The Governing Council

is the main decision-making body of the ECB. It consists of

• the six members of the Executive Board, plus
• the governors of the national central banks of the 16 euro area countries.

Responsibilities

• to adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the Eurosystem;
• to formulate monetary policy for the euro area. This includes decisions relating to monetary objectives, key interest rates, the supply of reserves in the Eurosystem, and the establishment of guidelines for the implementation of those decisions.

Meetings and decisions

The Governing Council usually meets twice a month at the Eurotower in Frankfurt am Main, Germany.

At its first meeting each month, the Governing Council assesses economic and monetary developments and takes its monthly monetary policy decision. At its second meeting, the Council discusses mainly issues related to other tasks and responsibilities of the ECB and the Eurosystem.

While the minutes of the meetings are not published, the monetary policy decision is explained in detail at a press conference held shortly after the first meeting each month. The President, assisted by the Vice-President, chairs the press conference.

Members

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• 
  Jean-Claude Trichet Curriculum vitae
  President of the ECB
  

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• 
  Lucas D. Papademos Curriculum vitae
  Vice-President of the ECB
  

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• 
  Lorenzo Bini Smaghi Curriculum vitae
  Member of the Executive Board of the ECB
  

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  José Manuel González-Páramo Curriculum vitae
  Member of the Executive Board of the ECB
  

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  Jürgen Stark Curriculum vitae
  Member of the Executive Board of the ECB
  

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• 
  Gertrude Tumpel-Gugerell Curriculum vitae
  Member of the Executive Board of the ECB
  

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• 
  Guy Quaden
  Governor, Nationale Bank van België/Banque Nationale de Belgique
  

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• 
  Axel A. Weber
  President, Deutsche Bundesbank
  

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• 
  Patrick Honohan
  Governor, Central Bank and Financial Services Authority of Ireland
  

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• 
  Georgios Provopoulos
  Governor, Bank of Greece
  

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• 
  Miguel Fernández Ordóñez
  Governor, Banco de España
  

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• 
  Christian Noyer
  Governor, Banque de France
  

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• 
  Mario Draghi
  Governor, Banca d'Italia
  

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• 
  Athanasios Orphanides
  Governor, Central Bank of Cyprus
  

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• 
  Yves Mersch
  Governor, Banque centrale du Luxembourg
  

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• 
  Michael C. Bonello
  Governor, Central Bank of Malta
  

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• 
  Nout Wellink
  President, De Nederlandsche Bank
  

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• 
  Ewald Nowotny
  Governor, Oesterreichische Nationalbank
  

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• 
  Vítor Manuel Ribeiro Constâncio
  Governor, Banco de Portugal
  

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• 
  Marko Kranjec
  Governor, Banka Slovenije
  

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• 
  Jozef Makuch
  Governor, Národná banka Slovenska
  

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• 
  Erkki Liikanen
  Governor, Suomen Pankki - Finlands Bank
  

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Legal basis

See Article 10 of the Statute (of the European System of Central Banks and of the European Central Bank) for provisions regarding the Governing Council.

Article 10.1: "In accordance with Article 112 (1) of this Treaty, the Governing Council shall comprise the members of the Executive Board of the ECB and the governors of the national central banks."