When this system is introduced, the central-bank governors of all euro area member states will, for short periods, be unable to vote in the Governing Council, but they will all participate fully in the meetings and be entitled to speak. In my assessment, this system will not significantly reduce the influence of the individual central-bank governors in the Governing Council.
This committee was established precisely because of the recognition that robust, well diversified and liquid financial markets are critical to the implementation of monetary policy, for maintenance of financial stability, and that they can contribute towards increased economic activity throughout the region.