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BGB 247*). 1 The basic rate of interest is 3.62%.** ) It changes on 1 January and 1 July each year by the percentage points by which the reference rate has risen or fallen since the last change in the basic rate of interest . The reference rate is the rate of interest for the most recent main refinancing operation of the European Central Bank before the first calendar day of the relevant six-month period .
Article 88 The Federal Bank - The European Central Bank
GG 88 The Federation shall establish a note-issuing and currency bank as the Federal Bank . Within the framework of the European Union , its responsibilities and powers may be transferred to the European Central Bank , which is independent and committed to the overriding goal of assuring price stability .