The Capital City That Never Was
Frankfurt's commercial tradition goes back to Roman times, when its importance as a river crossing point and junction between north and south Germany was first recognized. Charlemagne had a fortress built on the old Roman site during the eighth century, and by the twelfth century Frankfurt was well established as a trading centre. This market evolved gradually into the Frankfurt fair which flourishes to this day, albeit in new premises just outside the centre. The stock exchange was opened in 1585 and Meyer Amschel Rothschild founded a financial dynasty here at the beginning of the nineteenth century. Frankfurt was also the main centre of the postwar German economic recovery. It was here that the Americans set in motion the currency reform that put the shattered nation back on its feet - overnight, on June 20, 1948, they introduced DM10.7 billion worth of new currency, printed in the US and delivered to Frankfurt under armed guard, to replace the vastly inflated Reichsmark . With the introduction of the euro as a replacement for some of the continent's most respected currencies, Frankfurt, as the headquarters of its central bank, is set to become a financial centre of ever-increasing importance. The city's political role has been similarly prominent, albeit with more variable results: its failure to establish itself as the nation's capital symbolizes the tragedy of German history, in which authoritarianism has so often triumphed. In 1356, Frankfurt gained permanent status as the place where the Electors met to choose the Holy Roman emperor, and in 1562 it supplanted Aachen as the scene of the imperial coronations. After the Napoleonic wars it was one of only four of the erstwhile Free Imperial Cities to preserve its status, and it was chosen as the seat of the National Assembly. However, hopes that it might provide neutral, liberal-minded leadership of a united Germany incorporating both Prussia and Austria were dashed in the aftermath of the revolutions of 1848-49. The city was annexed by Prussia in 1866 and has never been so much as a regional capital since. After World War II, it seemed to be the natural choice as capital of West Germany, but lost out on the casting vote of Chancellor Adenauer, who had campaigned in favour of Bonn, the city nearest his own home, in an alliance with Berliners who feared that Frankfurt would be strong enough to thwart Berlin's chances of ever regaining capital status.
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