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
Accession of Montenegro to the European Union Deutsche Mark yielded, Montenegro followed suit and began using the euro as well, with no objection from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions.” A statement attached to their Stabilisation and Association Agreement with the EU read: "unilateral introduction of the euro was not compatible with the Treaty." The EU insists on the strict adherence to convergence criteria (such as spending at least 2 years in the ERMII system) which are not negotiable before euro adoption, but have not intervened to