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
History of the European Union include nearly all others by the end of 1996. The 1990s also saw the further development of the euro. 1 January 1994 saw the second stage of the Economic and Monetary Union of the European Union begin with the establishment of the European Monetary Institute and at the start of 1999 the euro as a currency was launched and the European Central Bank was established. On 1 January 2002, notes and coins were put into circulation, replacing the old currencies entirely. During the 1990s, the conflicts in the Balkans gave impetus to developing the EU's Common Foreign and Security Policy