Fundamentals of monetary policy in the euro area

... Malta join the euro area, thereby increasing the number of Member States to 15 Jan 2009 Slovakia joins the euro area Jan 2011 Estonia joins the euro area Jan 2014 Latvia joins the euro area Jan... banks in the performance of their tasks” 4.5 The Rise of the Euro The name of the new currency of the euro area was decided at the meeting of the European Council in Madrid in December 1995 It was... system The highest-ranking decision-making body of the ECB is the Governing Council.25 It consists of the six members of the Executive Board and the Governors of the NCBs of the euro area. 26 The