The Executive Board is responsible for the implementation of monetary policy (defined by the Governing Council) and the day-to-day running of the bank. It can issue decisions to national central banks and may also exercise powers delegated to it by the Governing Council. It is composed of the President of the Bank (currently Mario Draghi), the Vice-President (currently Vitor Constâncio) and four other members. They are all appointed for non-renewable terms of eight years. They are appointed "from among persons of recognised 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". The Executive Board normally meets every Tuesday.
Who is responsible for overseeing all monetary policy?
The Executive Board