Yet, with monetary reform on June 20, when the first D-Mark banknotes came into circulation, the fate of the new currency began to be linked to the viability and the stability orientation of the German Central Bank Council. It is also true that the Central Bank Council did not act alone in achieving and safeguarding the DMark’s subsequent success and high level of stability.
However, it acted in an exposed position, i.e. particularly wherever the scarcity of money was and is the issue. II The first Central Bank Council meeting was preceded by fundamental differences of opinion among the Allies on the shape of the future German central banking system. The Americans wanted to start again from scratch.