Communities outlined that the Parliament would be based in Strasbourg, where it would be obliged to hold "twelve periods of monthly plenary sessions, including the budget session". However, additional sessions could be held in Brussels, which is where committees also should have met while the secretariat had to remain in Luxembourg City. It also provided for the Court of First Instance (now known as the General Court) to be based in Luxembourg City with the Court of Justice, which remained there. However, this agreement dropped the provision from the 1965 decision, which gave priority to Luxembourg City for any new judicial and financial bodies. In response, Luxembourg attached a unilateral declaration stating it did not renounce this article. However they did renounce any claim to the seat of the judicial Boards of Appeal of the Office for Harmonisation in the Internal Market via the Treaty of Nice. The Parliament challenged this decision splitting their working arrangements, declaring that the division of its activities between three states 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. Central bank 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 is outside the European Union). France even linked the issue of the seat to the ongoing dispute regarding the seat of the European Parliament. Frankfurt was criticised as symbolising German dominance, although the Deutsche Bundesbank had effectively been running the Communities currencies for the previous years, while Luxembourg City has a banking tradition that wasn't so careful. London was discredited because the UK remained outside the eurozone. It was also seen as important to locate the bank in a city not already hosting a national government or EU institution, in order to emphasise its independence. Others, such as the former head of the Bundesbank Karl Otto Pöhl, favoured a small country with a stable currency. The advantages of hosting the Bank were also in dispute by some economists. While there was seen by some as little to gain