Substantial changes to the Bundesbank Act that have been made over time were related to major events such as German reunification[15] and the introduction of the Euro[16]. None of them touched upon Bundesbank’s independence.
These headwinds had been substantial, as the aftermath of the financial crisis and housing bubble left many homeowners underwater on their mortgages, a large overhang of vacant homes, and mortgage credit very hard to obtain for anyone without an excellent credit record and a sizable down payment.