 |
|
Committee of the Regions
Composition and organization
The Committee of the Regions comprises representatives of regional and local government. The members of the Committee, together with the same number of alternatives, are proposed by the Member States and appointed by the Council, acting by a qualified majority, for a period of four years.
Powers
The Committee of the Regions is a consultative body. Its role is to raise awareness of local and regional points of view with regard to European legislation. To this end, it submits opinions on Commission proposals.
The Commission and the Council must consult the Committee of the Regions where specific regional interests are involved, but they may also consult it at any time. The Committee can adopt opinions on its own initiative and submit them to the Commission, the Council and Parliament.
European Central Bank
Composition and organization
The European Central Bank comprises two bodies:
· The Council of Governors comprises the ECB Executive Board and the governors of the national central banks within the euro zone.
· The Executive Board comprises the President, the Vice-President and four other members appointed unanimously by the Member States after recommendation by the Council and consultation with the European Parliament. Their term of office is eight years and may not be renewed.
The two bodies take decisions by simple majority, each member having one vote and the chairman a casting vote.
Powers
The European Central Bank (ECB) is at the heart of European economic and monetary union (EMU).
It is responsible for the stability of the euro, including regulating the money supply, and, together with the other national central banks, defines and implements the monetary policy of the Union.
To enable it to achieve its tasks, it has a wide range of other prerogatives.
It controls liquidity through the purchase and sale of bonds or by means of credit operations through the banks and operations on the money market, or indeed by fixing the mandatory reserve that credit organizations must hold with national central banks or the ECB.
It carries out prudential regulation of credit organizations.
The ECB is also entrusted with consultative and legislative functions.
In those fields for which it is competent, the Bank is consulted by the European institutions or by the authorities of the Member States when exercising their respective legislative roles. It may also submit opinions to the Community institutions on questions involving such matters.
The ECB may initiate legislation in fields involving monetary policy and adopt such regulations as are necessary to achieve specific tasks entrusted to it.
To make it possible for the ECB to carry out its tasks, there are a number of provisions which guarantee its independence: the ECB may neither solicit nor accept any direction by the institutions, the Member States or by any other body.