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
European Central Bank disposal in a financial crisis is to take such extraordinary measures as the purchase of large amounts of assets such as commercial paper. The purpose of such operations is to ensure that adequate liquidity is available for functioning of the financial system. Think-tanks such as the World Pensions Council have also argued that European legislators have pushed somewhat dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the European Central Bank itself e.g. when