Where does the ECB come from?
It will be the successor to the Frankfurt-based EMI, which is currently making practical preparations for the ECB. How will the ECB operate? It will be structured rather like the Bundesbank. The Maastricht treaty envisages that it will have a Governing Council, which will set monetary policy. Central bank governors from each Emu country will sit on this. There will be a full-time executive board in charge of day-to-day issues, which will also participate in the governing council. Mr Wim Duisenberg, Dutch central bank governor, is tipped for president. What language will it use? Most central bankers expect it to be English – even if the UK does not join Emu. Will the ECB have links with non-Emu members? Another grouping, the General Council of the ECB, will be made up of the central bank governors of all 15 member states. This will allow the ECB to co-ordinate closely with non-Emu members: after all, most non-Emu members could join Emu in the future, and most non-Emu members will be tie
