The Executive Board of the European Central Bank, ECB, is responsible for the day-to-day management and the implementation of monetary-policy decisions. The Executive Board has 6 members elected for a term of 8 years. However, lagged terms of office were applied on appointment of the first Executive Board in May 1998 to avoid replacement of all 6 members at one time. Only candidates from an Euro Area member state may be appointed to the Executive Board.
The Governing Council is the ECB's supreme decision-making body and is composed of the Executive Board and the centralbank governors of the member states that have introduced the euro. The Governing Council determines the single monetary policy of the Euro Area. The normal frequency of meetings is every two weeks. At the first meeting of the month the Governing Council e.g. evaluates whether interest rates are required to be adjusted. At the second meeting of the month the Governing Council focuses on other issues related to the Eurosystem's tasks. Each member has one vote.
The General Council comprises the President and Vice-President of the ECB and the governors of all 27 EU member states' central banks. The 29 members each have one vote.
The General Council meets every three months. Its primary task is to contribute to the preparations for euro participation should a non-euro area EU member state decide to introduce the euro. The General Council also discusses the functioning of ERM II, the EU's exchange-rate mechanism, and performs advisory and statistical tasks for the ECB.
The General Council is to remain in force for as long as there are EU member states that have not introduced the euro.