Esprit Rock

To begin with

To begin with, one has to bear in mind that the ECB has three decision-making bodies. The first – and the most important one – of them is the Governing Council. It is constituted of the ECB Executive Board and of the governors and presidents of national central banks. It is in charge of defining the monetary policy and the bank rate level. In the eurozone, the bank rate is named Standing Facilities. It is the Governing Council which has the most difficult mission, because it has also to coordinate national central banks’ actions. It usually organises meeting twice a month. As for voting, Executive Board’s members have a permanent vote, whereas governors can in turns vote dependingly of the size of the economy and financial sector of their countries.

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