European Central Bank too big for new headquarters building | City A.M. Monday 11 November 2013 5:18am European Central Bank too big for new headquarters building Share Tim Wallace is a former City A.M. reporter. Follow Tim Tim Wallace THE EUROPEAN Central Bank (ECB) will not be able to fit all of its staff into its new headquarters, it said over the weekend. The institution is expanding as it is being given more powers to oversee the Eurozone’s banking system, requiring another 1,000 staff. It had not forseen the expansion when it commissioned the new building, which has been under construction since 2010. The building in Frankfurt is also running over budget – according to Der Spiegel it is likely to cost at least €1.15bn (£960m), more than double the £500m initially planned. “The ECB has decided to continue to rent one of its current buildings, the Eurotower, to house its supervisory staff,” the ECB said.

“This decision means that the ECB will maintain its link with the Eurotower in Frankfurt, together with the large euro symbol in front of it, which has become something of a landmark not only for the ECB but also for the city of Frankfurt.” Share Germany riot targets new ECB headquarters in Frankfurt - BBC News BBC News Germany riot targets new ECB headquarters in Frankfurt 18 March 2015 Close share panel Media captionFires were lit as protesters gathered for the Frankfurt rally, as Jenny Hill reports Dozens of people have been hurt and some 350 people arrested as anti-austerity demonstrators clashed with police in the German city of Frankfurt. Police cars were set alight and stones were thrown in a protest against the opening of a new base for the European Central Bank (ECB). Violence broke out close to the city's Alte Oper concert hall hours before the ECB building's official opening. "Blockupy" activists are expected to attend a rally later on Wednesday. In earlier disturbances, police in riot gear used water cannon to clear hundreds of anti-capitalist protesters from the streets around the new ECB headquarters.

Image copyright Getty Images Image copyright Getty Images Organisers were bringing a left-wing alliance of protesters from across Germany and the rest of Europe to voice their anger at the ECB's role in austerity measures in EU member states, most recently Greece. The bank, in charge of managing the euro, is also responsible for framing eurozone policy and, along with the IMF and European Commission is part of a troika which has set conditions for bailouts in Ireland, Greece, Portugal and Cyprus. A spokesman for the Blockupy movement said the troika was responsible for austerity measures which have pushed many into poverty. Police set up a cordon of barbed wire outside the bank's new 185m (600ft) double-tower skyscraper, next to the River Main. But hopes of a peaceful rally were dashed as clashes began early on Wednesday. Tyres and rubbish bins were set alight and police responded with water cannon as firefighters complained they were unable to get to the fires to put them out. One fire engine appeared to have had its windscreen broken.

Image copyright AP Image caption Rubbish bins were set alight some distance from the new ECB building (background) Image copyright Reuters Image caption Among the first targets for protesters were police cars Activists said many protesters had been hurt by police batons, water cannon and by pepper spray. Police said as many as 80 of their officers had been affected by pepper spray or an acidic liquid. Eight suffered injuries from stone-throwing protesters. Police spokeswoman Claudia Rogalski spoke of an "aggressive atmosphere" and the Frankfurt force tweeted images of a police van being attacked. They were braced for further violence as increasing numbers of activists arrived for the rally. Blockupy accused police of using kettling tactics to cordon off hundreds of protesters and appealed for supporters to press for their release. What is Blockupy?

Europe-wide alliance of left-wing parties, unions and movements Vehemently against austerity polices of European Commission, ECB and IMF First Frankfurt protest attracted thousands in 2012 Activists from Greece's radical left governing party Syriza and Spain's anti-corruption Podemos are joining the rally Also includes Germany's Die Linke and Occupy Frankfurt Rallying call: "They want capitalism without democracy, we want democracy without capitalism" As the number of protesters grew in the streets away from the new ECB building, the bank's president, Mario Draghi, gave a speech marking its inauguration. Mr Draghi said that the it "may not be a fair charge" to label the ECB as the main perpetrator of unpopular austerity in Europe. "Our action has been aimed precisely at cushioning the shocks suffered by the economy," he said. "But as the central bank of the whole euro area, we must listen very carefully to what all our citizens are saying." The new headquarters, which had been due to open years earlier, cost an estimated €1.3bn (£930m; $1.4bn) to build and is the new home for thousands of central bankers.

Blockupy activists said on their website that there was nothing to celebrate about the politics of austerity and increasing poverty. Image copyright Frankfurt police Image caption A police tweet reads: New attacks against the police in #Frankfurt Image copyright Getty Images Image caption Thousands of activists were gathering in Frankfurt for the rally Image copyright Reuters European Central Bank ECB Press Conference - 08 December 2016 Vítor Constâncio interview: The Financial Stability Review November 2016 ECB European Cultural Days - Germany 2016 - preview Five facts about the new €50 Inside the Asset Purchase Programme Discover the New €50 Banknote ECB President Mario Draghi explains TLTRO II Discover the new 20 euro banknote Living in Frankfurt. Working for the ECB New ECB premises: time-lapse video of the construction process Collateral management - the role of the Eurosystem TARGET balances in 8 minutes ECB and the Eurosystem explained in 3 min. 08 December 2016 Press Conference 25 November 2016 UN Orange Day 17 October 2016 Cultural Days Opening Concert 3 October 2016 Türen Auf!

Unveiling of the new €50 banknote Young Economists at ECB Forum on Central Banking ECB Main Building Luminale 2016 - ECB's illuminated buildings Financial integration in Europe ECB statistics: a brief overview Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments The international role of the euro, June 2016 Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull The monetary policy of the ECB The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field Germany riot targets new ECB headquarters in Frankfurt - BBC News BBC News Germany riot targets new ECB headquarters in Frankfurt 18 March 2015 Close share panel Media captionFires were lit as protesters gathered for the Frankfurt rally, as Jenny Hill reports Dozens of people have been hurt and some 350 people arrested as anti-austerity demonstrators clashed with police in the German city of Frankfurt.

Police cars were set alight and stones were thrown in a protest against the opening of a new base for the European Central Bank (ECB). Violence broke out close to the city's Alte Oper concert hall hours before the ECB building's official opening. "Blockupy" activists are expected to attend a rally later on Wednesday. In earlier disturbances, police in riot gear used water cannon to clear hundreds of anti-capitalist protesters from the streets around the new ECB headquarters. Image copyright Getty Images Image copyright Getty Images Organisers were bringing a left-wing alliance of protesters from across Germany and the rest of Europe to voice their anger at the ECB's role in austerity measures in EU member states, most recently Greece. The bank, in charge of managing the euro, is also responsible for framing eurozone policy and, along with the IMF and European Commission is part of a troika which has set conditions for bailouts in Ireland, Greece, Portugal and Cyprus. A spokesman for the Blockupy movement said the troika was responsible for austerity measures which have pushed many into poverty. Police set up a cordon of barbed wire outside the bank's new 185m (600ft) double-tower skyscraper, next to the River Main.

But hopes of a peaceful rally were dashed as clashes began early on Wednesday. Tyres and rubbish bins were set alight and police responded with water cannon as firefighters complained they were unable to get to the fires to put them out. One fire engine appeared to have had its windscreen broken. Image copyright AP Image caption Rubbish bins were set alight some distance from the new ECB building (background) Image copyright Reuters Image caption Among the first targets for protesters were police cars Activists said many protesters had been hurt by police batons, water cannon and by pepper spray. Police said as many as 80 of their officers had been affected by pepper spray or an acidic liquid. Eight suffered injuries from stone-throwing protesters. Police spokeswoman Claudia Rogalski spoke of an "aggressive atmosphere" and the Frankfurt force tweeted images of a police van being attacked. They were braced for further violence as increasing numbers of activists arrived for the rally. Blockupy accused police of using kettling tactics to cordon off hundreds of protesters and appealed for supporters to press for their release. What is Blockupy?

Europe-wide alliance of left-wing parties, unions and movements Vehemently against austerity polices of European Commission, ECB and IMF First Frankfurt protest attracted thousands in 2012 Activists from Greece's radical left governing party Syriza and Spain's anti-corruption Podemos are joining the rally Also includes Germany's Die Linke and Occupy Frankfurt Rallying call: "They want capitalism without democracy, we want democracy without capitalism" As the number of protesters grew in the streets away from the new ECB building, the bank's president, Mario Draghi, gave a speech marking its inauguration. Mr Draghi said that the it "may not be a fair charge" to label the ECB as the main perpetrator of unpopular austerity in Europe. "Our action has been aimed precisely at cushioning the shocks suffered by the economy," he said. "But as the central bank of the whole euro area, we must listen very carefully to what all our citizens are saying." The new headquarters, which had been due to open years earlier, cost an estimated €1.3bn (£930m; $1.4bn) to build and is the new home for thousands of central bankers.

Blockupy activists said on their website that there was nothing to celebrate about the politics of austerity and increasing poverty. Image copyright Frankfurt police Image caption A police tweet reads: New attacks against the police in #Frankfurt Image copyright Getty Images Image caption Thousands of activists were gathering in Frankfurt for the rally Image copyright Reuters European Central Bank (ECB) - Coop Himmelb(l)au European Central Bank (ECB) European Central Bank (ECB), Frankfurt/M., Germany Tags The new premises of the European Central Bank Urbanism and architecture The location for the new headquarters of the European Central Bank (ECB) in Frankfurt’s Ostend district has the potential of adding a new landmark to the Frankfurt skyline that will be visible at great distances. The starting point for the design of the towers was the urban perspectives of the city of Frankfurt. At a height of around 185 meters, the double tower, with its polygonal shape and east-west orientation, has a striking profile that is visible from all important reference points in Frankfurt’s city center, as well as from the river Main. Thanks to its form and presence, the double tower will become a characteristic feature of the Frankfurt skyline.

Urban planning and integration The imposing form of the Grossmarkthalle (wholesale market), which so strongly characterizes Frankfurt’s skyline and the north bank of the river Main, unites with the vertical profile of the towers to form a significant ensemble that considers both the local urban design environment and the general urban spatial context, thus creating a tension between Frankfurt’s banking district and the Ostend area. By concentrating the ECB’s functions in the Grossmarkthalle, the south side of the premises, facing the Main, can be largely kept free of construction. The prominent view of the south side of the hall from the Main embankment with the clearly visible profile of the high-rise emphasizes its special position. The architectural concept of the tower The tower ensemble is the result of a design process inspired by the urban links with the city of Frankfurt. Owing to its clear orientation towards the important urban perspectives, the ensemble enters into a dialogue with the important urban reference points in Frankfurt: the Alte Oper, the Museumsufer and the financial district.

Starting with the economical typology of a double-slab high-rise, a second design step combines the urban planning specifications with the geometric transformation of the towers, in order to generate a multi-faceted building structure while preserving its urban significance. The vertical city The atrium between the office towers becomes a “vertical city”. Through platforms we are creating spaces, plazas and pathways between the towers, just as they exist in a city. The connecting and transferring levels divide the atrium horizontally into three sections of different sizes, with heights ranging from around 45 to 60 meters. These connecting platforms, bridges, ramps and stairs form a network of links between the office towers. They create short paths between the individual office floors in each tower and thus enable larger, interconnected usable office spaces on one or more floors in both towers, thereby also promoting informal communication. This new typology supports a dynamic development of form and enables differentiated office spaces with different panoramic perspectives.

The Grossmarkthalle – a forum for communication Our design reinforces the Grossmarkthalle’s existing potential as an “urban foyer” housing a conference and visitor center, as well as a library and restaurant, through the incorporation of a building for the press center which traverses the structure of the Grossmarkthalle. This so-called entrance building, in which ECB press conferences will be held, occupies a special position in content, form and space and thereby marks the entrance to the ECB. Since the western parts of the Grossmarkthalle were reconstructed after being destroyed during the Second World War and do not, therefore, represent part of the substance of the original building – even in the way they are constructed – we propose, as agreed with the historic preservation authority, that the incision for the new entrance to the ECB be in this part of the hall. We continued to develop the concept of integrating the extensive functional areas into the Grossmarkthalle, as suggested during the Optimisation Phase. As before, the required new facilities are being placed in the spacious interior of the hall as independent building structures (the “house within a house” concept).

The building structures, which are at diagonal angles to the Grossmarkthalle, allow the hall to be experienced along dynamic spatial sequences – and this not only in the public areas of the hall’s ground floor, but also on the upper levels, which, with their conference and restaurant facilities, are largely reserved for employees of the ECB. The restaurant structure, as a visible sign of the new functional areas in the hall, generously orients the employee restaurant and terrace towards the Main in the south. Images 120 000 m² Site Area 184 000 m² Gross Floor Area 185 meters North tower (45 floors) 165 meters South tower (43 floors) 220 meters Height (incl. communication mast) Team Cost Overruns and Delays Plague ECB Skyscraper Project in Frankfurt - SPIEGEL ONLINE Cost Overruns and Delays Plague ECB Skyscraper Project in Frankfurt ECB Headquarters Skyrocketing Costs for Skyscraper Project Estimated costs for the European Central Bank's new headquarters in Frankfurt have more than doubled. As has been happening with so many major projects in Germany, its construction has been plagued by poor planning, oversight and execution -- and endless delays.

Comment Rain was falling on Frankfurt's Ostend neighborhood as financial managers and local officials drove past dark corner bars, betting offices and the Amor sex shop to the site of the future headquarters of the European Central Bank (ECB). It was May 19, 2010. Jean-Claude Trichet, the ECB's president at the time, had invited his guests to a dicey part of the city for the groundbreaking ceremony. They gathered in front of the building pit, from which a futuristic tower was to arise: an architecturally thrilling, 45-story skyscraper, a symbol of the power of Europe's shared currency. A few euros were ceremoniously buried with the cornerstone. Trichet declared that his bank's policy of carefully managing its money would also apply to the construction of the new headquarters. "We must ensure that construction costs remain within the estimated budget," Trichet said. Three-and-a-half years later, in the fall of 2013, there is a different reality in Frankfurt's Ostend district.

Instead of the estimated cost of 850 million ($1.15 billion), the entire project will now cost at least 1.15 billion and could even eventually climb to 1.3 billion. Originally, the costs for the structure were not to exceed 500 million. The ECB has also had to postpone its move. Originally scheduled for completion in 2011, the building is now not expected to be ready for occupancy until at least the end of 2014. Luxury in an Age of Austerity Once again, a major German construction project is spinning out of control -- like the new airport in Berlin and Hamburg's Elbphilharmonie concert hall. And, once again, the owner of the property, a public body, is trying to blame the delays and cost overruns on external factors. At last year's topping out ceremony, Jörg Asmussen, a German member of the ECB's executive board, said that general "price increases for building materials and services" were at fault.

In truth, the delays and cost overruns for the ambitious new headquarters building result from the fact that former ECB President Trichet and his staff set budgets that were far too low -- and therefore unrealistic -- and from their decision to oversee the project themselves rather than hiring a general contractor. In an audit performed before construction began, the European Court of Auditors concluded that there were cost-control problems and little transparency in the awarding of contracts. The demands of the project's European managers were apparently as sky-high as the new tower. Vienna-based architect Wolf Prix and his firm, Coop Himmelb(l)au, had designed the building as two twisted towers connected by hanging gardens, made almost entirely of glass and steel. The skyscraper looks more like a giant sculpture than an office building. With a number of euro countries groaning under their debt burdens, provoking angry protests from Greece to Portugal, the aesthetics and features of the ECB tower seem oddly inappropriate. Do the taxpayer-funded central bankers really need a headquarters building that is 30 meters (98 feet) taller and twice as expensive as the twin towers of Deutsche Bank, Germany's largest bank?

When the monetary watchdogs move into their new home, their offices are likely to be among the most expensive in the euro zone. As the complex will house about 2,000 employees and cost more than 1 billion to build, each workspace will be worth about 600,000, or as much as a very comfortable single-family home. In commercial real estate, 30,000 per desk space is usually considered "upscale." A virtual tour of the future headquarters, which can be found on the bank's website, offers a look into the ECB's beautiful new world. A visitor approaching the building from the banks of the Main River enters a tall atrium made of steel, glass and pale stone surfaces. People shrink to the size of mice within the atrium. In the animation, the camera breezes past hanging gardens and giant steel beams that support the two halves of the building. There are substantial offices with floor-to-ceiling windows. The high point is the large ECB assembly hall for the ECB Council, under a glass dome on the 43rd floor, 150 meters above the ground. It's the kind of space that might accommodate a global government in a science fiction film.

This is where the animation ends, and the president's offices on the top floors are not depicted. Nor is the exquisite eatery on the 45th floor, which will be reserved for the ECB's top executives as well as the finance ministers and leaders of the euro-zone countries. An ECB spokeswoman describes the top floors as "functional premises where meetings and dinner discussions will be held." Conceived in a Time of Change Prix, the architect, was initially working under ideal conditions. When he began developing his designs, the Europeans were still proud of the euro and dreamed that it could one day supplant the US dollar as world's reserve currency of choice. There was still plenty of money and ambition to go around. Prix was thrilled that his client had not made any attempts to trim his plans. "This will be a symbol of the European Union," he raved in 2009. Four years later, the building has become a symbol of waste and inadequate control. Europe's monetary watchdogs had long cherished the dream of having their own, prestigious headquarters. When the ECB was founded in 1998, they initially occupied a 40-story building on Willy-Brandt-Platz in downtown Frankfurt.

But they never felt truly at home there. The building exuded the charm of the 1970s and had previously been occupied by the union-owned Bank für Gemeinwirtschaft -- not exactly befitting the social status of self-assured central bankers. The first ECB president, the now-deceased Dutch politician Wim Duisenberg, backed the idea of building a new headquarters. In early 2002, just in time for the euro's introduction, the bank acquired a piece of land from the city, the site of the former Frankfurt fruit and vegetable market, for about 60 million. A few months later, the ECB announced an architecture competition for its new headquarters. The jury of top experts liked Prix's avant-garde designs the most. Two years later, when Trichet had already assumed the presidency, Prix was awarded the project after making several revisions to his original design. The plan also called for the bank tower to be built with a general contractor, as is usually the case with such major projects. But the call for bids was suspended in 2008, after it became clear that no European construction company was willing to realize the project for the official budget of 500 million.

The targeted opening date in 2011 no longer applied. And according to industry sources, only one company, Züblin AG, part of the Austrian Strabag group, had submitted a concrete bid. Züblin had allegedly estimated the total cost at 1.3 billion, or exactly the amount that the project could end up costing today, a few years later. The bank declined to comment. Mistakes and Suspicions Just as politicians in Berlin and the surrounding state of Brandenburg had believed in the case of the new Berlin Brandenburg Airport , Trichet and his fellow central bankers were convinced that they could bring down the cost of the project if they managed it themselves. The contracts for structural work, building technology and interior fittings, for example, were divided up and put out for tender separately. Drees & Sommer, an engineering firm, was to manage the bidding process for the bank and then, as project manager, supervise the planning and construction work. Engineers performed a similar function in the development of the Berlin Brandenburg Airport. One of the project managers' key responsibilities was to find an architecture firm to handle construction management, since Prix and his partners were only in charge of the creative design.

The contract was awarded to the construction management firm Gassmann + Grossmann. There was only one problem: Drees & Sommer held a 39-percent stake in the Stuttgart holding company that owns Gassmann + Grossmann. The questionable arrangement soon attracted the attention of the courts. A company that had participated in the bid and lost had submitted a complaint to the European Court of Justice, in Luxembourg, in November 2009 and had filed for damages against the ECB. The bank, the company argued, should have excluded Gassmann + Grossmann from the bidding process on account of "a possible conflict of interest." This was not implausible given that project managers are supposed to supervise the work of the architects and ensure that costs remain within the established framework. And, or course, this becomes difficult when the two sides have common economic interests that do not necessarily coincide with those of the client. Nevertheless, this didn't trouble the monetary watchdogs, who had no experience in building skyscrapers. In court, they admitted that they had been aware of the special relationship between their project managers and the architects, and that after reviewing it carefully, they had not felt that it was a problem.

According to legal documents filed by their lawyers, the bank's independent construction experts had examined the Gassmann + Grossmann bid and concluded that it was the most convincing one. Drees & Sommer was supposedly not involved in the decision. However, the ECB lawyers' argument did not seem very credible to the judges in Luxembourg because the bid submitted by the defeated competitor was significantly cheaper. Had the bankers allowed themselves to be bamboozled? The court recommended that they settle with the claimant to avoid an embarrassing trial. This prompted the ECB to pay about 300,000 to the claimant at the beginning of this year. Officially, the payment was for lost earnings; but, in reality, it was more like hush money. The settlement included a non-disclosure clause. "At the request of the claimant, and in the interest of both parties, the legal dispute was settled by mutual agreement," says an ECB spokeswoman. Muffled and Costly Disputes Meanwhile, work progressed in Frankfurt. Baresel, a mid-sized construction company from Württemberg, in southwestern Germany, had assumed responsibility for the structural work. The foundation was poured, and a two-level underground garage was built.

But it wasn't long before the first technical problems surfaced. For instance, the ventilation shafts were apparently too small or had been forgotten altogether. Were the problems the result of Baresel's sloppy work? Or had the construction management firm, Gassmann + Grossmann, supplied it with faulty plans? But then another dispute erupted. First the ECB fired Baresel, and then it reached a settlement with the company that included a non-disclosure agreement. Neither Baresel nor the management of Gassmann + Grossmann is willing to comment on the matter. The dispute centered on an increase in the civil engineering costs, from 20 million to 30 million. It was a relatively minor spat, but it had major consequences. After the engineering portion was complete, Baresel's involvement came to an end. To avoid losing even more time, the ECB opted not to call for new bids. Instead, it awarded the construction contract to Züblin AG, the company that had originally offered a turnkey price for the entire new ECB headquarters building of 1.3 billion.

At the topping out ceremony last year, the bank, now headed by Mario Draghi, confirmed that costs for the project had risen by 350 million. The building's skeleton was said to have cost 70 alone. The costs have probably grown even higher since then. So far, the monetary watchdogs have failed to convincingly explain to the public why their estimates were wrong. Likewise, the ECB, which likes to insist on its independence, has not presented any prognosis of expected future costs. The annual reports it sends to the European Parliament contain only cryptic information, in small print, on the new building. At any rate, the part of the building that will open to the public became significantly more expensive than originally estimated. A visitors' center with an exhibition hall and restaurant is being built in the old market hall at the base of the tower. The reinforced concrete structure from the 1920s is popularly known as the "Kappeskathedrale," which translates as "Rubbish Cathedral" or "Nonsense Cathedral." Translated from the German by Christopher Sultan Article...

Protesters, police clash near new European bank HQ in Frankfurt | Reuters Wed Mar 18, 2015 | 6:58 PM EDT Protesters, police clash near new European bank HQ in Frankfurt By John O'Donnell and Frank Siebelt | FRANKFURT FRANKFURT Anti-capitalist protesters clashed with riot police near the new headquarters of the European Central Bank (ECB) in Frankfurt on Wednesday and set fire to barricades and cars, casting a pall over the ceremonial opening of the billion-euro skyscraper. Some 94 police officers were injured by stones and tear gas flung by a violent minority from within the 3,500 protesters, police said. Rally organizers said there were 7,000 protesters, more than 100 of whom were injured by police. Seven police cars were set on fire, streets were blocked by burning stacks of tyres and rubbish bins, and shops were damaged in the city center. Dark smoke billowed in front of the 185-metre high ECB towers and over Frankfurt.

Police used water cannon to try to make a path through the mass of black-clad protesters to the entrance of the building, blocked off from the street by barricades. A total of 550 protesters were detained. "Police were attacked with stones and spray. Due to the extreme violence we saw in the morning, we have to assume it could happen again," a police spokeswoman said. ECB President Mario Draghi addressed the demonstrators in his speech at the opening ceremony but said they were missing the point by blaming the ECB. "European unity is being strained," he said. "People are going through very difficult times. There are some, like many of the protesters outside today, who believe the problem is that Europe is doing too little. "But the euro area is not a political union of the sort where some countries permanently pay for others," he said. "It has always been understood that countries have to be able to stand on their own two feet – that each is responsible for its own policies. The fact that some had to go through a difficult period of adjustment was therefore not a choice that was imposed on them. It was a consequence of their past decisions." German leaders condemned the violence while defending the right to protest against the ECB.

"No one has the right to endanger the life of police and fire officials," Finance Minister Wolfgang Schaeuble told a news conference in Berlin. The protest was organized by a group called Blockupy - named after the Occupy Wall Street movement in 2011 "Free caviar for everyone," read one sarcastic banner. "Our protest is against the ECB, as a member of the troika, that, despite the fact that it is not democratically elected, hinders the work of the Greek government. We want the austerity politics to end," Ulrich Wilken, one of the organizers, said. "We want a loud but peaceful protest," he told Reuters. Blockupy says it represents grass-roots critics of supranational financial institutions including the "troika": the ECB, the European Commission and the International Monetary Fund, whose inspectors monitor countries such as Greece and Cyprus that have received international bailouts. The ECB is also influential as a provider of finance to the banks of struggling countries and has in recent weeks sanctioned a drip feed of extra emergency finance to Greece's lenders. Greek Finance Minister Yanis Varoufakis last week criticized ECB policy towards Athens as "asphyxiating", a criticism also made by the protest organizers.

(Additional reporting by Paul Carrel; Editing by Erik Kirschbaum and Louise Ireland) ADVERTISEMENT Protesters burn debris during an anti-capitalist demonstration in Frankfurt March 18, 2015. Reuters/Wolfgang Rattay + Protesters gather during an anti-capitalist demonstration in Frankfurt March 18, 2015. Reuters/Wolfgang Rattay + 3/18 A German police officer who was hit by a paint bomb by anti-capitalist protesters looks at a burning police car near the European Central Bank (ECB) building hours before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 4/18 A policeman stops a 'Blockupy' anti-capitalist protester near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015.

Reuters/Kai Pfaffenbach + 5/18 Police vehicles are seen on streets during a protest of 'Blockupy' anti-capitalist movement members near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 6/18 Policemen remove a road block set up by 'Blockupy' anti-capitalist protesters near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 7/18 Protesters march near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 8/18 German police officers stand outside the conference hall in the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015.

Reuters/Wolfgang Rattay + 9/18 A policeman holds a flare during a protest of members of 'Blockupy' anti-capitalist movement near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Ralph Orlowski + 10/18 Policemen detain members of 'Blockupy' anti-capitalist movement near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Michael Dalder + 11/18 A German police car, set on fire by anti-capitalist protesters, burns outside the European Central Bank (ECB) building hours before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 12/18 A policeman stops a 'Blockupy' anti-capitalist protester near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015.

Reuters/Michael Dalder + 13/18 A 'Blockupy' anti-capitalist protester walks near a burning barricade near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 14/18 Smoke engulfs the city skyline during a protest of members of 'Blockupy' anti-capitalist movement near the European Central Bank (ECB) building (top R) before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Martin Fischer + 15/18 Four German police cars set on fire by anti-capitalist protesters burn near the European Central Bank (ECB) building hours before the official opening of its new headquarters in Frankfurt March 18, 2015.

Reuters/Kai Pfaffenbach + 16/18 German policemen are seen through the heat haze of a burning barricade during a protest of members of 'Blockupy' anti-capitalist movement near the European Central Bank (ECB) building (top R) before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 17/18 Policemen stand in front of 'Blockupy' anti-capitalist protesters near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. Reuters/Kai Pfaffenbach + 18/18 Paving stones are seen on a road during a protest of members of 'Blockupy' anti-capitalist movement near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015.

Reuters/Kai Pfaffenbach + Thousands Of Protesters Clash With Riot Police Near New European Central Bank Headquarters In Frankfurt | The Huffington Post Thousands Of Protesters Clash With Riot Police Near New European Central Bank Headquarters In Frankfurt 03/18/2015 04:32 am ET | Updated May 17, 2015 180 John O'Donnell and Paul Carrel By John O'Donnell and Frank Siebelt FRANKFURT, March 18 (Reuters) - Anti-capitalist protesters clashed with riot police near the new headquarters of the European Central Bank (ECB) in Frankfurt on Wednesday and set fire to barricades and cars, casting a pall over the ceremonial opening of the billion-euro skyscraper. Nearly 90 police were injured by stones and unidentified liquids hurled by a violent minority from within the thousands-strong protest, police said. Some protesters said they were injured when police used pepper spray. Seven police cars were set on fire, streets were blocked by burning stacks of tires and rubbish bins, and shops were damaged in the city center. Dark smoke billowed in front of the ECB towers and across central Frankfurt.

Police used water cannon to try to make a path through the mass of black-clad protesters to the entrance of the building, blocked off from the street by police barricades. Five people were detained and others taken into custody for questioning. ECB President Mario Draghi addressed the demonstrators in his speech at the opening ceremony but said they were missing the point by blaming the ECB. "European unity is being strained," he said, according to an advance text. "People are going through very difficult times. There are some, like many of the protesters outside today, who believe the problem is that Europe is doing too little. "But the euro area is not a political union of the sort where some countries permanently pay for others. It has always been understood that countries have to be able to stand on their own two feet - that each is responsible for its own policies. The fact that some had to go through a difficult period of adjustment was therefore not a choice that was imposed on them. It was a consequence of their past decisions." The protest organizers, a group called Blockupy - named after the Occupy Wall Street movement in 2011 - estimated that about 10,000 demonstrators were at the rally.

Thousands came into the German financial capital from other parts of Europe. "Our protest is against the ECB, as a member of the troika, that, despite the fact that it is not democratically elected, hinders the work of the Greek government. We want the austerity politics to end," Ulrich Wilken, one of the organizers, said. "We want a loud but peaceful protest," he told Reuters. Blockupy says it represents grass-roots critics of supranational financial institutions including the "troika": the ECB, the European Commission and the International Monetary Fund, whose inspectors monitor countries such as Greece and Cyprus that have received international bailouts. The ECB is also influential as a provider of finance to the banks of struggling countries and has in recent weeks sanctioned a drip feed of extra emergency finance to Greece's lenders. Greek Finance Minister Yanis Varoufakis last week criticized ECB policy towards Athens as "asphyxiating," a criticism also made by the protest organizers. (Additional reporting by Paul Carrel; Editing by Erik Kirschbaum and Louise Ireland) Clashes In Frankfurt

Question: In which European city are the headquarters of the European Central Bank?
Answer: Frankfurt