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Find on this page key concepts in simple words explained by the ECB.
Monetary policy decisions
The Governor of the Banque centrale du Luxembourg is a member of the Governing Council of the ECB, which includes the governors of all euro area national central banks and the six members of the Executive Board of the ECB. Each governor with a voting right within the rotation system of voting rights has one vote. Monetary policy decisions taken centrally by the Governing Council are implemented on a decentralised basis by the national central banks.
The Governing Council of the ECB meets twice a month. Monetary policy decisions are usually taken every six weeks. These include decisions on the key interest rates (including the minimum bid rate on the main refinancing operations and interest rates on the marginal lending facility and the deposit facility).
Monetary policy decisions are communicated the same day through a press release at 1.45 p.m. C.E.T.
Shortly afterwards, at 2.30 p.m. C.E.T., the President and the Vice-President of the ECB hold a press conference to provide a timely explanation of monetary policy decisions to the public. The introductory statement and a transcript of questions and answers is published on the ECB website a few hours later.