How independent is the Bundesbank?

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Abstract
The independence and power of the Bundesbank are often regarded as unchangeable features of German politics. A closer look at constitutional realities shows, however, that the Bundesbank very much thrived on a myth. A number of efforts have been made to explain why the Bundesbank should remain formally outside government's control and unaccountable to Parliament. Though de jure untouched the degree of de facto independence of the Bundesbank has become a hotly debated topic both with regard to the government's influence on the Bundesbank, because of its right to choose its leadership, and with regard to three major foreign policy events: the agreement on a Franco‐German council on economy and finance, German monetary union and Maastricht.

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