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After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.
A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.
The might of the D-Mark gives the Bundesbank greater influence than most elected governments over monetary policies across Europe. In bringing to life the central bank and the people who run it, Marsh reveals its history, and present-day, behind-the-scenes arguments over European monetary union.
The Bundesbank is one of the world's most powerful and successful central banks, outstanding for its independence in the conduct of monetary policy and for its success in the achievement of relative price stability virtually throughout the post-war era. This collection of essays by the President of the Bundesbank, by former and present Board members and by Heads of Department within the Bundesbank offer a rare inside insight into its operations. The individual contributions to this volume explain the historical, legal and institutional basis of German internal and external monetary policy and highlight the goals of the German central bank and its role in the economy as a whole. The role of the Deutschmark as one of the leading international transaction, reserve and investment currencies is discussed in detail. Students of monetary management and the banking community throughout the world will benefit greatly from a study of this unique volume.
We use money every day in the form of banknotes, coins or credit on our bank account. We pay online on the internet, take out loans and save money on bank accounts. But what is money really? Where does it come from? Who controls the banks? What are the tasks of central bank and how does monetary policy work? The documentation of the new permanent exhibition at the Museum of Money of the Deutsche Bundesbank provides a fascinating insight into place whic h provides a unique educational experience. The lavish illustrations make the room installations as vivid as the numerous exhibits from over 2,500 years of monetary history. Original texts from the museum convey knowledge of economics and history and offer an introduction to the world of money.
This is a paper for anyone wanting to make sense of the new Europe. The Bundesbank is crucial for the processes of both German and European Economic and Monetary Union. It may provide the model for any future European Central Bank or "Euro-Fed". To understand the implications of this for the future of European monetary integration one must also understand the history and structure of the Bundesbank, its ethos and objectives. This book examines these issues and in particular how the Bundesbank has reacted to international pressure.
A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.
As The Wall Street Journal has observed: "When Bundesbank President Helmut Schlesinger tightens the credit screws in Frankfurt, Caterpillar Inc. feels the pain in Peoria.".
Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.