VI Among the participating national central banks, the Bundesbank is the one that has seen the greatest changes induced by the changeover to a truly European currency. Before EMU, the Bundesbank had effectively – although not formally – been the central bank deciding the monetary policy for much of Europe.
Ewald Nowotny: Toward a genuine Economic and Monetary Union Opening remarks by Prof Dr Ewald Nowotny, Governor of the Central Bank of the Republic of Austria, at the workshop “Toward a Genuine Economic and Monetary Union”, Vienna, 10 September 2015.