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
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