The members of the Governing Council of the European Central Bank. Front row (standing from left to right): José Manuel González-Páramo, Miguel Fernández Ordóñez, Lucas D. Papademos, Jean-Claude Trichet, Gertrude Tumpel-Gugerell, Yves Mersch, Lorenzo Bini Smaghi. Middle row: Axel A. Weber, Christian Noyer, Klaus Liebscher, Vítor Manuel Ribeiro Constâncio, John Hurley, Nout Wellink. Back row: Jürgen Stark, Erkki Liikanen, Nicholas C. Garganas, Guy Quaden, Mario Draghi, Mitja Gaspari (replaced by Marko Kranjec).