By John Arrowsmith
The European Central Bank is not the immutable autocratic monolith it’s sometimes represented as. It has an executive board of six full-time members serving eight-year non-renewable terms who, together with the governors of the 12 national central banks of the euro area, constitute the policy-making governing council, each of whose members has an equal voice. The ECB’s deliberations thus reflect a wide variety of personalities and perspectives. And personalities come and go.
Only last month, a new face appeared on the governing council.
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