Changes to the ECB's voting rules

21-01-2015

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.

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.