Decision-making bodies and corporate governance of the ECB

The Eurosystem and the ESCB are governed by the decision-making bodies of the ECB: the Governing Council and the Executive Board. The General Council is constituted as a third decision-making body of the ECB, for as long as there are EU Member States which have not yet adopted the euro. The functioning of the decision-making bodies is governed by the Treaty on European Union, the Treaty on the Functioning of the European Union, the Statute of the ESCB and the relevant Rules of Procedure.¹ Decision-making within the Eurosystem and the ESCB is centralised.

However, the ECB and the euro area NCBs jointly contribute, strategically and operationally, to attaining the common goals of the Eurosystem, with due respect to the principle of decentralisation in accordance with the Statute of the ESCB.

1.1 The Governing Council

The Governing Council is the main decision-making body of the ECB. It comprises the members of the Executive Board of the ECB and the governors of the NCBs of the euro area countries. In view of Lithuania’s adoption of the euro as of January 2015, the Chairman of the Board of Lietuvos bankas, the central bank of Lithuania, was invited to attend the meetings of the Governing Council in an observer capacity between July and December 2014.

In July 2014 the Governing Council decided that meetings dedicated to monetary policy would be held every six weeks instead of once a month, starting in

January 2015.

1 For the ECB’s Rules of Procedure, see: Decision ECB/2004/2 of 19 February 2004 adopting the Rules of Procedure of the European Central Bank, OJ L 80, 18.3.2004, p. 33; Decision ECB/2004/12 of 17 June 2004 adopting the Rules of Procedure of the General Council of the ECB, OJ L 230, 30.6.2004, p. 61; and Decision ECB/1999/7 of 12 October 1999 concerning the Rules of Procedure of the Executive Board of the ECB, OJ L 314, 8.12.1999, p. 34. These rules are also available on the ECB’s website.

The Governing Council

mario Draghi President of the ECB Vítor Constâncio Vice-President of the ECB

Jörg asmussen Member of the Executive Board of the ECB (until 7 January 2014)

Josef bonnici Governor of the Central Bank of Malta

Luc Coene Governor of the Nationale Bank van België/Banque Nationale de Belgique

benoît Cœuré Member of the Executive Board of the ECB Carlos Costa Governor of the Banco de Portugal

Panicos o. Demetriades Governor of the Central Bank of Cyprus (until 10 April 2014)

Chrystalla georghadji Governor of the Central Bank of Cyprus (from 11 April 2014)

ardo Hansson Governor of Eesti Pank

Patrick Honohan Governor of the Central Bank of Ireland boštjan Jazbec Governor of Banka Slovenije

Klaas Knot President of De Nederlandsche Bank Sabine Lautenschläger Member of the Executive Board of the ECB

(from 27 January 2014)

Erkki Liikanen Governor of Suomen Pankki – Finlands Bank Luis m. Linde Governor of the Banco de España

Jozef makúch Governor of Národná banka Slovenska Yves mersch Member of the Executive Board of the ECB Ewald Nowotny Governor of the Oesterreichische Nationalbank Christian Noyer Governor of the Banque de France

Peter Praet Member of the Executive Board of the ECB george a. Provopoulos Governor of the Bank of Greece

(until 19 June 2014)

gaston reinesch Governor of the Banque centrale du Luxembourg Ilmārs Rimšēvičs Governor of Latvijas Banka

Yannis Stournaras Governor of the Bank of Greece (from 26 June 2014)

Vitas Vasiliauskas Chairman of the Board of Lietuvos bankas (from 1 January 2015)

Ignazio Visco Governor of the Banca d’Italia

Jens Weidmann President of the Deutsche Bundesbank

Front row (from left to right): Ignazio Visco, Carlos Costa, Chrystalla Georghadji, Vítor Constâncio, Mario Draghi, Sabine Lautenschläger, Patrick Honohan, Luis M. Linde

Middle row (from left to right): Josef Bonnici, Boštjan Jazbec, Luc Coene, Jozef Makúch, Christian Noyer Back row (from left to right): Ewald Nowotny, Benoît Cœuré, Vitas Vasiliauskas, Klaas Knot,

Gaston Reinesch, Ardo Hansson, Erkki Liikanen

Note: Yves Mersch, Peter Praet, Ilmārs Rimšēvičs, Yannis Stournaras and Jens Weidmann were not available at the time the photograph was taken.

1.2 The Executive Board

The Executive Board comprises the President and the Vice-President of the ECB and four other members appointed by the European Council, acting by qualified majority, after consultation with the European Parliament and the ECB.

The Executive Board

Mario Draghi President of the ECB Vítor Constâncio Vice-President of the ECB

Jörg Asmussen Member of the Executive Board of the ECB (until 7 January 2014)

Benoît Cœuré Member of the Executive Board of the ECB Sabine Lautenschläger Member of the Executive Board of the ECB

(from 27 January 2014)

Yves Mersch Member of the Executive Board of the ECB Peter Praet Member of the Executive Board of the ECB

Front row (left to right): Sabine Lautenschläger, Mario Draghi (President), Vítor Constâncio (Vice-President) Back row (left to right): Yves Mersch, Peter Praet, Benoît Cœuré

1.3 The General Council

The General Council is composed of the President and the Vice-President of the ECB and the governors of the NCBs of all 28 EU Member States.

The General Council

Mario Draghi President of the ECB Vítor Constâncio Vice-President of the ECB

Marek Belka President of Narodowy Bank Polski Josef Bonnici Governor of the Central Bank of Malta Mark Carney Governor of the Bank of England

Luc Coene Governor of the Nationale Bank van België/

Banque Nationale de Belgique Carlos Costa Governor of the Banco de Portugal Panicos O. Demetriades Governor of the Central Bank of Cyprus

(until 10 April 2014)

Chrystalla Georghadji Governor of the Central Bank of Cyprus (from 11 April 2014)

Ardo Hansson Governor of Eesti Pank

Patrick Honohan Governor of the Central Bank of Ireland Stefan Ingves Governor of Sveriges Riksbank

Mugur Constantin Isărescu Governor of Banca Naţională a României

Ivan Iskrov Governor of Българска народна банка (Bulgarian National Bank)

Boštjan Jazbec Governor of Banka Slovenije

Klaas Knot President of De Nederlandsche Bank

Erkki Liikanen Governor of Suomen Pankki – Finlands Bank Luis M. Linde Governor of the Banco de España

Jozef Makúch Governor of Národná banka Slovenska György Matolcsy Governor of the Magyar Nemzeti Bank

Ewald Nowotny Governor of the Oesterreichische Nationalbank Christian Noyer Governor of the Banque de France

George A. Provopoulos Governor of the Bank of Greece (until 19 June 2014)

Gaston Reinesch Governor of the Banque centrale du Luxembourg Ilmārs Rimšēvičs Governor of Latvijas Banka

Lars Rohde Governor of Danmarks Nationalbank Miroslav Singer Governor of Česká národní banka Yannis Stournaras Governor of the Bank of Greece

(from 26 June 2014)

Vitas Vasiliauskas Chairman of the Board of Lietuvos bankas Ignazio Visco Governor of the Banca d’Italia

Boris Vujčić Governor of Hrvatska narodna banka Jens Weidmann President of the Deutsche Bundesbank

Front row (left to right): Boris Vujčić, Liviu Voinea (Deputy Governor Banca Naţională a României), Stefan Ingves, Chrystalla Georghadji, Vítor Constâncio, Mario Draghi, Ben Broadbent (Deputy Governor Bank of England), Patrick Honohan, Luis M. Linde, Lars Rohde

Middle row (left to right): Ignazio Visco, Carlos Costa, Josef Bonnici, Boštjan Jazbec, Luc Coene, Jozef Makúch, Christian Noyer

Back row (left to right): Marek Belka, Ivan Iskrov, Ewald Nowotny, Vitas Vasiliauskas, Klaas Knot, Gaston Reinesch, Ardo Hansson, Jens Weidmann, Erkki Liikanen

Note: Mark Carney, Mugur Constantin Isărescu, György Matolcsy, Ilmārs Rimšēvičs, Miroslav Singer and Yannis Stournaras were not available at the time the photograph was taken.

1.4 Corporate governance

In addition to the decision-making bodies, the corporate governance of the ECB encompasses high-level committees such as the ECB Audit Committee and the ECB Ethics Committee as well as a number of external and internal control layers.