Article 11: The Central Bank

From Wikitution

The Central Bank shall be governed solely by an executive board consisting of a President, a Vice-President, and five other members. (15) Each shall be appointed by the European Council, by simple majority vote, save that heads of governments representing countries outside the Monetary Union shall not participate in voting on these appointments. Each executive board member shall be appointed to an eight-year term, which shall not be renewable.

The Central Bank shall define and implement the monetary policy of the Monetary Union, this Monetary Union consisting of all, and only of, Member States that have adopted the euro as their sole legal tender.

The primary aim of the monetary policy of the Central Bank shall be the maintenance of price stability within the Monetary Union.

The Central Bank shall hold and manage the official foreign reserves of those Member States within the Monetary Union. It shall have the exclusive right to authorise the issuing of banknotes and coins within the Monetary Union.

Members of the executive board shall neither seek nor take instructions from any government nor any private interest.

Back to En:Economist2000Thread