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The Council of Ministers

The management of the Monetary Union is exercised by the Council of Ministers of the Monetary Union.

Each of the member States is represented on the Council by two Ministers and has a single vote cast by the Minister of Finance.

The Council elects one of the Ministers of Finance of the Union to act as its President.

Each of the Ministers of Finance of the Union in turn are elected ex officio to the office of President of the Council.

The President holds office for a term of two years.

The President of the Council of Ministers convenes and presides over the meetings of the Council. He or she supervises the preparation of the reports and draft decisions to be submitted to the Council and monitors their implementation.