Appointment of Decision-Making Bodies

On May 25, 1998, the governments of the 11 participating member states appointed the President, Vice-President, and four other members of the ECB’s Executive Board. They assumed their duties on June 1, 1998, marking the establishment of the ECB. The ECB and the national central banks of the participating member states form the Eurosystem, which formulates and defines the single monetary policy during the Third Stage of EMU.