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
Causes of the European debt crisis assets worth ten per cent of GDP since capital flight started in end of 2010. Mario Draghi, president of the European Central Bank, has called for an integrated European system of deposit insurance which would require European political institutions craft effective solutions for problems beyond the limits of the power of the European Central Bank. As of 6 June 2012, closer integration of European banking appeared to be under consideration by political leaders. In June, 2012, following negotiation of the Spanish bailout line of credit interest on long-term Spanish and Italian debt continued to rise rapidly, casting doubt on the