Abstract:
THE ENLARGEMENT OF the European Union forces changes in the decision-making
process of the European Central Bank. In order to maintain the Governing Council’s capacity
for effi cient and timely decision-making, the Governing Council agreed in November
2002 that the number of governors of the national central banks exercising their voting
right should be reduced. In order to overcome the ”numbers problem”, the EU Council
decided in March 2003 to introduce weighted rotation system that limits the number of
votes in the Governing Council of the ECB to at most 21. However this rotation model still
does not work and does not solve ECB’s decision problems.
Th is paper explains the clue of the rotation system in the Governing Council of the ECB
– its main features and functioning. Finally, it discusses its advantages
