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 disposal in a financial crisis is to take such extraordinary measures as the purchase of large amounts of assets such as commercial paper. The purpose of such operations is to ensure that adequate liquidity is available for functioning of the financial system. Think-tanks such as the World Pensions Council have also argued that European legislators have pushed somewhat dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the European Central Bank itself e.g. when