Governing Council decides on key interest rates monetary policy adopted by the Governing Council of the ECB – e.g. decisions on the key ECB interest rates (the minimum bid rate on the main refinancing operations as well as interest rates on the marginal lending facility and the deposit facility and, where appropriate, decisions relating to monetary objectives and the supply of reserves).The Executive Board is responsible for implementing the monetary policy, a responsibility it exercises by giving instructions to the NCBs.
Cinneann an Chomhairle Rialaithe ar eochair-rátaí úis ná an beartas airgeadaíochta atá glactha a gComhairle Rialaithe an BCE – m/sh cinntí maidir le heochair-rátaí úis an BCE (an tíosráta tairisceana ar na príomhoibríochtaí athmhaoinithe chomh maith le rátaí úis ar an tsaoráid iasachta imeallach agus ar an tsaoráid taisce agus, más iomchuí, cinntí maidir le cuspóirí airgeadaíochta agus soláthar cúlchistí).