Similarly to the Fed, at the top of the European Central Bank is the Governing Council, which consists of the Executive Board (President, vice-president and four other members), and the Governors of National Central Banks. Only governors of the twelve countries who have endorsed the euro are members of the Governing Council of the ECB. As in the United States, the members of the Executive Board are appointed. However, the appointees are selected with the unanimous consent of the member states of the euro area after consultations with the European Parliament and the national banks' governors. Here is a major difference from the United States - the Executive Board of the ECB is selected after consultations among member states, rather than appointed by one person - the President - as it is in the United States. The Executive Board members' term of office is much shorter than the Fed's members - only eight years - and it is not renewable, which is another barrier against political pressures. If the Board members know they will not be re-selected by member state governments, they will be more likely to design monetary policies that are in the common interest of the euro zone members rather than in the interest of particular member states.
DECISION MAKING IN ECB AND THE FED.
Following from the structure of the Fed and ECB are the different decision-making processes, which occur within them. Central questions in their decision-making are to what extent are they independent and how accountable are they to other governmental institutions and the people. The Federal Reserve System is more appropriately thought of as being "insulated" from, rather than independent of, political-government and banking-special interest pressures. The Federal Reserve offers a similar argument. The Fed is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government.