But I don’t think Hamburg lost out in any way – Hamburg is an appealing, vibrant and economically successful location as it is.
One thing I am quite certain about is that the choice of location did not influence the Bundesbank’s success, which I think can be put down to three key factors: Its narrow mandate to preserve price stability, Its independence, which allows it to pursue this objective even against political influence, if need be, and An appreciation of the need for stability throughout much of the German population, which gave the Bundesbank the popular backing it needed to pursue its monetary policy objectives.