25 years of the OeNB in the Eurosystem – tracing the evolution of Governing Council governance

This paper deals with the role of national central banks (NCBs), especially the Oesterreichische Nationalbank (OeNB), since the establishment of the European System of Central Banks (ESCB) and the Eurosystem 25 years ago. It draws on the experiences and perceptions of past and present OeNB governors and a former European Central Bank (ECB) Executive Board member with whom we conducted semistructured in-depth interviews in September and October 2023. After outlining the special setup of the Eurosystem, we investigate the question whether the decision-making process has changed over the last 25 years and what factors played a role. This relates to formal changes like the implementation of the rotation scheme of voting rights, and to the impact of economic conditions and of the presidents of the ECB. Attention is also given to the level of decentralization within the ESCB/Eurosystem and the working methods established to enhance cooperation and collaboration. We conclude by describing what the OeNB, a rather small NCB, has learned since joining the Eurosystem. This can be summarized as follows: the size of a central bank matters, personal contacts and networking are essential, collaboration needs strengthening and specialization can be an asset.