PRESS RELEASE

Distribution of responsibilities among the members of the Executive Board of the ECB

1 June 2006

Within the framework of its collective responsibility for the overall functioning of the business areas of the European Central Bank (ECB), the Executive Board of the ECB agreed today on the following distribution of responsibilities among its members, with immediate effect:

In addition to his statutory duties as President of the Executive Board, the Governing Council and the General Council, the President, Mr Jean-Claude Trichet, will be responsible for the following areas: Communications; Internal Audit; Secretariat and Language Services.

In addition to his statutory duties as deputy to the President, the Vice-President, Mr Lucas D. Papademos, will be responsible for the following areas: Financial Stability and Supervision; Research.

Ms Gertrude Tumpel-Gugerell will be responsible for the following areas: Human Resources, Budget and Organisation; Payment Systems and Market Infrastructure.

Mr José Manuel González-Páramo will be responsible for the following areas: Banknotes; Market Operations; Statistics.

Mr Lorenzo Bini Smaghi will be responsible for the following areas: Administration; International and European Relations; Legal Services.

Mr Jürgen Stark will be responsible for the following areas: Economics; Information Systems.

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