The Executive Board of the European Central Bank is the organ responsible for monetary policy

Monetary policy

Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...

 of the Eurozone

Eurozone

The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

.

Members of the Executive Board of the European Central Bank

European Central Bank

The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...

 are nominated by agreement between the Heads of Government of the Eurozone

Eurozone

The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

 countries for a non-renewable eight-year term (members nominated in 1998 for the original board had their terms staged so that one would be replaced each year). Under the ECB's rules board members do not represent a particular country, nor are they responsible for keeping track of economic conditions in one country. Instead, all board members are jointly responsible for monetary policy for the entire Euro area. Members generally take office in June.

Members of the Board

Year	Presidents	Vice-presidents	Four other executive members
1998	Wim Duisenberg Wim Duisenberg Willem Frederik "Wim" Duisenberg was a Dutch politician of the Labour Party . He was the first President of the European Central Bank from 1 July 1998 until 31 October 2003. He was instrumental in the Introduction of the euro in the European Union in 2002. He was also credited for making numerous...	Christian Noyer Christian Noyer Christian Noyer is a French higher civil servant, current governor of the Bank of France , and former vice-president of the Executive Board of the European Central Bank . In March 2010 Noyer became Chairman of the Bank for International Settlements.-References: *...	Sirkka Hämäläinen Sirkka Hämäläinen Sirkka Hämäläinen is a Finnish economist, former governor of the Bank of Finland and member of the Executive Board of the European Central Bank .-References:...	Eugenio Domingo Solans Eugenio Domingo Solans Eugenio Domingo Solans was a Spanish economist and high-ranking civil servant. From 1998 until his death in 2004 he was the first spanish member of the executive committee of the ECB. In 2006 he was awarded posthumously the Grand Cross of the Order of Isabella the Catholic....	Tommaso Padoa-Schioppa Tommaso Padoa-Schioppa Tommaso Padoa-Schioppa , Knight Grand Cross was a well-known pro-European Italian banker and economist who was Italy's Minister of Economy and Finance from May 2006 until May 2008...	Otmar Issing Otmar Issing Otmar Issing is a German economist, presintent of the Center for Financial Studies and former member of the board of the Deutsche Bundesbank and of the Executive Board of the European Central Bank . He is advisor for Goldman Sachs...
1999
2000
2001
2002		Lucas Papademos Lucas Papademos Lucas Papademos is a Greek economist who has been appointed as Prime Minister of Greece since 11 November 2011.Previously, he was Governor of the Bank of Greece from 1994 to 2002 and Vice President of the European Central Bank from 2002 to 2010...
2003	Jean-Claude Trichet Jean-Claude Trichet Jean-Claude Trichet is a French civil servant who was the president of the European Central Bank, a position he held from 2003 to 2011. He is also a member of the Board of Directors of the Bank for International Settlements...		Gertrude Tumpel-Gugerell Gertrude Tumpel-Gugerell Gertrude Tumpel-Gugerell is an Austrian economist, former vice-governor of the Austrian National Bank and former member of the Executive Board of the European Central Bank.-References:...
2004				José Manuel González Paramo José Manuel González Paramo José Manuel González-Páramo is a Spanish economist who has been a Member of the Executive Board of the European Central Bank since June 2004.González-Páramo studied Economics in Spain and, as a Fulbright Scholar, in the United States...
2005					Lorenzo Bini Smaghi Lorenzo Bini Smaghi Lorenzo Bini Smaghi is an Italian economist who has been a Member of the Executive Board of the European Central Bank from June 2005 to November 2011...
2006						Jürgen Stark Jürgen Stark Jürgen Stark is a German economist who has been a member of the Executive Board of the European Central Bank from June 2006, but announced in September 2011 he would resign later that year...
2007
2008
2009
2010		Vítor Constâncio Vitor Constâncio Vítor Manuel Ribeiro Constâncio, GCC, GCIH is a Portuguese economist and politician, Vice-President of the European Central Bank. Constâncio graduated in economics from the Universidade Técnica de Lisboa....
2011	Mario Draghi Mario Draghi Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011...		Peter Praet Peter Praet Peter Praet is a Belgian economist, a member of the Executive Board of the European Central Bank since June 2011....
2012					Benoît Cœuré	Jörg Asmussen Jörg Asmussen Jörg Asmussen is a German economist and politician. He is a member of the Social Democratic Party of Germany and currently serves as deputy finance minister of Germany. He has been nominated as successor to Jürgen Stark as chief economist of the European Central Bank....

Lorenzo Bini-Smaghi will reportedly step down, to be replaced by a French representative.

Jürgen Stark resigned 9 September 2011, and will remain in office until a successor is appointed; Jörg Asmussen was named his successor.

External links

• European Central Bank: Executive Board