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
Member of the European Parliament Member States to the Union. The EU's annual budget is adopted jointly by Parliament and the Council of the European Union, within overall limit on EU spending decided on by unanimous agreement of all Member States and a multilateral Financial Framework laid down by Council with Parliament's consent. The Parliament may also block certain Commission decisions where there has been a delegation of powers to the Commission and may repeal such delegation of powers. The Parliament also elects the European Ombudsman and holds hearings with candidates for the President and Board members of European Central Bank, the Court of Auditors