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. Jens Weidmann is the current Bundesbank president, he took office in 2011, becoming the youngest person ever to take up the job. This is a collection of DW's latest content concerning the Bundesbank.
You can exchange them for legal tender in euros, but Germans still hold deutschmarks. The Bundesbank says the combined stash of notes and coins is worth 6.6 billion euros, 14 years after Europe adopted the euro as cash.