Central Bank Council
The Central Bank Council was the supreme body of the Deutsche Bundesbank . His duties included monetary , credit, currency and business policy. In particular, he was responsible for setting the key interest rates ( discount rate , Lombard rate ). The council consisted of the president and vice-president of the Deutsche Bundesbank, as well as members of the board of directors and the presidents of the state central banks . Since the Bundesbank has only been an executive body of the ECB with regard to setting the key interest rates since January 1999 , the Central Bank Council has been deprived of its duties to set the key interest rate. With the 7th law amending the law on the Deutsche Bundesbank of April 30, 2002, the Central Bank Council was therefore abolished.
The Bank deutscher Länder , the predecessor institution of the Bundesbank, also had a central bank council. In this, the members of the board of directors - unlike from 1957 at the Bundesbank - were not independent; rather, the BdL president was authorized to issue instructions to them .
Footnotes
- ^ Otmar Emminger : D-Mark, dollar, currency crises. Memories of a former Bundesbank President . DVA 1986, p. 69