Institutional seats of the European Union are based in Luxembourg City along with the European Investment Bank. The Economic and Social Committee and the Committee of the Regions are entirely based in Brussels while the European Central Bank is based in Frankfurt and Europol is the only agency to have its seat fixed by the treaties, in The Hague. Separately, the Treaty of Nice establishes Brussels as the venue for all formal summits of the European Council after 2004. However some extraordinary sessions are sometimes held outside the city. The European Council's seat is however fixed by a declaration rather than a protocol, meaning it is
Causes of the European debt crisis assets worth ten per cent of GDP since capital flight started in end of 2010. Mario Draghi, president of the European Central Bank, has called for an integrated European system of deposit insurance which would require European political institutions craft effective solutions for problems beyond the limits of the power of the European Central Bank. As of 6 June 2012, closer integration of European banking appeared to be under consideration by political leaders. In June, 2012, following negotiation of the Spanish bailout line of credit interest on long-term Spanish and Italian debt continued to rise rapidly, casting doubt on the