ECB to Build New Headquarters

ECB  to Build New Headquarters
# 19 May 2010 15:05 (UTC +04:00)
Baku - APA-Economics. The president of the European Central Bank, Jean-Claude Trichet, is due to officially kick off construction Wednesday on a new €850 million ($1.05 billion) headquarters along Frankfurt’s Main River, the most significant step to date to give the euro a permanent home—but one that nonetheless has dragged on for a dozen years, Wall Street Journal reported.

The new home, in Frankfurt’s edgier East End, will consist of two towers—one 41 floors high and the other 44 floors—joined by a massive conference and visitor center where a historic fruit-and-vegetable market once stood.

Mr. Trichet won’t move into the new space himself when it is finally completed. His eight-year term expires in October 2011. The move-in date isn’t until 2014, and that’s if all goes according to plan. The ECB is independently responsible for setting monetary policy for the 16-member euro zone. The larger European Union, which is based in Brussels, monitors economic and fiscal policies for its 27 members.