They are all nominated by a European procedure, contrary to the NCB governors who are appointed at the national level. The Treaty and the Statute assign to the Governing Council the power to take the most important and strategically significant decisions for the Eurosystem. It defines and implements the monetary policy of the euro area.
The remainder of my speech will take the form of a report to you about how the FOMC is doing in terms of meeting these goals set for us by your elected representatives in Congress. Price stability I will start with price stability.