Civil Service Tribunal. The CJEU is located in Luxembourg. European Central Bank The European Central Bank (ECB) is the only among the 7 institutions, which also is an international entity with treaty capability in its own right. 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. It is also 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. The ECB is located in Frankfurt. The current president is Christine Lagarde. European Court of Auditors 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 been correctly spent. The court provides an audit report for each financial year to the Council and Parliament. The Parliament uses this to decide whether to approve the commission's handling of the budget. The Court also gives opinions and proposals on financial legislation and anti-fraud actions. The Court of Auditors was set up in 1975. It was created as an independent institution due to the sensitivity of the issue of fraud in the Union (the anti-fraud agency, OLAF, is also built on its independence). It is composed of one member from each state appointed by the Council every six years. Every three years one of them is elected as the president of the court, who is currently Klaus-Heiner Lehne. Acts and procedures There are a number of types of legislation which can be passed. The strongest is a regulation, an act or law which is directly applicable in its entirety. Then there are directives which bind members to certain goals which they must achieve. They do this through their own laws and hence have room to manoeuvre in deciding upon them. A decision is an instrument which is focused at a particular person/group and is directly applicable. Institutions may also issue recommendations and opinions which are merely non-binding declarations. The ordinary legislative procedure is used in nearly all policy areas and provides an equal footing between the two bodies. Under the procedure, the Commission presents a proposal to Parliament and the council. They then send amendments to the Council which can either adopt the text with those amendments