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 and Anglo Irish Bank in particular which needed around 30 billions euros, a sum the government obviously neither could it borrow from financial markets when its bond yields were soaring to comparable levels with the Greek bonds. Instead, the governments issued a 31bn EUR "promissory note" (an IOU) to Anglo – which it had nationalized. In turn, the bank supplied the promissory note as collateral to the Central Bank or Ireland as collateral, so it could access emergency liquidity assistance (ELA). This way, Anglo was able to repay its bondholders. The operation became very controversial, as it basically shifted Anglo's