Governing Council of the European Central Bank Governing Council of the European Central Bank The Governing Council of the European Central Bank is the main decision-making body of the European Central Bank (ECB) and has "sole responsibility" for formulating monetary policy in the Eurozone. It comprises the members of the Executive Board of the European Central Bank and the governors of the national central banks (NCBs) of the eurozone countries. The Governing Council is responsible for formulating monetary policy for the Eurozone. Specifically: In general, the Governing Council (GC) meets twice a month at the Eurotower in Frankfurt, Germany. The first meeting is the most important and
European Central Bank The NCBs are the sole subscribers to and holders of the capital of the ECB. Today, ECB capital is about €11 billion, which is held by the national central banks of the member states as shareholders. The NCBs’ shares in this capital are calculated using a capital key which reflects the respective member’s share in the total population and gross domestic product of the EU. The ECB adjusts the shares every five years and whenever a new country joins the EU. The adjustment is made on the basis of data provided by the European Commission. All national central banks (NCBs)