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
European Central Bank bank announced on 8 December 2011 a new round of 1% interest loans with a term of three years (36 months) – the Long-term Refinancing operations (LTRO). Thanks to this operation, 523 Banks tapped as much as €489.2 bn (US$640 bn). The loans were not offered to European states, but government securities issued by European states would be acceptable collateral as would mortgage-backed securities and other commercial paper that have a sufficient rating by credit agencies. Observers were surprised by the volume of the loans made when it was implemented. By far biggest amount of was tapped by banks in