The members of the Board did not join the Central Bank Council until the Bundesbank Act became law in 1957. However, the decentralised element was preserved in the process by which Land Central Bank Presidents are appointed. The Central Bank Council thus has a sort of “dual character”.
Honourable Minister, Distinguished Ladies and Gentlemen, the Bank evaluates monetary policy implementation framework on a regular basis for effectiveness, and introduces refinements where necessary. In this respect, during this year, the Bank will adopt what is known as “Reserves Averaging” in the determination of Primary Reserves Requirement for banks and also shorten the maturity of the 14-day BoBCs to seven days.