Frankfurt’s Economy

Frankfurt is Germany’s financial capital and one of the world’s most important financial centers, followed by Munich. Frankfurt was ranked 23rd at the Global Cities Index in 2012, 14th at the World City Survey in 2011, 11th at the Global City Competitiveness Index in 2012, 12th at the Innovation Cities Index in 2011, 8th at the International Financial Centers Development Index in 2013, 9th at the Global Financial Centers Index in 2013, 10th at the Global Power City Index in 2011 and 8th at the Worldwide Centers of Commerce Index in 2008.

Banks in Frankfurt:

The two most important central banks of Frankfurt include.

European Central Bank

European Central Bank is one of the world’s most important central banks, containing a monetary policy for the Eurozone. This policy consists of 19 European Union member states which have adopted the Euro as their common currency. European Central Bank’s headquarters are located in Frankfurt since 1998. The new seat of European Central Bank consists of a newly built 185-metre skyscraper which was completed in 2014.

To accommodate up to 2,300 European Central Bank personnel, a new building complex was designed. The location borders an industrial area as well as the Osthafen, which is on the East Harbour and it is a few kilometers away from the city centre. Security arrangements are installed without high fences around European Central Bank because of its large premises which were chosen primarily. The city uses the slogan “The City of the Euro” to honor the importance of European Central Bank, officially since 1998.

German Federal Bank

This bank was established in 1957 as the central bank for the Federal Republic of Germany; it is located in Ginnhein. Before 1999, when the euro wasn’t introduced, the German Federal Bank was responsible for the German currency, Deutsche Mark, and for the monetary policy of Germany. Through the second half of the 20th century, the Bundesbank was greatly respected for its control of inflation. Because of the formation of all 27 European Union member states, today the Bundesbank is an integral part of European System of Central Banks.

Commercial banks

There were 152 international and 63 national banks that had a registered office in 2010, including 41 offices of international banks as well as the headquarters of the major German banks. Frankfurt is, therefore, known as “City of the banks” and nicknamed “Bankfurt” or “Mainhattan”. In the same year, 73,200 people were employed at banks. Some of Germany’s largest commercial banks include:

• Deutsche Bank

• Commerzbank

• KfW Bankengruppe

• DZ Bank

• Landesbank Hessen-Thüringen

• DekaBank

• ING Diba

Other major German banks include Frankfurter Sparkasse, Frankfurter Volksbank and old-established private banks such as Delbrück Bethmann Maffei, Bankhaus Metzler and Hauck & Aufhäuser.

Frankfurt’s Economy has become stronger than ever due to the presence of largest banks and because they have kept the economy from dropping to zero. Do you know what else Frankfurt has? In Frankfurt are many budget hotels. It has a wide range of hotels to stay in and have a chance to discover more about Frankfurt. Hotels in Frankfurt are affordable and made to comfort you after having a tiring day.