Ludwig Erhard, the Economics Minister, therefore wanted a revaluation ... ... against which there was considerable opposition! Schlesinger: Along with Chancellor Konrad Adenauer, the Federal Association of German Industry and the German banks, the Bundesbank and its President, Karl Blessing, were officially opposed to a revaluation, as they feared that this would weaken the export industry.
However, there were also proponents of revaluation at the Bundesbank, yet their opinions did not become public, with a few exceptions: The then-new Vice-President of the Land Central Bank of Lower Saxony, Heinrich Irmler, came out in favour of a revaluation in the Land Central Bank’s annual report, which caused a major hubbub in Frankfurt.