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
European Central Bank Annual Report are in the official languages of the EU. The European Central Bank (and by extension, the Eurosystem) is often considered as the "most independent central bank in the world". In general terms, this means that the Eurosystem tasks and policies can be discussed, designed, decided and implemented in full autonomy, without pressure, or need for instructions from any external body. The main justification for the ECB independence is that such institutional setup helps maintaining price stability. In practice, the ECB's independence is pinned by four key principles: In addition to its independence, the ECB is subject to limited