Institutional seats of the European Union was against the treaties and the natural prerogatives of a Parliament elected by direct universal suffrage, claiming the right to decide its own workings to its own efficiency. In response, leaders annexed the decision to the Treaty of Amsterdam, including it in the treaties. A Council decision on 29 October 1993 on the location of European agencies established that the European Monetary Institute, later the European Central Bank, would be based in Frankfurt. Frankfurt had to compete with numerous other cities, including London, Paris, Amsterdam, Luxembourg, Lyon, Barcelona and even Basel (in Switzerland, which was outside the European Union). France
President of the European Central Bank German newspaper attacking the ECB's credibility following its bond-buying; Although Axel Weber was tipped as one of the possible successors, he resigned from the ECB in protest at the bail out policies. Mario Draghi was chosen to become the next President of the ECB on 24 June 2011. He is President since 1 November 2011. Pascal Canfin, Member of the European Parliament, asserted that Draghi had been involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do