European Central Bank headquartered in Frankfurt, Germany. the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. Its basic tasks, set out in Article 3 of the Statute, are to set and implement the monetary policy for the Eurozone, to conduct
Institutions of the European Union of seats in the parliament were also changed to a formula system. The High Representative merged with the European Commissioner for External Relations and joined the Commission. The appointment of the Commission President became dependent upon the last EU elections. The Council of Ministers adopted more qualified majority voting and the European Council was made a distinct institution with a permanent president. The Court of Justice had some minor renaming and adjustments. In addition, the central bank became a full institution. There are three political institutions which hold the executive and legislative power of the Union. The Council of the