The Governing Council meets twice a month ( Calendar). At its first meeting, as a rule, the Governing Council assesses the economic situation and the stance of the monetary policy. Decisions on the key interest rates are normally taken during that meeting.
At its second meeting, the Governing Council focuses mainly on issues related to other tasks and responsibilities of the ECB and the Eurosystem.
The Governing Council of the ECB sets the key interest rates.
The key interest rates for the euro area set by the Governing Council are:
Since the intensification of the financial crisis in September 2008, the ECB has introduced a number of non-standard monetary policy measures that are unprecedented in nature, scope and magnitude with the aim to safeguard the primary objective of price stability and ensure an appropriate monetary policy transmission mechanism (for Enhanced Credit Support see