Vitas Vasiliauskas Chair of the Board of the Bank of Lithuania and Tomas Garbaravičius, Member of the Board, will attend non-monetary policy meeting of the ECB Governing Council, ECB General Council, Macroprudential forum and ESRB General Board held in Frankfurt.
The Governing Council is the main decision-making body of the ECB. It consists of the six members of the Executive Board, plus the governors of the national central banks of the 19 euro area countries. The Chairman of the Board of the Bank of Lithuania has been member of the ECB Governing Council since 1 January 2015. The Governing Council assesses economic and monetary developments and takes its monetary policy decisions every six weeks. At the other meetings, the Council discusses mainly issues related to other tasks and responsibilities of the ECB and the Eurosystem. To ensure the separation of the ECB’s monetary policy and other tasks from its supervisory responsibilities, separate meetings of the Governing Council are held.
The General Council comprises the President of the ECB, the Vice-President of the ECB, the governors of the national central banks (NCBs) of the 28 EU Member States. In other words, the General Council includes representatives of the 19 euro area countries and the 9 non-euro area countries. In accordance with the Statute of the European System of Central Banks and of the European Central Bank, the General Council will be dissolved once all EU Member States have introduced the single currency.
Established in 2010 The European Systemic Risk Board (ESRB) is responsible for the macroprudential oversight of the EU financial system and the prevention and mitigation of systemic risk.