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Dates of the German monetary policy (Summary)

Dates of the German monetary policy (Summary)

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.

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