Founded in 1999, the ECB's Governing Council is the organization that decides on changes to monetary policy.
This council consists of 6 members selected from the collective management board along with the central bank governors of the euro area member states.
The European Central Bank does not like surprises, so when the European Bank plans to change interest rates, for example, it prefers to give the market a hint by warning it of the upcoming action through its statements at the press conference.
The European Central Bank meets twice a week, but monetary policy decisions are taken only when the meeting is accompanied by a press conference, that is, eleven times a year.
The European Central Bank is currently headed by Christine Lagarde.
