CHAPTER 3

INSTITUTIONAL PROVISIONS

Article 109a

1. The Governing Council of the ECB shall comprise the members of the Executive  Board of the ECB and the Governors of the national central banks.

2.

a. The Executive Board shall comprise the President, the Vice President and four  other members.  
b. The President, the Vice President and the other members of the Executive  Board shall be appointed from among persons of recognized standing and  professional experience in monetary or banking matters by common accord of  the governments of the Member States at the level of Heads of State or  Government, on a recommendation from the Council, after it has consulted the  European Parliament and the Governing Council of the ECB.

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 109b

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 ECB.

The President of the Council may submit a motion for deliberation to the Governing  Council of the ECB.

2. The President of the ECB shall be invited to participate in Council meetings when  the Council is discussing matters relating to the objectives and tasks of the ESCB.

3. The ECB shall address an annual report on the activities of the ESCB and on the  monetary policy of both the previous and current year to the European Parliament,  the Council and the Commission, and also to the European Council. The President of  the ECB shall present this report to the Council and to the European Parliament, which may hold a general debate on that basis.

The President of the ECB 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 committees of the European Parliament.

Article 109c

1. In order to promote coordination of the policies of Member States to the full  extent needed for the functioning of the internal market, a Monetary Committee with  advisory status is hereby set up.

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