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
Institutions of the European Union of seats in the parliament were also changed to a formula system. The High Representative merged with the European Commissioner for External Relations and joined the Commission. The appointment of the Commission President became dependent upon the last EU elections. The Council of Ministers adopted more qualified majority voting and the European Council was made a distinct institution with a permanent president. The Court of Justice had some minor renaming and adjustments. In addition, the central bank became a full institution. There are three political institutions which hold the executive and legislative power of the Union. The Council of the