Germany always had a concern with monetary growth, with formal targets from 1975 used as an intermediate objective in pursuit of price stability. At the same time it was a member of the Snake and then of the EMS, and acted to preserve the exchange rate parity to varying extents in response to wider international and European developments.
| Years | Targets and attainment | Classification |
| 1974 | aim of restricting growth of central bank money but no announced target; forex interventions within Snake | loosely structured discretion LSD |
| 1975-85 | monetary targets mostly met, forex intervention mainly vs USD but some vs European currencies within Snake, then from 1979 within EMS; monetary control mainly via OMOs and rediscount facilities | monetary with exchange rate targeting MwERT |
| 1986-87 | monetary targets overshot, interest rates and heavy forex intervention used to limit appreciation | exchange rate with monetary targeting ERwMT |
| 1988-91 | monetary targets attained; German Economic, Monetary and Social Union May 1990 | MwERT |
| 1992-93 | monetary target overshot 1992, barely attained 1993; heavy intervention in ERM upheavals | ERwMT |
| 1994-8 | monetary targets attained 4 years out of 5, in hardening EMS | MwERT |
| 1999-2017 | membership of European Monetary Union | currency union CU |
Selected IMF references: RED 1975 pp31 -3, 43; RED 1982 pp31-2, 42-4, 56; RED 1985 pp31-4, 55-8; RED 1988 pp13-16, 35-6; EDSBI 1994 pp16-18.
Additional sources: Houben (2000, especially pp 196-7, 308-9); Beyer et al (2009); Gros and Thygesen (1998, especially pp169-70).
Download the complete set of advanced and emerging country details.
Monetary Policy Frameworks 