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Document 11992M/PRO/SEBC/10

    Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 10: The Governing Council

    OJ C 191, 29.7.1992, p. 70 (ES, DA, DE, EL, EN, FR, IT, NL, PT)

    Legal status of the document In force

    ELI: http://data.europa.eu/eli/treaty/teu/pro_3/art_10/sign

    11992M/PRO/SEBC/10

    Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 10: The Governing Council

    Official Journal C 191 , 29/07/1992 P. 0070


    Article 10

    The Governing Council

    10.1. In accordance with Article 109a(1) of this Treaty, the Governing Council shall comprise the members of the Executive Board of the ECB and the Governors of the national central banks.

    10.2. Subject to Article 10.3, only members of the Governing Council present in person shall have the right to vote. By way of derogation from this rule, the Rules of Procedure referred to in Article 12.3 may lay down that members of the Governing Council may cast their vote by means of teleconferencing. These rules shall also provide that a member of the Governing Council who is prevented from voting for a prolonged period may appoint an alternate as a member of the Governing Council.

    Subject to Articles 10.3 and 11.3, each member of the Governing Council shall have one vote. Save as otherwise provided for in this Statute, the Governing Council shall act by a simple majority. In the event of a tie, the President shall have the casting vote.

    In order for the Governing Council to vote, there shall be a quorum of two-thirds of the members. If the quorum is not met, the President may convene an extraordinary meeting at which decisions may be taken without regard to the quorum.

    10.3. For any decisions to be taken under Articles 28, 29, 30, 32, 33 and 51, the votes in the Governing Council shall be weighted according to the national central banks' shares in the subscribed capital of the ECB. The weights of the votes of the members of the Executive Board shall be zero. A decision requiring a qualified majority shall be adopted if the votes cast in favour represent at least two thirds of the subscribed capital of the ECB and represent at least half of the shareholders. If a Governor is unable to be present, he may nominate an alternate to cast his weighted vote.

    10.4. The proceedings of the meetings shall be confidential. The Governing Council may decide to make the outcome of its deliberations public.

    10.5. The Governing Council shall meet at least ten times a year.

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