Members of the Executive Board of the European Central Bank are nominated by agreement between the Heads of Government of the Eurozone countries for a non-renewable eight-year term (members nominated in 1998 for the original board had their terms staged so that one would be replaced each year). Under the ECB's rules board members do not represent a particular country, nor are they responsible for keeping track of economic conditions in one country. Instead, all board members are jointly responsible for monetary policy for the entire Euro area. Members generally take office in June.
Members of the Board
Mario Draghi is scheduled to take office in October 2011; Bini-Smaghi will reportedly step down, to be replaced by a French representative