The Bundesbank plays a central role in German politics. Its strong position is mainly the result of its independence from the national government. This independence is guaranteed by the Bundesbank Act and has been defended time after time even at the price of open conflict with the central government. The importance of the independence of the central bank is also the basis of the attitude of the Bundesbank towards European monetary integration. Today, the independence of the Bundesbank is threatened by party‐political influence on the selection of its board members, by the public reaction against the bank's views on matters other than monetary, credit and exchange‐rate policies, and by recent efforts at the European level to extend the EMS.
West European Politics
Volume 12, 1989 - Issue 2
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A political explanation of variations in central bank independence
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Cambridge University Press (CUP)
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