The ECB's headquarters is legally required by the Treaties of the European Union to lie within the city limits of Frankfurt, the largest financial centre in the Eurozone.
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However, during the negotiations for the EEA agreement, the European Court of Justice informed the Council of the European Union by way of letter that they considered that giving the EU institutions powers with respect to non-EU member states would be a violation of the treaties, and therefore the current arrangement was developed instead.
Now that the Schengen Agreement is part of the acquis communautaire, the Agreement has, for its EU members, lost the status of a treaty, which could only be amended according to its terms; instead, its amendments are made according to that legislative procedure of the EU that covers the rules to be amended as defined in the EU treaties.