THE EURO
The member nations that have adopted the Euro are: Germany, France, Italy, Spain, Netherlands, Belgium, Austria, Finland, Portugal, Ireland, Luxembourg and Greece.
Monitory Policy
The central banking function for the European Monetary Union has been unified under the European Central Bank which has control over monetary policy for the whole Eurozone. At the same time the ECB's Governing Council stands as the highest monetary policy making body consisting of the Executive Board and the governors of the various heads of the national Central Bank. The executive board for its part is made up of the ECB President, Vice-President, and four other members.
Key Personalities and Institutions
European Commission
Romano Prodi (Italy), President. Has secured agreement that a Commissioner will resign when he asks them to in order to avoid resignations en masse, due to intrigues.
Loyola de Palacio (Spain), Vice President. European Parliament, transport and energy.
European Central Bank Governing Council
Members of the Executive Board and National Central Bank Heads
European Central Bank (Executive Board)
: Wim Duisenberg (Netherlands) ECB President
: Christian Noyer (France) Vice President
: Otmar Issing (Germany) (Economics and Research)
: Tomasso Padoa-Schioppa (Italy) (Internal Operations)
: Eugenio Domingo Solans (Spain) (Information Systems)
: Sirkka Hamalainen (Finland) (Operations, Controlling and Organization)
National Central Banks
: Germany : Ernst Welteke - President, Deutsche Bundesbank
: France : Jean-Claude Trichet - Governor, Banque de France
: Italy : Antonio Fazio - Governor, Banca d'Italia
: Spain : Jamie Caruana - Governor, Banco de Espana
: Netherlands: Nout Wellink - President, De Nederlandsche Bank
: Belgium : Guy Quaden - Governor, Banque Nationale de Belgique
: Austria : Klaus Liebscher - Governor, Oesterreichische Nationalbank
: Finland : Matti Vanhala - Governor, Suomen Pankki
: Portugal : Vitor Constancio - Governor, Banco de Portugal
: Ireland : Maurice O'Connell - Governor, Central Bank of Ireland
: Luxembourg: Yves Mersch - Director General, Banque centrale du Luzembourg
: Greece : Lucas Papademos - Governor, Bank of Greece
Interest Rates
The key interest rate to watch for the Eurozone is the European Central Bank's refinancing rate, the short-term interest rate that it uses in managing liquidity for the whole of Eurozone. It should be noted here that ECB monetary policy is geared towards price stability and monetary growth as measured by M3, with a reference of 4.5% annual growth.