It is at the centre of the European System of Central Banks, which brings together all the EU`s national central banks and is controlled by its General Council, composed of the President of the ECB appointed by the European Council, the Vice-President of the ECB and the Governors of the national central banks of the 27 EU Member States. The monetary union has been shaken by the European sovereign debt crisis since 2009. APEC is examining the prospects and options for an Asia-Pacific Free Trade Area (FTAAP) that would encompass all APEC member countries. Since 2006, the APEC Business Advisory Council, which promotes the theory that a free trade area has the best chance of bringing member states closer together and ensuring stable economic growth within the framework of free trade, has committed to establishing a high-level task force to study and develop a free trade area plan. The proposed free trade agreement arose from the lack of progress in the Doha Round of World Trade Organization negotiations and a way to overcome the spaghetti bowl effect generated by overlapping and contradictory elements in the dozens of free trade agreements. There are about sixty free trade agreements, 117 others are in Southeast Asia and the Asia-Pacific region. Explaining the role of Asia-Pacific Economic Cooperation (APEC) in ensuring free trade At the 1994 meeting in Bogor, Indonesia, APEC leaders adopted the Bogor Goals, which aim at free movement and trade opening and investment in the Asia-Pacific region by 2010, for industrialized countries and, by 2020, for developing countries. In 1995, APEC established a business council called the APEC Business Advisory Council (ABAC), composed of three executives from each member economy. . . .