{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='GERMANY: PROFILE OF ECB AND FRANKFURT' data-url='/boclips/videos/5c54bdfdd8eafeecae13832a' data-video-url='/boclips/videos/5c54bdfdd8eafeecae13832a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGERMANY: PROFILE OF ECB AND FRANKFURT\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatIn the final days before European Monetary Union becomes a reality, the financial world's focus has shifted to the workings of the new European Central Bank (ECB) in Frankfurt.As of January 4, financial institutions will start...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eIn the final days before European Monetary Union becomes a reality, the financial world's focus has shifted to the workings of the new European Central Bank (ECB) in Frankfurt.\u003cbr/\u003eAs of January 4, financial institutions will start dealing in the new single currency, the Euro.\u003cbr/\u003eFrankfurt is already the centre of Germany's financial world, but as of January 4 it will also be the centre of the single European currency and the headquarters of the European Central Bank that will administer the Euro.\u003cbr/\u003eKeeping the monetary policies of eleven different countries participating in the project in line will be largely the responsibility of the first President of the ECB, Dutchman Wim Duisenberg.\u003cbr/\u003eDuisenberg will have the task of coordinating the work of nearly 500 European bankers.\u003cbr/\u003eCentral to the 63 year-old Dutchman's work will be the great task of keeping his bank's work independent of influence from the central banks and governments of the countries involved.\u003cbr/\u003eThis vital freedom from outside pressure was thought to be under siege in the last weeks of 1998.\u003cbr/\u003eDuisenberg however says that he's not worried.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"We keep and maintain the independence by strictly adhering to our mandate, which includes that we are forbidden to follow instructions or suggestions from others, just as others are forbidden to even give such instructions. But, in addition we never shy away from a dialogue.\"\u003cbr/\u003eSUPER CAPTION: Wim Duisenberg, ECB President\u003cbr/\u003eOne of Duisenberg's most potentially difficult relationships will be with the new German Finance Minister, Oskar Lafontaine. \u003cbr/\u003eSoon after the new German ledership came to power, Lafontaine put pressure on the German central bank, the Bundesbank, and the ECB to cut interest rates, which he claimed would foster investment and create jobs.\u003cbr/\u003eEuropean banks and other monetary institutions gave their support to the ECB and it's President, and despite a German cut in rates, the Euro remained unaffected.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"There was little impact, the market just neglected it, the concerted interest rate cut that took place in the middle of December, and the reaction of the market to it, is indication that there is a lot of credibility of the European Central Bank: already today they are not influenced by finance ministers or by an interested public that would push monetary policy into a direction that, at the end of the day, would risk the quality of the new currency.\"\u003cbr/\u003eSUPER CAPTION: Professor Norbert Walter\u003cbr/\u003eMeanwhile,  the countdown clock in central Frankfurt slips closer and closer to \"E-Day.\"\u003cbr/\u003e Frankfurt, Germany; Bonn, Germany, - Recent \u003cbr/\u003eFrankfurt\u003cbr/\u003e1. Wide of banking district and River Main\u003cbr/\u003e2. Wide of Commerzbank\u003cbr/\u003e3. Wide of Deutsche Bank Towers with figure of Schiller in front\u003cbr/\u003e4. Wide of Eurotower\u003cbr/\u003e5. Close of Euro logo to ECB sign inside Eurotower\u003cbr/\u003e6. Various of Wim Duisenberg meeting with members of ECB governing council\u003cbr/\u003e7. Close of Bundesbank president Tietmeyer, zoom and pan to wide\u003cbr/\u003e8. Close of Euro logo, zoom to wide of Duisenberg meeting press\u003cbr/\u003e9. SOUNDBITE: (English) Wim Duisenberg, ECB President \u003cbr/\u003eBonn\u003cbr/\u003e10. Wide of German parliament, the Bundestag\u003cbr/\u003e11. Close of German Finance Mininster Oskar Lafontaine\u003cbr/\u003eFrankfurt\u003cbr/\u003e12. Wide of meeting in Bundesbank between German Finance Mininster Oskar Lafontaine and Bundesbank President Tietmeyer\u003cbr/\u003e13. Wide of Banking towers\u003cbr/\u003e14. Set up shot in Deutsche Bank office of Professor Norbert Walter\u003cbr/\u003e15. SOUNDBITE: (English) Professor Norbert Walter\u003cbr/\u003e16. 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