Publication

This paper outlines modifications of the European Central Bank (ECB) Governing Council in view of EU enlargement. It proposes not to change the composition of the Governing Council, but to ensure that it meets less often and thus to re-define the division of labor between it and the other governing body of the ECB, the Executive Board. The author states that the tasks of the Governing Council should be to set the direction for monetary policy, decide on proposals from the Executive Board, constitute a platform for the exchange of views on the Eurozone economy and monitor the work of the Executive Board.