European Central Bank too big for new headquarters building

Tim Wallace
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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.”