Stable money and central bank independence: implementing monetary institutions in postwar Germany

Germany prides itself in having one of the most successful central banks and national currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945, but that German experts and officials resisted both initially. It thus represents a rare case of the successful imposition of institutions from abroad. Events are discussed in light of Peter Bernholz’s requirements of stable money and an independent central bank.