Reichsbank: Difference between revisions

In line with the [[Morgenthau Plan]], the American authorities in November 1945 proposed a radically decentralized plan that would have organized a separate financial system in each of the {{lang|de|Länder}}, with minimal central coordination. After some hesitancy, the French authorities rallied that vision; the British authorities were initially reluctant, but gradually aligned with U.S. views following the establishment of the [[Bizone]] on {{date|1947/01/01}}. Thus, Land central banks ({{lang-de|Landeszentralbanken}}) were created on {{date|1947/01/01}} in American-occupied [[Munich]] (for [[Bavaria]]), [[Stuttgart]] (for [[Württemberg-Baden]]), and [[Wiesbaden]] (for [[Hesse]]), followed in March by French-occupied [[Tübingen]] (for [[Württemberg-Hohenzollern]]), [[Freiburg im Breisgau]] (for [[South Baden]], and [[Mainz]] (for [[Rhineland-Palatinate]]), then American-occupied [[Bremen]] on {{date|1947/04/01}}, and eventually British-occupied [[Düsseldorf]] (for [[North Rhine-Westphalia]]), [[Hanover]] (for [[Lower Saxony]]), [[Kiel]] (for [[Schleswig-Holstein]]) and [[Hamburg]] by the Spring of 1948.{{R|Adler|p=327-330}}

 

 

In 1947, newly appointed U.S. Military Governor [[Lucius D. Clay]] decided, against directives from Washington, that Germany needed a central bank instead of a mere board bringing together the {{lang|de|Landeszentralbanken}} for joint policy decisions. An agreement on that concept was reached among the three Western occupying forces on {{date|1947/10/30}}, resulting in the establishment on {{date|1948/03/01}} of the [[Bank deutscher Länder]].{{R|Adler|p=330-331}} On {{date|1948/05/21}}, the Soviet occupation authorities replied by establishing a {{lang|de|Deutsche Emissions- und Girobank}} in [[Potsdam]], which was renamed {{lang|de|Deutsche Notenbank}} in July, later relocated to [[East Berlin]], and in 1968 was rebranded the [[Staatsbank der DDR]].{{R|Adler|p=336}}