Monetary policy is formulated and implemented by the eurosystem, which consists of the European Central Bank (ECB) in Frankfurt and the national central banks of the member countries. The staff of the Central Bank of Ireland actively participate in the eurosystem committees that provide advice to the Governing Council of the ECB.
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.