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
President of the European Central Bank President of the European Central Bank The President of the European Central Bank is the head of the European Central Bank (ECB), the institution responsible for the management of the euro and monetary policy in the Eurozone of the European Union (EU). The President heads the executive board, governing council and general council of the ECB. He also represents the bank abroad, for example at the G20. The President is appointed by a qualified majority vote of the European Council, "de facto" by those who have adopted the euro, for an eight-year non-renewable term. However the first President, Duisenberg, did