The European Parliament must approve the ECB’s nominations for Chair and Vice-Chair.
The Executive Board comprises the President, the Vice-President and four other members. They are appointed by the European Council by qualified majority on a recommendation from the Council after it has consulted the European Parliament and the Governing Council. The members’ term of office is eight years and is not renewable (Article 283(2) TFEU and Articles 11.1 and 11.2 of the ECB Statute). The Executive Board is responsible for the current business of the ECB (Article 11.6 of the ECB Statute). It implements monetary policy in accordance with the guidelines and decisions laid down by the Governing Council. It gives the necessary instructions to national central banks. The Executive Board prepares the Governing Council’s meetings.