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
Institutional seats of the European Union locations of the major seats have been enshrined in the treaties of the European Union, Parliament has no right to decide its own seat, unlike other national parliaments. Locating new bodies is also not without political disputes. The European Central Bank's (ECB) seat had to symbolise its independence from political control, and was located in a city which did not already host a national government or European institution. New agencies are also being based in eastern Europe since 2004 to balance the distribution of agencies across the EU. The treaties of the European Union outline the locations of the following