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deutsche bundesbank

Central Bank of the Federal Republic of Germany

The Federal Bank of Germany is the central bank of the Federal Republic of Germany and the state monopoly capital financial organization. Established in accordance with the Federal Banking Act passed on July 26, 1957 Frankfurt Official opening. The main responsibilities are: issuing currency, managing currency circulation, providing credit, stabilizing currency, acting as the agent of federal revenue and expenditure, keeping the funds of state-owned enterprises and developing relations with foreign countries. The highest decision-making body is the Central Bank Committee, which is responsible for formulating monetary and credit policies, business guidelines and management systems, and has the right to issue instructions to the Board of Directors. The committee is composed of the president, vice presidents, members of the board of directors, and presidents of central banks in 11 states.^[1]

corporate name: deutsche bundesbank
Foreign name: Deutsche Bundesbank
Date of establishment: 1957

Headquarters location: Germany
Company type: central bank
Predecessor: Deutsche Bank AG

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brief introduction

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Deutsche Bundesbank was founded 1957 , formerly Germany State banks. Issued on June 20, 1948 Deutschmark , until 2002 euro Entity currency The Deutsche Bundesbank was in Deutschmark until it began to circulate central bank 。 It is the first central bank to be endowed with full independence, representing the central bank model known as the "federal bank model", and the government's decision on its goals“ New Zealand Mode ".

The Deutsche Bundesbank successfully controlled inflation It is widely respected, which makes the Deutsche Mark one of the most important currencies, and also makes the Deutsche Bundesbank have a real potential influence on many other European countries.

Historical development

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development

Before 1871, Germany existed only as a geographical concept. It was composed of more than 360 small states ruled by feudal lords. There was no unified political power, so it could not produce currency that could pass through the whole territory central bank 。 However, with the development of its domestic economy, there have been many financial institutions with financing functions. Marx once pointed out that there is no Isaac Perel here, but there are hundreds of Mervysons, not to mention more than the number of German princes Movable property mortgage loan bank. For example, in the 16th century, there were many institutions in South Germany that promoted silver mining mediterranean sea Eastern countries and islands do trade, and through leon , especially through Antwerp At that time, the financial complexity of loans to princes had reached an advanced level; In Hamburg, a deposit bank also appeared in the 17th century; And in Prussia In the 18th century, banks also appeared, which were used to finance the army and Juncker nobility Provide loans.

However, many small banks in Germany are still in their original state. They are operated and distributed in their respective vassals bank notes , so that the bank operation and the circulation of bank notes are separated between regions. With the development of production and circulation, the market continues to expand, and the separated circulation of bank notes and the expanding commodity production There is a contradiction between and circulation, because commodity circulation requires breaking regional restrictions, and the issued bank notes can be circulated in a large range. More importantly, the above-mentioned small banks in Germany are usually closely related to the governments of the vassal states, and they are tools for raising war funds. They are vulnerable to the impact of the victory or defeat of the war. Their ability to pay fluctuates greatly, and bankruptcy cases emerge in endlessly. Therefore, people realize that it is necessary to use banks with strong financial resources to issue national unified currency, improve the stability of currency, and establish a stable social credit mechanism.

It is for these reasons that German banks have gradually embarked on the road of unification. As we all know, the regional unification of monetary and banking systems in many countries usually goes through a slow, sometimes painful process, which is especially prominent in Germany, because the unification of Germany is so slow and painful. This process is from Prussia Started. In 1790, Frederick The Royal Overseas Company (founded in 1772) founded by the Great Emperor has evolved into a bank operating foreign exchange credit and handling national loans. In 1809, it was reorganized into pure national bank And was issued in 1846 bank notes And became a bank note issuing bank central bank The rudiment of. On the other hand, the unification of currency in Germany also promoted the emergence of the central bank. In 1828, the German states established customs union , and the other goal of the alliance was to achieve the unification of coinage German Empire After the monetary reform implemented at the time of establishment Germany Unification of domestic currency.

establish

With the unification of the German state and currency central bank The time is ripe to manage the currency. Ludwig Bambel, a member of Parliament at that time, was an active advocate for the establishment of the Central Bank. He believed that "shared responsibility is not responsibility", and the state should concentrate its financial power. However, Bambel's idea was accepted by the then Prussia The Chancellor of the Exchequer Kemphausen objected, and he wanted to retain the power of the vassals. After a scene, including German Empire In the triangular struggle including Prime Minister Ludov von der Bruck, the two sides reached a compromise, formulated and issued the Bank Law of the German Empire national bank The Imperial Bank became the central bank, but it continued to reserve the right of 32 other local banks to issue currency, but these rights were restricted, and their business scope was strictly restricted within the territory of their respective vassals. German Central banking system From then on, it began to form.

according to Banking Law ， Imperial Bank of Germany To "regulate the empire Money in circulation To facilitate payment and liquidation and ensure the full use of available capital ". It is shareholding system Private banks, but shareholders have no substantive power, and their supreme control belongs to the Imperial Prime Minister and the Imperial Bank under his leadership Board of Directors The five member trusteeship committee headed by the Prime Minister is responsible for supervising the banking system. this I System This ensured the decisive influence of the country on Imperial Bank. However, until the establishment of Imperial Bank the First World War For a long time, German currency The policy did not show this decisive influence, and Imperial Bank independently exercised its responsibilities within the legal scope. On the other hand, Imperial Bank issued bank notes There are also restrictions on issuance reserves. The law stipulates that one-third of bank notes issued by banks must be made of gold and silver in Germany Coin 、 Imperial Treasury Or gold as a reserve for issuance (the so-called "cash reserve"), and other bank notes need to be issued at a premium Commercial bill As the issuance reserve (the so-called "bank reserve"), when issuing bank notes beyond the limit, 5% of the monetary issue Tax. This regulation greatly reduces the occurrence of inflation Because the government is restricted by this regulation, it is unable to make unlimited loans to banks, thus forcing the central bank to issue excessive money.

above central bank System, for German economy The rapid development of has played a huge role in promoting. In the second half of the 19th century, Germany began industrial revolution In less than 30 years, it has completed the fundamental transformation of the nature of the economy, from a backward agricultural country to the world's second largest industrialized country after the United States. In this process, Germany's banking system It has provided a strong financial guarantee for technological transformation and capital expansion of enterprises, and has become a booster for rapid economic development. But in 1914, when the First World War When the time comes, the inherent weakness of the German central bank system will be highlighted. At that time, in order to raise war costs, the government used its control over the bank to borrow money from the Imperial Bank. The gold exchange system and the paper currency issuance tax were abolished. (Although the issuance reserve regulations were not cancelled altogether, their implementation has also been greatly relaxed.) Instead, the "cash reserve" is the borrowing receipt of government agencies, while the "bank reserve" is Imperial Treasury And Imperial short-term bonds. This kind of government bonds replace Gold reserves towards central bank Financing for expansion national credit The wartime system of inflation A curse has been sown.

Bundesbank

During the First World War, the German government lent heavily to the Imperial Bank to raise war funds, which triggered inflation 。 After the war, the German government faced high war reparations, public debt and subsidies for war victims, but only through central bank increase Currency circulation To get out of trouble. As a result, Germany's domestic currency expanded rapidly like a fast horse. According to the research of Wuertfrelich, the currency in circulation in Germany reached 17 trillion marks in June 1923, 2750 times more than 6.3 billion marks in 1914; In November 1923, the current bonds reached 190000 trillion marks, 36.3 billion times more than the 30 trillion mark in July 1914. The price in June 1923 was 19985 times higher than that in 1913. German people live in extreme panic. In the face of the above-mentioned fatal consequences, the Weimar government, which came to power in 1919, had only one strategy to use, namely central bank Major reform of the legal system to enhance the independence of Imperial Bank to rebuild the post-war German currency System. In addition, after the First World War, the international demand for the central bank to remain independent grew. The 1920 Brussels International Financial Conference made the following resolution: "The central bank must not be pressured by the government, but should act according to the prudent financial line." The 1922 International Financial Conference in Genoa gave the same emphasis to the above purpose.

Under domestic pressure and international appeal, in 1924 Weimar government Promulgated《 Banking Law 》, which stipulates that Imperial Bank is independent of the government; Imperial Bank is independently responsible for its monetary policy and its lending activities; The central bank also has strict restrictions on the amount of loans it can provide to the government; The central bank must have at least 40% of gold and foreign exchange reserve , undertake the responsibility of Foreign exchange exchange The obligation to write. In addition, in terms of institutional setup, in order to ensure the independence of Imperial Bank and get rid of the control of the German government, the Bank has set up The general meeting of shareholders At the same time, in order to ensure that the government has fulfilled its obligation to pay compensation to the treaty of victory, the law also stipulates that half of the members of the board of directors of Imperial Bank should be foreigners, and the commissioner responsible for issuing currency among them must be foreigners. above central bank The reform of the legal system made it clear for the first time in German history that the central bank should be independent from the government, which became the beginning of the independence system of the German central bank.

German Central Bank Independent system and stable Monetary system Re established, eliminated inflation After the mechanism and psychological roots of the German economy, the German economy was relatively stable in the middle stage. However, the good times did not last long. After the Nazis came to power in 1933, they began to react against this system. All Nazi domestic and foreign policies and economic policies were designed to prepare for war, Hitler The "political power" was achieved by those who pushed Germany into the First Imperialist World War and responded to inflation and 1929-1932 economic crisis conscientious Imperialist war The dealer arranged it. These old criminals who betrayed the national interests of Germany now rely on the Hitler Party to prepare for another world war. To this end, the Nazi government Imperial Bank of Germany As a tool for raising war funds, Imperial Bank totally lost its independence and issued currency according to the will of the government and even Hitler himself, not to mention formulating and implementing an independent monetary policy.

In order to enable the Nazis to make the above arbitrary use Credit expansion To support the war economy banking system To legalize, Hitler's government formulated a series of banking regulations. In 1933, the newly revised Bank Law was promulgated, which stipulated that the Board of Directors of Imperial Bank would be abolished, and the power to appoint the President and members of the Board of Directors of Imperial Bank would be transferred to the Head of State; Empowered Imperial Bank Implementation disclosure Market policy Power, but seldom use it; Imperial Bank can discount the "jobs creation bill" to provide funds for the new government to create jobs. However, when this means of financing is used as war preparation This system has completely lost its credit and thus led to inflationary money supply 。 Of course, the above practices of the Nazi government were strongly opposed by the Imperial Bank, but they were unable to stop it. In the opposition, the independence of the Imperial Bank also gradually decreased. In February 1937, the New Order Law of Imperial Bank was promulgated, which stipulated that the board of directors of Imperial Bank was directly led by the head of state, and the bank's independence was completely deprived. In 1939, the Board of Directors was also finally dissolved. In 1939, the Nazi government promulgated the Imperial Bank Act, which stipulated that the exchange of paper money should be stopped; The issuance reserve consisting of 40% gold and foreign exchange can be entirely composed of bills of exchange, cheques Short term treasury bill , Empire Treasury bond And other similar bonds; central bank The amount of loans to the empire was ultimately determined by "leaders and heads of empire". So far, the Nazi government finally completed the legal and economic nationalization of the central bank.

reconstruction

The Establishment of German Banks and the Reconstruction of Monetary Order

After the defeat of the war, Germany was in ruins, and most of the cities were reduced to nothing. What's more, because the Nazi government issued a large amount of money during the war, by the end of the war, serious problems had occurred in Germany inflation ， German economy Was completely cut off. From 1935 to 1945, Germany's cash flow surged from 6.3 billion imperial marks to 73 billion imperial marks, and its bank deposits increased from 30 billion to more than 150 billion. The public debt of the Third Reich rose from 15 billion Imperial Mark to 415 billion Imperial Mark. Under the pressure of inflation on an unprecedented scale, Germany's banking and monetary system has been dead in name, and American cigarettes have even replaced the Imperial Mark as a means of circulation. At that time, economist W. Lepke once said derisively that this was "an economy of hair oil - ashtray - medicinal tea".

Faced with the economic situation in Germany, the United States, Britain and France began to coordinate their respective policies towards Germany due to political considerations, and soon reached a consensus that a stable Europe needs a stable and prosperous Germany. As a result, the issue of rebuilding Germany has been put on the agenda, and the first step is to restore Germany's economic order completely destroyed by the war. and German economy The premise of recovery is the reconstruction of a sound monetary order, and from the actual conditions, the establishment of a sound monetary order must have an effective central bank And commercial banking system. Based on this, since 1946, the United States, Britain and France have designed a two-level central banking system with strict organizational structure for Germany, following the example of the United States Federal Reserve System in the western occupied area. The system consists of the legally independent state banks of the states in the western occupied area and the Frankfurt Established by the Deutsche Bank. Deutsche Bank AG monetary issue , policy coordination, foreign exchange management, etc., and the central bank of the state acts within its jurisdiction Central Bank Functions 。 The highest decision-making body in the two-level structure is the Central Bank Council, which is composed of the President, the Governor of the State Central Bank, and the President of the Executive Council of the Deutsche Bank. The function of the Council is to decide Discount policy And minimum reserve policy for Open market policy And issuing loan instructions. The banks of the German states already have the embryonic form of the central bank. Then, in June 1948, the Deutsche Bank central bank Launch Deutschmark To replace the imperial mark and carry out monetary reform to rebuild the monetary order in Germany. And the first world war in 1923 runaway inflation Different, the currency reform in 1948 made German economy It has stepped into the track of healthy development. Monetary reform has completely suppressed inflation , creating a stable Monetary conditions 。 On this basis, the German social market economic system began to take shape, which played a very important role in promoting the miracle of German post-war economic development.

It should be noted in particular that Germans have no doubt about the independence of the central bank after two disastrous consequences caused by the central bank's obedience to the government. On the other hand, the Federal Republic of Germany had not yet emerged as a country when the German banks were established in 1948, which also provided an objective environment for the central bank to be independent of the government. Therefore, the Deutsche Bank was independent from the political institutions of Germany at the beginning of its establishment. After 1951, it was completely independent of the Allied Military Management Committee.

Establishment of the Federal Bank of Germany

As mentioned above, two levels under the leadership of Deutsche Bank central bank The system is only a transitional institution established by the allied military control authorities to carry out monetary reform. It is itself established according to the order issued by the military control authorities. Federal Republic of Germany After its establishment, the decree of the military control authority could not be incorporated into the Federal Republic of Germany legal system Among them, the German banks built on this basis also lost the legal basis for their continued existence as the Bundesbank. Therefore, the Basic Law of the Federal Republic of Germany in 1949 requires the establishment of a national central bank in the form of a constitution to replace it. Article 88 of the Act stipulates that the federal government should establish a central bank and replace the occupying forces' decrees implemented before that with German laws.

After nearly eight years of preparation, in accordance with the requirements of the Basic Law, Germany promulgated the Federal Bank of Germany Act on June 26, 1957, abolishing two levels central bank The Federal Bank of Germany, a unified central bank, was established on the basis of the merger and reorganization of the state central banks. Although the state central banks still retain their own names, they have virtually lost their independence and become branches of the Federal Bank of Germany. The Act details the Federal Bank's Legal form , tasks, organizational structure, relationship with the federal government, monetary policy authority, business scope, annual accounts Profit distribution , statement system, etc. Its greatest significance lies in creating a new and independent central bank for the world.

Central Bank Independence

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central bank The relationship with the government is an issue that cannot be ignored or avoided in the macroeconomic management of various countries. The development and potential of an economy depends first on Macroeconomy Whether the mechanism is sound and the operation is effective. Only a fully independent central bank can bring about a stable, consistent and flexible monetary policy, which is an indispensable part of a sound macro system. Therefore, a central bank with independent legal status is the primary condition to ensure the healthy operation of the legal mechanism of monetary policy. As far as independence is concerned, Germany's central bank is the most representative. It has become a synonym for an independent system and a model owned and recommended by many economists and financial organizations today, International Monetary Fund This is no exception.

Independence reasons

The Germans learned from two traumas that the competent authority of monetary policy must be independent of the government, and only in this way can it complete its basic task - to defend the currency. In German consciousness, central bank Obedience to the government will make monetary policy inflation Therefore, in order to ensure the just interests of those who have suffered losses due to inflation, it is necessary to have an independent central bank that tries to get rid of political pressure. After nearly 50 years of development, Germany Central Bank Independence The understanding of the Bank has basically got rid of the "emotional memory" of past painful experiences, and more rational thinking has been given, but the conclusions reached by the two are consistent, that is, the independence of the central bank must be maintained. In the social market economy system, the financial policy should be put in the first place, and the currency should be maintained and independent of political influence, which cannot be changed.

Embodiment of independence

central bank The independence of the central bank refers to the autonomy that the law gives the central bank to formulate and implement monetary policies in the national economic macro-control system, as well as the relevant legal measures taken to ensure the effective exercise of the autonomy. Its content has two parts, one is the legislative definition of central bank autonomy; The second is the degree to which the central bank is subject to other legal subjects when exercising its autonomy, that is, to handle the relationship between the central bank and other legal subjects (especially the government). In a sense, the independence of the central bank is the determination of the legal status of the central bank. Among the countries in the world, Germany has the most independent central bank, namely the Federal Bank of Germany. The independence of the Federal Bank of Germany is fully reflected in the Federal Banking Law, whose core is to provide legal institutional guarantee for the independence of the Bundesbank.

First, the German Federal Bank's organizational independence. Article 3 of the Federal Banking Law clearly stipulates that the Federal Bank of Germany is a federal direct legal person in the sense of public law. Although this article then stipulates that the Federal Bank's established capital of DM 290 million is owned by the Federal Government, the law gives the Federal Bank full autonomy, and its organization is not subject to the leadership of the Prime Minister, the supervision of the government, or the inspection of the Banking Supervision Bureau. As the largest shareholder, the government should not interfere in the business of the central bank. Article 12 of the Act stipulates that the Federal Bank shall not be interfered by the instructions of the Federal Government when exercising the powers and functions conferred by this Act. In terms of management organization, the Federal Bank central bank The Council, the Executive Council and the Executive Council of the State Central Bank are jointly completed, but the top management body is the Council of the Central Bank, which also exercises the top management independently of the government. In addition, German Central Bank The personnel appointment and removal system also ensures its organizational independence. The Federal Bank of Germany has the highest level of state administration and is directly responsible to the Parliament. Its president is appointed by the President for an eight year term. This makes the president of the Federal Bank not affected by the change of the president and the government, and guarantees the independence and continuity of the economic policies of the Federal Bank from the perspective of personnel organization.

Secondly, from the perspective of the relationship between the federal bank and the government. The Federal Banking Law attaches great importance to the relationship between the two, and sets up a special chapter (Chapter 3) to specifically regulate it. The relationship between the Federal Bank and the government fully reflects the biggest characteristics of the Federal Bank, that is, central bank It is quite independent of the government and parliament to an appropriate extent, so as to ensure that the central bank can effectively complete all tasks required by law, including stabilizing the currency. On the one hand, the Federal Banking Law clearly stipulates that the Federal Bank is not subject to government intervention when exercising the rights and activities granted by law. Although representatives of the federal government have the right to attend the board of directors of the Federal Bank and make suggestions to them, they have no final voting right and can only raise objections. They can ask the board of directors to postpone voting, but only for two weeks at most. On the other hand, the law also stipulates that the Federal Bank, on the premise of defending its own tasks, has the responsibility to support the general economic policies of the government, cooperate with it, provide advice to the government on matters of major monetary policy significance, and answer questions and provide information at the request of the government. It should be noted that the obligation of the Federal Bank to cooperate closely with the government as stipulated by law is not contradictory to the principle of independent monetary policy. Because the fundamental purpose of the two is the same. According to the "Economic Stability Growth Act", all economic policies and measures of the federal government must Free market economy And at the same time, it is conducive to achieving price stability, high employment Foreign exchange balance And steady and moderate economic growth. This is also the fundamental goal of the Federal Bank. However, if the government's policy deviates from the above direction, the Federal Bank can independently exercise its monetary policy power according to law without supporting its policy, because for it, defending currency is its consistent and irresistible sole purpose. In a word, the relationship between the Bundesbank and the federal government is a close cooperation on an independent basis.

From the functional perspective, the independence of the Federal Bank is also very obvious. Article 3 of the Federal Bank Law stipulates that the Federal Bank of Germany uses the monetary policy authority granted by this law to regulate currency circulation Financing with the economy for the purpose of safeguarding currency and engaging in domestic and foreign payment affairs Bank clearing 。 In addition, the Federal Bank is not subject to the interference of government directives when exercising the above-mentioned functions and powers. To be specific, the functions of the Federal Bank of Germany include the following points, but it should be noted that the federal government has been entrusted by law with the exercise of each authority exclusiveness The exclusive authority of. First, play central bank monetary issue Functions of the Bank. According to the Federal Bank Law, the Federal Bank has the power to monopolize the issuance of money and should ensure that Effective control Money in circulation And maintain currency stability. Secondly, implement the function of "the bank of the bank", that is, give full play to Lender of last resort Role of. The Federal Bank implements the policy of bank credit And its means include minimum reserve policy, discount, credit and Open market policy Deposit policy. Thirdly, implement the function of "national bank". According to the Federal Banking Law, the Federal Bank may, in accordance with Market interest rate Make loans. In the implementation of this function, the lack of independence of the central bank is most likely to lead to disastrous inflation. Because once the central bank loses its independence and becomes a tool for the government to raise funds, it will expand the government's credit at will, which is likely to lead to the government's unlimited overdraft to banks and arbitrary expansion of currency issuance, thus causing inflation 。 Therefore, Article 20 of the German law stipulates the maximum amount of loans the Federal Bank can make to the government public sector, which is also a measure to ensure the independence of the central bank.

Finally, the function of the monetary reserve manager, that is, the Federal Bank, as the only institution of Germany's official monetary reserve, is responsible for ensuring the country's ability to pay international cash, which is also the function of the Federal Bank to exercise its powers independently.

Basic system

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And European Central Bank Relationship of

As per December 10, 1991 European Community The European Union Treaty adopted by the Summit, which was entered by the European Community on January 1, 1999 European Monetary Union The third stage. Within this alliance, a unified currency will be realized“ euro ”, unified central bank And a unified monetary policy. In order to comply with the European Union Treaty on the establishment of European Central Banking System The German Federal Bank Law has been revised for the sixth time in history.

As the central bank of the Federal Republic of Germany, the Federal Bank of Germany is an integral part of the European central banking system. Its primary responsibility is to stabilize the currency and handle the banking business of domestic and foreign payment transactions. stay European Monetary Union Within the three-year transition period of fixed rate To issue "Euro" notes and Fractional currency During this period, the Bundesbank was still authorized to issue Deutschmark , but must pass European Central Bank Approved by the Council. After three years of transition, the Deutsche Bundesbank will lose Currency issuance right 。 Article 15 of the former Federal Banking Law on discount, credit and Open market policy Article 16 Minimum Deposit reserve The deletion of the policy provisions indicates that with the growth of the European Central Bank's power, when it effectively uses the powers granted by law, the responsibility of the German Federal Bank to stabilize the currency will be transferred to the European Central Bank. The Bundesbank reserves the right to participate in the International Monetary Organization, such as Bank for International Settlements But must be reported to the European Central Bank for approval. The Federal Bank can continue to support the economic policies of the Federal Government only if its performance of its duties to the European Central Bank is inviolable. In addition, according to《 European Union Treaty 》Provisions, Capital fund And legal reserves increased to DM 5 billion. The amount of capital and statutory reserves in the financial statements of the Federal Bank of Germany will be changed on December 31, 1998, and its accounting system and statements will also be formulated by European Central Bank formulate.

This shows that in the European Monetary Union After the implementation, the Federal Bank of Germany not only lost the power to formulate monetary policy, but also lost Currency issuance right 。 According to the European Union Treaty, the European Central Bank controls all Monetary policy tools , including Open market policy 、 credit policy , Minimum Deposit reserve Policies, and owns euro publishing right 。 However, the Federal Bank of Germany can participate in the monetary policy decisions of the European Central Bank, because the President of the Federal Bank of Germany is a member of the Council of the European Central Bank, and he has a voice in this decision-making body. Since the European Central Bank is mainly established according to the model of the Federal Bank of Germany, and headquartered in Frankfurt More importantly, as the leader of European economy, the role of the President of the German Federal Bank cannot be underestimated. Although the Bundesbank central bank The Council no longer decides on currency and credit policy , but only determine the business policy. Its responsibility is to European Central Bank But the Bundesbank still has many tasks, such as Refinancing At the European Central Bank Open market policy Jurisdictional Bond repurchase Business, cash and non cash settlement business Banking supervision 、 foreign exchange reserve Management, personnel issues, etc. The Federal Bank is European Central Banking System It is a part of the European Central Bank, similar to a branch, but does not obey the European Central Bank in terms of personnel appointments, institutional settings, etc. In addition, the European Central Bank stipulates that national central banks shall not Primary market Shangmao government bonds To prevent governments from interfering in the operation of the European Central Bank.

Relations with the Federal Government

The Federal Law of Germany stipulates that the Federal Bank of Germany is a federal direct legal person in the sense of public law. The establishment capital of the Federal Bank held by the government is only the basis of its monetary sovereignty, and the Federal Bank's central bank The Council and the Board of Directors enjoy the status of the highest functional agency of the federal government, and state central banks and branches also enjoy the status of functional agencies of the federal government. It can be seen that the Federal Bank Law of Germany stipulates that the Federal Bank is independent from the federal government in terms of functions, economy, personnel, etc. In addition, although the Federal Bank is organized according to the laws formulated by the Federal Parliament, it is not subject to the jurisdiction of the Federal Parliament; Moreover, the Federal Ministry of Finance shall not arbitrarily overdraft the Federal Bank or arbitrarily decide to expand the issue of coinage, and coinage is not an unconditional means of payment. The Federal Bank European Central Bank We can continue to support the economic policies of the federal government on the condition that the performance of our duties is not violated. Although members of the federal government still have the right to participate central bank Council meeting, but if he has any objection to the resolution of the Council of the Central Bank, he can request the postponement of two weeks, because the European Union Treaty stipulates that the European Central Bank and all participants monetary union Its central bank is independent of political institutions.

In terms of capital allocation, the former Federal Banking Law stipulated 290 million marks, but according to the European Union Treaty, it must be increased to 5 billion marks, which is still held by the federal government. The term of office of the President and Vice President of the Federal Bank, other members of the Executive Council and members of the State Central Bank Management Committee is still set at 8 years, but the minimum term of office under exceptional circumstances is changed from 2 years to 5 years, which further guarantees the independence of the federal government in terms of personnel.

On the issue of monetary stability

Since 1999, the Federal Bank of Germany has begun to lose its monetary policy. Deutsche Bundesbank now issues Deutschmark Authorization is required, and the Deutsche Mark will not be issued since January 1, 2002, and from 2003, Eurocurrency After the distribution right is unified, the deutsche mark will be withdrawn from the stage of history, euro Become the only legal currency. Deutsche Bundesbank is obliged to cooperate European Central Bank Maintain currency stability.

With the gradual expansion of the influence of the European Central Bank, the Federal Bank of Germany will further transfer its monetary policy responsibilities, which may federal financial regulation Bureau merger and specialized supervision responsibilities; also German Central Bank The system in Germany will disappear from the law and become more an informal rule, while the European Central Bank Transnational central banking system The evolution of will be deeply influenced by the Deutsche Bundesbank model.

Regulatory role

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In June 1957, Germany promulgated the Federal Bank of Germany Act, which was to merge and reorganize the state central bank On the basis of German Central Bank ——Deutsche Bundesbank. At first, the Federal Bank of Germany integrated monetary policy and financial supervision functions. Due to its high independence, the Deutsche Bundesbank can perform its duties without obeying the federal government. In order to prevent its power from being too great, Germany was established in 1961 as a check and balance Banking supervision Bureau, subordinate to the Ministry of Finance and independent of the Federal Bank of Germany, is responsible for banking Conduct supervision. In order to better adapt to the country Financial mixed operation In May 2002, Germany merged the original Banking Supervision Authority Insurance supervision Bureau Securities regulation On the basis of the three agencies, the Federal Financial Services Regulatory Authority was formally established. According to the law, the Federal Banking Regulatory Authority and later super regulators—— federal The Financial Services Regulatory Authority is not allowed to set up any form of subordinate institutions anywhere, so Germany Financial regulators The staff of the Financial Services Regulatory Authority has been relatively lean. Even the Financial Services Regulatory Authority established by integrating three regulatory agencies, namely, banking, securities and insurance, has only about 1400 employees.

Although the German financial supervision system has undergone several reforms, the Banking Law has been revised for many times, realizing the transformation from institutional supervision to Functional supervision , from separate management to comprehensive management, but Deutsche Bundesbank participated in various ways financial regulation There has not been much change in our approach. After the separation of monetary policy and regulatory functions《 Banking Law 》It is still emphasized that the Federal Bank of Germany must work closely with the Federal Financial Services Regulatory Authority to jointly assume the overall regulatory responsibility for the German financial industry, and it is also clearly stipulated that the German financial regulatory organization system is the combination of the regulatory authority and the central bank The system of division of labor and cooperation between. The German Financial Services Regulatory Authority is responsible for comprehensive supervision, including issuing regulatory regulations to financial institutions and implementing market access Withdraw from supervision and administrative punishment, and carry out some special measures when necessary On site inspection 。 In addition to assuming monetary policy functions, the Deutsche Bundesbank later joined European Central Banking System bear European Central Bank In addition to the three functions, it is also responsible for Foreign banks The main purpose of supervision is to use its branches across the country to carry out specific supervision on the daily business activities of banks in various states, including on-site and Off site supervision , regularly collect financial institutions Balance Sheet , monthly revenue report Own funds Reports, liquidity reports, more than 1.5 million euro Large amount loan report, construction loan special information report, etc., and make evaluation opinions and transmit them to the Financial Services Regulatory Authority for final decision. In general, the supervision of the Financial Services Regulatory Authority is based on the evaluation opinions of the Federal Bank of Germany. The Federal Bank of Germany and the Financial Services Regulatory Authority cooperate with each other to effectively allocate and make full use of existing resources and their respective expertise.

German Central Bank And Financial regulators In the supervision process, the division of labor is clear and the responsibilities are clear. First, from the legal level, such as through《 Banking Law 》, define the supervision responsibilities of both parties; Second, the two parties should sign a memorandum to further define their respective scope of responsibilities, so as to avoid duplication of labor between the two parties. Because the German Central Bank financial regulation The extensive participation of, thus ensuring the stability of the German financial industry. Since World War II, there has been no serious financial crisis , even when the global financial crisis occurred, it remained relatively stable. German Financial supervision system It is regarded as an example of financial regulation by the international community.

Supervision mode

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In order to effectively perform regulatory functions in accordance with the law, German Central Bank According to Article 7 of the Federal Bank of Germany Law banking And financial regulation Division financial stability Division, responsible for financial supervision, carrying out analysis and assessment of financial stability, and participating in financial institutions' prudential supervision 。

First, the Federal Bank of Germany is responsible for the daily supervision of financial institutions by taking advantage of its own network advantages. By monitoring the risk categories of financial institutions and auditing them, it puts forward evaluation opinions to provide a basis for the Federal Financial Services Regulatory Authority to better exercise its regulatory functions.

Second, the Federal Bank of Germany plays a role in improving financial supervision by participating in the board of directors and the management committee of the supervisory authority. German Federal Financial Supervisory Authority It has a management committee, mainly composed of the federal treasury department 21 representatives from the Federal Bank of Germany and other regulatory authorities. The management committee is chaired by the Federal Ministry of Finance. The Management Committee supervises the management of the Federal Financial Services Regulatory Authority, decides the budget of the Federal Financial Services Regulatory Authority and suggests how to complete the special supervision task. The Federal Bank of Germany sent representatives to participate in it, taking advantage of its own advantages, and playing a positive role in improving supervision.

Third, the Federal Bank of Germany and the Supervisory Authority jointly established Financial market supervision Forum, aimed at strengthening central bank Regulatory coordination with the Regulatory Authority, impact on financial system Provide suggestions on stable and comprehensive regulatory issues.

Fourth, participate in the formulation of regulatory regulations. Financial regulators The release of regulatory regulations should be negotiated with the Federal Bank of Germany in advance, and the degree of negotiation depends on the correlation between regulatory regulations and the monetary policy of the Federal Bank of Germany; In some areas, such as the regulation of capital and liquidity of financial institutions, agreement must be reached with the Federal Bank of Germany; The Bundesbank must also be consulted in advance in other areas.

Fifth, jointly carry out major regulatory actions. For example, between June and July 2011, the Federal Bank of Germany and the Financial Services Regulatory Authority jointly sent Pressure test Questionnaire to jointly convene large banks to discuss the test results; For another example, on December 8, 2011, the Federal Bank of Germany and the Financial Services Regulatory Authority jointly announced that six German banks need to supplement Core capital 13 billion 100 million euro 。

Sixth, enjoy the exclusive right of financial statistical information. According to Germany《 Banking Law 》The Federal Bank of Germany is the only institution in the country that has the right to exercise statistical power over financial institutions. The Financial Services Regulatory Authority has no right to collect statistical information in any form from financial institutions alone. Financial institutions must submit various types of statistical information to branches of the Federal Bank of Germany all over the country every month Statistical report 。 At the same time, the law stipulates that the Federal Bank of Germany and the Financial Services Regulatory Authority should establish a free information exchange mechanism to share databases and information systems. All kinds of information and data, except those involving internal personnel changes, are not confidential to each other, and both parties can freely access each other's databases related to their functions. In addition to collecting statistical data from financial institutions, the Federal Bank also needs to collect these data information, especially for financial institutions involved Capital fund Make necessary analysis with data and information on liquidity, and provide these analysis reports to the regulatory authority together with statistical data.

It can be seen that the function of the Deutsche Bundesbank federal financial regulation The functions of the Bureau are inseparable, and Deutsche Bundesbank is in fact widely involved Banking supervision ； German currency The separation of policy and financial supervision is not a complete separation of functions in the usual sense central bank Still the main character.

Anti counterfeiting cooperation

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deutsche bundesbank

At the end of January 2013, the spokesman of Deutsche Bundesbank Frankfurt He said that in the future, the bank would not invite representatives of China and Vietnam to participate in the anti counterfeiting seminar. In the future, Germany will not start relevant consulting projects with China. The reason is that in China and Vietnam, serious counterfeiters may be sentenced to death.

Germany《 Die Zeit 》He said that before, the Bank of Germany and China had cooperated frequently in this regard. The Chinese side had sent representatives to participate in German training on anti counterfeiting for many times, and went to Germany to learn from Germany on how to investigate and combat counterfeiting activities. However, in the summer of 2012, after a man in China was sentenced to death for counterfeiting“ Amnesty International ”、“ Human Rights Watch ”And other western organizations strongly criticized the Federal Bank of Germany. Member of the German Parliament The Green Party Volcker Beck, spokesman for human rights policy, also accused that it was wrong to "crack down on counterfeit money without calling for the abolition of the death penalty".

Under pressure, the Federal Bank of Germany made a decision and made a written commitment to follow the government's foreign policy line and pay more attention to human rights when choosing partners. All countries that can be sentenced to death for counterfeiters will not cooperate with them in combating counterfeiting.^[2]

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