ANNUAL REPORT 2008 - Polymer Bank Notes of the World

1.3 THE EXECUTIVE BOARDThe Executive Board comprises the Presidentand the Vice-President of the ECB and four othermembers appointed by common accord by theHeads of State or Government of the MemberStates which have adopted the euro. The mainresponsibilities of the Executive Board, whichas a rule meets once a week, are:––to prepare the meetings of the GoverningCouncil;to implement the monetary policy of theeuro area in accordance with the guidelinesand decisions laid down by the Governing––Council and, in doing so, to give thenecessary instructions to the euro areaNCBs;to manage the current business of the ECB;to exercise certain powers delegated to it bythe Governing Council, including some of aregulatory nature.The Executive Board is assisted by aManagement Committee in matters relatingto the ECB’s management, business planningand annual budget process. The ManagementCommittee is composed of one Executive Boardmember, who acts as Chairman, and a numberof senior managers.Back row (left to right):Jürgen Stark,José Manuel González-Páramo,Lorenzo Bini SmaghiFront row (left to right):Gertrude Tumpel-Gugerell,Jean-Claude Trichet,Lucas D. PapademosJean-Claude TrichetPresident of the ECBLucas D. PapademosVice-President of the ECBLorenzo Bini SmaghiMember of the Executive Board of the ECBJosé Manuel González-PáramoMember of the Executive Board of the ECBJürgen StarkMember of the Executive Board of the ECBGertrude Tumpel-GugerellMember of the Executive Board of the ECB200 ECBAnnual Report2008