Appointment of the European Central Bank executive board

Appointment procedure for the ECB executive board

1. 1

   Proposal

   Euro area member states propose candidates.

2. 2

   Discussion

   The Eurogroup discusses and agrees on a candidate.

3. 3

   Recommendation

   The Council adopts a recommendation to the European Council on the appointment.

4. 4

   Consultation

   The European Council consults the European Parliament and the ECB governing council.

5. 5

   Opinions

   The ECB and European Parliament adopt their opinions.

6. 6

   Appointment

   The European Council adopts the appointing decision.

European Council's role in the appointment

The European Council appoints the six members of the executive board, including the president and the vice-president.

It takes its decision on the basis of a recommendation from the Council and after consulting the European Parliament and the ECB governing council.

The European Council in euro area composition decides by reinforced qualified majority. As there are currently 21 euro area countries, this means that:

• at least 16 countries must vote in favour
• those countries must represent at least 65% of the euro area population

This procedure is laid down in Article 283 of the Treaty on the Functioning of the European Union (TFEU).

• The role of the European Council in nominations and appointments

Eligibility and terms of office of the board

Members of the ECB executive board must fulfil specific eligibility requirements and serve for defined terms of office.

Term of office

Appointed for a term of eight years

Non-renewable mandate

Eligibility criteria

Must be a national of a euro area member state

Has recognised standing and professional experience in monetary or banking matters

The ECB executive board

The ECB executive board consists of the president, the vice-president and four other members, all appointed for a non-renewable eight-year term.

On 19 March 2026 the European Council appointed Boris Vujčić as Vice-President of the European Central Bank. He took office on 1 June 2026, succeeding Luis de Guindos.

President Christine Lagarde
Since November 2019

Vice-President Boris Vujčić
Since June 2026

Piero Cipollone
Since November 2023

Frank Elderson
Since December 2020

Philip R. Lane
Since June 2019

Isabel Schnabel
Since January 2020

• European Council appoints Boris Vujčić as Vice-President of the European Central Bank (press release, 19 March 2026)

The ECB governing council

The governing council is the primary decision-making body of the ECB. The ECB governing council:

• sets interest rates for the euro area
• decides on monetary policy measures
• ensures price stability
• adopts key legal acts and guidelines

The governing council is composed of the ECB's executive board and the governors of the national central banks of the euro area countries.