European Central Bank chief Mario Draghi says criticism of the bank is ‘unfair’ - as thousands of anti-austerity protesters clash with police outside its new headquarters.
Police in Frankfurt say they have arrested about 350 people after anti-austerity demonstrators became "aggressive and violent" in the early hours of the morning.
Almost 90 officers were reportedly injured after police and firefighters came under attack from activists throwing stones and hurling "unidentified liquids".
Meanwhile, reports of cars being torched across the city continued to emerge, including three police patrol vehicles which were set alight during an attack on a central police station.
The police and fire departments both issued appeals on Twitter, urging protesters to remain calm.
"Our firefighters are being attacked. Please stop doing that!" Frankfurt Fire Department tweeted.
RT live stream from Frankfurt
Shortly before the ECB building's inauguration, police deployed water cannon to disperse groups of protesters gathered outside the security zone around the 185-metre (605ft) new skyscraper.
There is a massive police presence across the city, with up to 10,000 anti-austerity protesters, marching under the "Blockupy" banner, expected to take part in the rally.
"It is one of the biggest deployments ever in the city," a police spokeswoman told news agency AFP.
Blockupy, which brings together an alliance of anti-capitalist and anti-austerity groups from across Europe, has repeatedly organised protests in Frankfurt's banking district since 2012.
The organisation is targeting the ECB over its role in imposing austerity measures on financially troubled countries like Greece.
On its official Twitter page, the group accused police of brutality, claiming several people had been injured.
"Stop police violence," it wrote. Activists have erected a banner reading "capitalism kills" in view of the new building.
In a speech at the headquarters, ECB Chief Mario Draghi thanked the authorities for their efforts to end the disturbances:
He also said hitting out at the ECB for pushing austerity is not fair:
Demonstrators dressed as clowns pass by a burning police car. Image: AP Photo/Michael Probst
Originally posted at 9.33am
