How we address our home-grown economic challenges is not to suggest that global difficulties can be left unattended. Three serious disorders confront the short and medium term. The first is the effects of macroeconomic policy making in advanced economies.
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.