the NCBs. It is in charge of the day-to-day management of the ECB.
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The General Council is the body that brings together, within the ECB, the central bank governors of all Member States, whether they are part of Monetary Union or not. |
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