Current Bible textual criticism, generally, tries to determine the nearest thing possible to the "original" Greek New Testament.
The Old Testament, as I understand it, has been handed down fairly well, at least in the Hebrew. Not so sure how accurate the translations are. As I understand it the Jews used a method of coping the text that did a pretty good job of preventing the various errors that the New Testament books accumulated over the centuries. This is largely conjecture on my part, so take it with much salt
For the New Testament books, the many (some 6000 or so pieces of varying size) early texts are examined and compared and an attempt made to get as near as possible to what the original said. It's doubtful the goal will be reached, but there is much honest effort being spent on the task. For a full (and more accurate description), see The Text of the New Testament, It's Transmission, Corruption, and Restoration, by Bruce M. Metzger and Bart D. Ehrman.
The United Bible Societies' Greek New Testament, in it's latest version (4th?), will generally have the most convincing/earliest words of the New Testament, based on the available early sources and modern examinations/comparisons as determined by the UBS. For an explanation of the recent changes to the UBS' Greek New Testament, see A Textual Commentary on The Greek New Testament by Bruce M. Metzger, currently in it's 4th revised edition (NOTE: This shows changes made to the Greek. If you don't read Greek, it will be of little use I think

). For English, I believe the New International Version will have the most up to date Greek to English translation based on the UBS Greek New Testament. I am not sure about that though. There may well be other groups doing work similar to the UBS. I don't know.
I have no idea what a good German translation would be, but perhaps you can determine that from this
link.