Executive Board
The Executive Board consists of
- the President,
- the Vice-President and
- four other members
All members are appointed by the European Council, acting by a qualified majority.
Members of the Executive Board
(as at November 2019)
Responsibilities
- to prepare Governing Council meetings;
- to implement monetary policy for the euro area in accordance with the guidelines specified and decisions taken by the Governing Council. In so doing, it gives the necessary instructions to the euro area NCBs;
- to manage the day-to-day business of the ECB with the support of the Chief Services Officer, Michael Diemer;
- to exercise certain powers delegated to it by the Governing Council. These include some of a regulatory nature.
Members
Fabio Panetta
Member of the Executive Board of the ECB
Terms of office
All Executive Board members are appointed for an eight-year term that cannot be renewed. As an exception, the members appointed to the first Board in 1998 received terms of varying lengths so that not all members would need to be replaced in the same year.