The governors of the national central banks (each in an individual capacity) sit on the Governing Council, together with the six members of the ECB’s executive board. Accordingly, the ECB’s monetary policy decisions are a shared responsibility of the members of the Governing Council, supported by the collective work of the eurosystem’s committees that include participants from the ECB and the national central banks.
In turn, the implementation of monetary policy is primarily decentralised to the national central banks and the financial operations department of the Bank conducts liquidity operations and asset purchases as required.