Changes to the ECB’s voting rules

With Lithuania joining the euro area on 1 January 2015, the total number of states using the single currency reaches 19, consequently bringing about significant changes in the decision-making structures of the European Central Bank (ECB). In particular, there is a new rotation system for the votes of the national central bank governors sitting in the Bank’s Governing Council. The introduction of the new system comes at a time when financial markets are widely expecting the Governing Council meeting due to take place on 22 January – the first meeting concerning monetary policy decisions under the new rules – to make significant decisions with a view to further stimulus for economic growth.

Written by Conall Devaney and Aidan Christie.

• Primary Source

ESO: Background information: Lithuania becomes the 19th Member State to adopt the euro http://www.europeansources.info/record/lithuania-becomes-the-19th-member-state-to-adopt-the-euro/

ECB: The European Central Bank > Organisation > Decision-making > Governing Council > FAQ on the rotation of voting rights in the Governing Council https://www.ecb.europa.eu/ecb/orga/decisions/govc/html/faqvotingrights.en.html

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