Deutsche Bundesbank’s losing struggle in European integration battle

Klaus Engelen

In the debate about increasing political pressures threatening central bank independence, the German example may offer some sobering lessons. There are many different ways to undermine a central bank’s independence to set interest rates and conduct monetary policy. Some methods are obvious, with government entities blatantly seizing control. But in the case of the Deutsche Bundesbank, the evidence points to the erosion of its authority coming from successive German governments that have used the

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