Deutsche Bundesbank
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Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. The European Central Bank has been mainly structured and built in the image of its famous predecessor. Both Deutsche Bundesbank and European Central Bank are located in Frankfurt am Main.
History
For history of German central banks see: Reichsbank
The Deutsche Bundesbank was established in 1957 and succeeded the Bank deutscher Länder, which introduced the Deutsche Mark on 20 June 1948.
Until the Euro was introduced in 2002, the Deutsche Bundesbank was the central bank of the former Deutsche Mark ("German Mark", in the US also known as "Deutschmark").
The Bundesbank (or "Buba" for short) was one of the world's most respected central banks for its control of inflation through the second half of the 20th century. Through this the Deutschmark was one of the most respected currencies and the Bundesbank gained substantial indirect influence for monetary influence in many European countries.
The Deutsche Bundesbank was the first central bank to be given full independence, with all instrument and goal independence, leading this form of central bank to be referred to as the Bundesbank model. The New Zealand model, on the other hand, has a goal (i.e. inflation target) set by the government.
The Bundesbank runs a large economic research centre in Frankfurt and 9 regional departments within Germany.
Presidents
- 1958–1969: Dr. Karl Blessing
- 1969–1977: Dr. Karl Klasen
- 1977–1979: Dr. Otmar Emminger
- 1980–1991: Dr. h. c. mult. Karl Otto Pöhl
- 1991–1993: Helmut Schlesinger
- 1993–1999: Dr. Dr. Hans Tietmeyer
- 1999–2004: Ernst Welteke
- since 2004: Dr. Axel A. Weber
See also
External link
- () () [Deutsche Bundesbank]
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