The ECB will exercise these powers through the Governing Council, comprising the Governors of the national central banks and the Executive Board, composed of the President, the Vice-President and four other members. The Executive Board will be responsible for implementing the decisions of the Governing Council on a continuous basis; the operational implementation of monetary policy will be entrusted to the national central banks.
In Ireland prices more than tripled; in the US they rose by 70%. As we know today, these price appreciations ultimately proved unsustainable and in both countries, the housing market has fallen by a third since 2007. Such boom-bust cycles in housing prices are by no means only a feature of the recent past.