Brussels, 18/09/2014 (Agence Europe) - On Thursday 18 September, the ECB announced the countries of the eurozone which will be the first to be affected by the rotation system to be phased in from January 2015.
Lithuania's accession to the eurozone in 2015 changes the decision-making process within the Governing Council of the ECB (see EUROPE 11105). In addition to the votes of the six members of the board of the Frankfurt-based monetary institute, only 15 voting rights will be authorised. Two groups will be set in place: - Group 1, made up of the five large countries (Germany, France, Spain, Italy and the Netherlands) sharing four votes; - Group 2, comprising the remaining 14 countries, which will share 11 votes.
In January, Spain's Luis Maria Linde will give up his voting right in Group 1. In Group 2, Estonia's Ardo Hansson, Yannis Stournaras of Greece and Ireland's Patrick Honohan will do likewise. In February, Linde will get his voting rights back and it will be the turn of Christian Noyer of France to give up his. In Group 2, only Hansson will have his voting rights returned, whilst Cypriot Chrystalla Georghadji will give up hers in turn.
This first division was decided upon in a random draw at a session attended by all the members of the Governing Council, including the Lithuanian central banker, Vitas Vasiliauskas.
From 2015, the Governing Council of the ECB will usually meet every six weeks and will publish information on the content of its deliberations (see EUROPE 11114). (MB)