FRANKFURT , Germany, March 18 (UPI) -- Violence and arrests marred the opening of the European Central Bank's new headquarters in Frankfurt, Germany, Wednesday.
Ceremonies to dedicate the $1.06 billion building, which dominates the Frankfurt skyline, went ahead as scheduled, but thousands of people demonstrated in the city's financial district, cars were burned and 88 police were injured by tear gas or thrown stones. Police detained about 350 demonstrators.
"We're doing this on the day of the inauguration because there's nothing to celebrate," said Hannah Eberle of Blockupy, the organization coordinating the protest, told the Wall Street Journal. "There's a crisis in Europe, especially southern Europe, and people are being asked to tighten their belts and we don't accept that."
The European Central Bank, whose loans to financially weak counties typically come with provisions demanding austerity budgets, is seen by some as impoverishing parts of Europe. The bank opening marked a convocation of left-leaning groups from across Europe, notably Germany and Greece.
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"European unity is being strained. People are going through very difficult times. As an EU institution that has played a central role throughout the crisis, the ECB has become a focal point for those frustrated with this situation. This may not be a fair charge -- our action has been aimed precisely at cushioning the shocks suffered by the economy. We must listen very carefully to what all our citizens are saying," ECB President Mario Draghi, who led the ceremonial opening of the building, said Wednesday.
In a prior demonstration, police used water cannons to disperse crowds who erected tire barriers then set them afire; another rally is scheduled for Wednesday evening.
