European Central Bank headquartered in Frankfurt, Germany. the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. Its basic tasks, set out in Article 3 of the Statute, are to set and implement the monetary policy for the Eurozone, to conduct
2016 European Union bank stress test Supervisory Mechanism (SSM). The outcomes of the exercise, including banks' individual results, were published on 29 July 2016, at 22:00 CET. The European Banking Authority (EBA) aims to ensure the proper functioning of financial markets and the stability of the financial system in the EU. To this end, the EBA has the right to conduct the EU-wide stress tests, in cooperation with the European Systemic Risk Board (ESRB). Such exercises are designed to test the resilience of financial institutions to adverse market developments. The stress tests are performed in cooperation with the ESRB, the European Central Bank (ECB), national competent