Protest turns violent in Germany at European Central Bank opening

A massive anti-austerity rally in Germany turned violent Wednesday when protesters clashed with police at the opening of the new European Central Bank headquarters.

Frankfurt police said they used water cannons to disperse protesters after attacks on officers, firefighters, a police station and the Old Opera House.

Authorities said at least seven police cars were set on fire. About 350 arrests have been made, police said.

Anarchist BBQ in Frankfurt celebrating opening of European Central Bank HQ

The European Central Bank is tasked with ensuring price stability in the eurozone, and it targets inflation levels just below 2%. The region has been suffering from depressed economic activity, and unemployment remains near record highs.

The protest comes amid criticism of austerity measures from the Greek finance minister, who said his country is suffering under the ECB's policies.

"What we're seeing, I think, in Frankfurt is a reaction you see across the Eurozone for many people who have said it's just been too painful, too much, and it's been going for too long," CNN's Jim Boulden said.

The melee was so intense that smoke could be seen well into the distance.