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 slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a key turning point in the fortunes of the eurozone. Following up on Draghi's speech, the Governing Council of the European Central Bank (ECB) announced on 2 August 2012, that it "may undertake outright open market operations of a size adequate to reach its objective" in order to "safeguarding an appropriate monetary policy transmission and the singleness of the monetary policy". The technical framework of these operations was formulated on 6 September 2012 when the ECB announced the launch of the Outright Monetary Transactions programme (OMT).