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
Executive Board of the European Central Bank Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. Members of the Executive Board of the European Central Bank are nominated by agreement between the Heads of Government of the Eurozone countries for a non-renewable eight-year term (members nominated in 1998 for the original board had their terms staged so that one would be replaced each year). Under the ECB's rules board members do not "represent"