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
Treaties of the European Union – accountable to national parliaments. Article 11 establishes government transparency, declares that broad consultations must be made and introduces provision for a petition where at least 1 million citizens may petition the Commission to legislate on a matter. Article 12 gives national parliaments limited involvement in the legislative process. Article 13 establishes the institutions in the following order and under the following names: the European Parliament, the European Council, the Council, the European Commission, the Court of Justice of the European Union, the European Central Bank and the Court of Auditors. It obliges co-operation between these and limits their competencies