Organisation

Executive Board

The Executive Board of the ECB is the operational decision-making body of the ECB and of the Eurosystem. It assumes the responsibility for all the decisions which need to be taken on a day-to-day basis. The ECB must be able to react and adapt to quickly changing conditions in the money and capital markets, to address specific cases and to deal with matters of urgency. This function can only be performed by a body whose members are permanently and exclusively involved in the implementation of the ECB's policies. The Executive Board usually meets once a week.

Members

The Executive Board comprises

• the President of the ECB, 
• the Vice-President of the ECB, and 
• four other members.

All of the Executive Board members are chosen from among people of recognised standing and with professional experience in monetary or banking matters. They are appointed by a qualified majority vote of the governments of the euro area countries at the level of the Heads of State or Government, on a recommendation from the EU Council after it has consulted the European Parliament and the Governing Council of the ECB.

As a member of the Executive Board, the President of the ECB has a prominent status and exercises certain functions exclusively devoted to him/her (or in his/her absence to the Vice-President): chairing meetings of the Governing Council, the General Council and the Executive Board of the ECB; representing the ECB externally; and presenting the Annual Report of the ECB to the EU Council and the European Parliament. Furthermore, the President is invited to participate in EU Council meetings in which matters relating to the objectives and tasks of the Eurosystem are discussed. In addition, he/she is invited to the meetings of the Eurogroup, the informal group of the euro area ministers of finance and economy.

Tasks

The main responsibilities of the Executive Board are to:

• prepare the meetings of the Governing Council;
• implement monetary policy in the euro area in accordance with the guidelines and decisions laid down by the Governing Council and, in so doing, give the necessary instructions to the national central banks;
• manage the day-to-day business of the ECB; 
• exercise certain powers, including regulatory powers, delegated to it by the Governing Council.

For an up-to-date list of members including pictures and their curricula vitae, see www.ecb.europa.eu/ecb/orga/decisions/eb