Anti-capitalist protesters spoilt the inauguration of the European Central Bank's (ECB) new headquarters in Frankfurt. More than 10,000 protesters descended on the euro area's financial capital hours before the ceremonial opening of the billion-euro ($1.4 billion) tower.

Several cars were set on fire and streets were blocked by burning stacks of tyres and rubbish bins. The protesters clashed with riot police and also set off smoke bombs and threw stones, glass and corrosive substances.

Police officers deployed water cannons to keep the demonstrators at bay in the area surrounding the building.

According to protestors, police deployed tear gas. Martin Dolzer, a member of the Left party from Hamburg said tear gas cartridges were fired from the police lines when they were heading towards ECB. The smoke spread over a broad area and was very strong irritant.

The ECB started buying sovereign debt in a 1.1 trillion-euro plan to restore inflation and rescue the economy. Protesters are laying the blame for recession and unemployment in the 19-nation euro area at the doors of ECB President Mario Draghi and German Chancellor Angela Merkel.

Ulrich Wilken, one of the organizers of the protest said, "Our protest is against the ECB, as a member of the troika that, despite the fact that it is not democratically elected, hinders the work of the Greek government. We want the austerity politics to end".

An inauguration ceremony with guests including Frankfurt Mayor Peter Feldmann and Tarek Al-Wazir, economy minister of the German state of Hesse is scheduled to be hosted by Draghi.

The ECB's 25-member Governing Council is also scheduled to hold a non-monetary policy meeting where Greece will be on the agenda.