ECB

Question 1

ECB main task is …

Answer 1

maintain price stability in the euro area and support the general economic policies of the Union.

Question 2

Which treaty established the ECB?

Answer 2

The ECB was established in 1998 by the Treaty of Amsterdam and its headquarters is in Frankfurt, Germany.

Question 3

The capital stock of the bank is owned by…

Answer 3

the central banks of all EU Member States (including Member States with the opt-out clause).

Question 4

Which Member State(s) the central banks of all EU Member States (including Member States with the opt-out clause).

Answer 4

Denmark

Question 5

Term of ECB President

Answer 5

He/She is appointed for an 8-year non-renewable term.

Question 6

Appointment of ECB Pres

Answer 6

by qualified majority at a meeting of the European Council, by euro area Member States’ Heads of State and Government.

Question 7

Which legislative roles of the European Central BankL 3

Answer 7

right to initiate related to the tasks of the European System of Central Banks/Eurosystem;

other instituions must consult in its area

The ECB may, on its own initiative, submit opinions t

Question 8

Composition of ECB governing council

Answer 8

6 members of the Executive Board;

the governors of the national central banks of the euro area Member States.

Question 9

he Governing Council is responsible for:

Answer 9

guidelines and decisions necessary to ensure the work of the ECB;

formulation of monetary policy f

exclusive right to authorise the issue of euro banknotes

Question 10

Rotation of voting rights of the Governing Council

Answer 10

A quorum of 2/3 of the members is needed for the Governing Council to vote

the Executive Board votes every time;

each governor does not vote 1 to 3 times per year, subject to the calculation of the rotating voting rights.

Question 11

Composition of ECB executive board

Answer 11

the President of the ECB;
the Vice-President;
4 other members.

Question 12

Term of executive board

Answer 12

The term in the office is 8 years, non-renewable.

Question 13

Appointment of ECB executive board

Answer 13

All members are appointed by the European Council, acting by a qualified majority. The members are recommended by the Council, after it has consulted the European Parliament and the Governing Council of the ECB.

Question 14

Composition of General Council of ECB

Answer 14

the President of the ECB;
the Vice-President of the ECB;
the governors of the national central banks of the EU Member States

Question 15

Supervisory Board of ECB composition

Answer 15

the Chair (appointed for a non-renewable term of 5 years);

the Vice-Chair (chosen from among the members of the ECB's Executive Board);

4 ECB representatives;

representatives of national supervisors.

Question 16

Relations of the ECB with other EU institutions and bodies

Answer 16

ECB sends the Annual Report

Question 17

Commission role for economic policies

Answer 17

The Commission is entrusted with several specific tasks relating to Economic and Monetary Union, such as:

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