Institutions of the European Union (ECB) is the central bank for the eurozone (the states which have adopted the euro) and thus controls monetary policy in that area with an agenda to maintain price stability. It is at the centre of the European System of Central Banks which comprises all EU national banks. The bank is governed by a board of national bank governors and a President. The ECB is located in Frankfurt. The current president is Mario Draghi. The "European Court of Auditors" (ECA), despite its name, has no judicial powers. It ensures that taxpayer funds from the budget of the European Union have
Institutional seats of the European Union less binding than the other seats. The 2011 Treaty Establishing the European Stability Mechanism (ESM) states that the seat of the ESM must be in Luxembourg. The ESM should be ratified and active in mid-2013 and it is allowed to establish a liaison office in Brussels. There are numerous other bodies and agencies that have not had their seats fixed by treaties. Brussels hosts the European Defence Agency (as NATO and formerly the WEU are also in the city). Luxembourg hosts the Translation Centre for the Bodies of the European Union and the European Investment Bank. Strasbourg and Brussels both