With regard to the Eurosystem’s relationship with European Community institutions, the Treaty states that the President of the ECOFIN Council and a member of the European Commission may participate in the meetings of the Governing Council of the ECB, with the right to express their views but without voting power.
Moreover, the ECB is required to disclose to the European Community institutions (the Council of the European Union, the European Commission and the European Parliament) an annual report on its monetary policy. The President of the ECB shall present this report to the ECOFIN Council and the European Parliament and also take part in the subsequent debate.