Institutional seats of the European Union was against the treaties and the natural prerogatives of a Parliament elected by direct universal suffrage, claiming the right to decide its own workings to its own efficiency. In response, leaders annexed the decision to the Treaty of Amsterdam, including it in the treaties. A Council decision on 29 October 1993 on the location of European agencies established that the European Monetary Institute, later the European Central Bank, would be based in Frankfurt. Frankfurt had to compete with numerous other cities, including London, Paris, Amsterdam, Luxembourg, Lyon, Barcelona and even Basel (in Switzerland, which was outside the European Union). France
Causes of the European debt crisis assets worth ten per cent of GDP since capital flight started in end of 2010. Mario Draghi, president of the European Central Bank, has called for an integrated European system of deposit insurance which would require European political institutions craft effective solutions for problems beyond the limits of the power of the European Central Bank. As of 6 June 2012, closer integration of European banking appeared to be under consideration by political leaders. In June, 2012, following negotiation of the Spanish bailout line of credit interest on long-term Spanish and Italian debt continued to rise rapidly, casting doubt on the