TITLE VI - THE FUNCTIONING OF THE UNION
CHAPTER I - PROVISIONS GOVERNING THE INSTITUTIONS
SECTION 1 - THE INSTITUTIONS
Subsection 6 - The European Central Bank
ARTICLE III-382
1. The Governing Council of the European Central Bank shall comprise the members
of the Executive Board of the European Central Bank and the Governors of the
national central banks of the Member States without a derogation as referred
to in Article III-197.
2. The Executive Board shall comprise the President, the Vice-President and
four other members.
The President, the Vice-President and the other members of the Executive Board
shall be appointed by the European Council, acting by a qualified majority,
from among persons of recognised standing and professional experience in monetary
or banking matters, on a recommendation from the Council and after consulting
the European Parliament and the Governing Council of the European Central Bank.
Their term of office shall be eight years and shall not be renewable. Only nationals
of Member States may be members of the Executive Board.
ARTICLE III-383
1. The President of the Council and a member of the Commission may participate,
without having the right to vote, in meetings of the Governing Council of the
European Central Bank.
The President of the Council may submit a motion for deliberation to the Governing Council of the European Central Bank.
2. The President of the European Central Bank shall be invited to participate in meetings of the Council when it is discussing matters relating to the objectives and tasks of the European System of Central Banks.
3. The European Central Bank shall address an annual report on the activities
of the European System of Central Banks and on the monetary policy of both the
previous and the current year to the European Parliament, the European Council,
the Council and the Commission. The President of the European Central Bank shall
present this report to the European Parliament, which may hold a general debate
on that basis, and to the Council.
The President of the European Central Bank and the other members of the Executive
Board may, at the request of the European Parliament or on their own initiative,
be heard by the competent bodies of the European Parliament.