Die Deutsche Bundesbank in der Globalsteuerung

Abstract

Keynesian-inspired macro regulation gained importance in West German econo-mic policy from the mid-1960s and was enshrined in law through the Stability and Growth Actin 1967. In the context of the legislative process, the question arose as to what extent the Deut-sche Bundesbank should be given new central bank instruments in order to achieve the goalof price stability. In the end, their implementation was rejected as the government demandedparticipation rights that contradicted the principle of central bank independence. Based ondocuments from the Historical Archive of the Deutsche Bundesbank and the Federal Archives,the article examines the arguments in favor of the new instruments and the reasons that pre-vented their implementation