Germany's central bank, headquartered in Frankfurt, is independent of the government.
The Bundesbank - jointly with the ECB - issues Euro notes, acts as clearing house and bank supervisor and manages currency reserves. Unlike the US Federal Reserve, for example, it is not officially responsible for maintaining the stability of the financial system and is not a lender of last resort.
The German economy is heading for a significant slowdown between April and June after robust growth in the first quarter, according to the Bundesbank. The central bank bases the forecast on a drop in industrial orders.