While the Bundesbank provides an assessment, it is the government that ultimately decides whether and how macroprudential measures are employed. Central bank analysis is brought to fruition, but a different decisionmaking body provides an extra layer of insurance that monetary policy does not get mired in a potential conflict between price stability and financial stability goals.
Among those reforms, the 1986 effort is widely regarded as having been the most successful of the post-war era. This success was achieved, in large measure, I believe, because the reform hewed to an explicit set of principles. I am not suggesting that today's reform should follow the specifics of the 1986 reform.