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
Accession of Montenegro to the European Union Deutsche Mark yielded, Montenegro followed suit and began using the euro as well, with no objection from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions.” A statement attached to their Stabilisation and Association Agreement with the EU read: "unilateral introduction of the euro was not compatible with the Treaty." The EU insists on the strict adherence to convergence criteria (such as spending at least 2 years in the ERMII system) which are not negotiable before euro adoption, but have not intervened to