European System of Central Banks

As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council, shall also exist.

The NCBs of the member states that do not participate in the eurozone are members of the ESCB with a special status – while they are allowed to conduct their respective national monetary policies, they do not take part in the decision-making with regard to the single monetary policy for the eurozone and the implementation of such decisions.

The main responsibilities of the Governing Council are: The executive board comprises the President, the Vice-President and four other members, all chosen from among persons of recognized standing and professional experience in monetary or banking matters.

The main responsibilities of the executive board are: The General Council comprises the President and the Vice-President and the governors of the NCBs of all 27 member states.

The General Council also contributes to: The Statute of the ESCB makes provision for the following measures to ensure security of tenure for NCB governors and members of the Executive Board: The ESCB is composed of the European Central Bank and the national central banks of all 27 member states of the EU.