1 March 1948

Bank deutscher Länder established. Institution independent of German authorities with the objective of stabilising the currency.

20 June 1948

Currency reform in West Germany. D-Mark replaces the Reichsmark.

19 September 1950

European Payments Union established with the objective of achieving trade liberalisation, currency convertibility and European integration.

26 July 1957

Bundesbank Act. Deutsche Bundesbank established with the objective of safeguarding the currency and independent of instructions from the German Federal Government.

27 December 1958

Majority of European currencies declared convertible. End of European Payments Union.

10 July 1961

Banking Act: extensive participation of Bundesbank in banking supervision.

12 March 1973

“Block floats” of several European currencies against the dollar adopted. Bretton Woods system of fixed exchange rates collapses (Germany had been a member since 1952).

13 March 1979

European Monetary System as a system of fixed but adjustable exchange rates.

1 July 1990

Pan-German monetary, economic and social union. D-Mark adopted as currency in eastern Germany.

7 February 1992

Maastricht Treaty on European Union signed. Envisages establishment of economic and social union.

16/17 July 1997

European Stability and Growth Pact adopted to safeguard stability-oriented fiscal policy.

1 January 1999

Stage Three of European Economic and Monetary Union begins. Euro becomes common currency of 11 EU countries. Eurosystem has joint responsibility for monetary policy.

1 January 2002

Euro introduced as cash in the countries of the European Monetary Union.

23 March 2002

Bundesbank Act amended: Executive Board is sole decision-making body of the Bank; Land Central Banks no longer exist, they remain Regional Offices but without autonomy.