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
Institutional seats of the European Union less binding than the other seats. The 2011 Treaty Establishing the European Stability Mechanism (ESM) states that the seat of the ESM must be in Luxembourg. The ESM should be ratified and active in mid-2013 and it is allowed to establish a liaison office in Brussels. There are numerous other bodies and agencies that have not had their seats fixed by treaties. Brussels hosts the European Defence Agency (as NATO and formerly the WEU are also in the city). Luxembourg hosts the Translation Centre for the Bodies of the European Union and the European Investment Bank. Strasbourg and Brussels both