How does the European Central Bank work?
The ECB is headed by an executive board made up of the President, Vice-President and four members nominated by eurozone countries. Decision-making is led by the governing council, which is made up of the executive board members plus the heads of the sixteen eurozone central banks. The system operates like a web, with the ECB at the centre setting monetary policy and the Eurozone central banks on the outside implementing it. Eurozone central bankers can advise on policy, but the final decisions rest with the ECB. The ECB also has relations with non-Eurozone EU members through the General Council, which brings together the President, Vice-President and the heads of the central banks of all EU member states. However, because non-eurozone members are still free to set their own monetary policy, the ECB does not have the same influence over them. The most important goal of the ECB is to maintain stable prices. It tries to keep the rate of inflation below (but close to) two percent by contro
The ECB is headed by an Executive Board made up of the President, Vice-President and four members nominated by eurozone countries. Decision-making is led by the Governing Council, which is made up of the Executive Board members plus the heads of the sixteen eurozone central banks. The system operates like a web, with the ECB at the centre setting monetary policy and the Eurozone central banks on the outside implementing it. Eurozone central bankers can advise on policy, but the final decisions rest with the ECB. The ECB also has relations with non-Eurozone EU members through the General Council, which brings together the President, Vice-President and the heads of the central banks of all EU member states. However, because non-eurozone members are still free to set their own monetary policy, the ECB does not have the same influence over them. The most important goal of the ECB is to maintain stable prices. It tries to keep the rate of inflation below (but close to) two percent by contro
