This also implies that the euro area has to be represented externally by Community institutions or bodies which have a legal personality; this means: (1) the Council of the Ministers of 1  BIS Review 79/2000  Finance and Economy of the EU (“ECOFIN Council”); and (2) the ECB and, in accordance with an ECB decision, one or more NCBs.
He was supposed to represent, and often did represent, a certain union of pecuniary sagacity and educated refinement which was scarcely to be found in any other part of society." 1.