Policymaking in the European Central Bank: The Masters of Europe's Money

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Drawing on numerous interviews with high-ranking and founding members of the European Central Bank (ECB), Karl Kaltenthaler identifies and explains the factors that shape the bank's domestic and international monetary strategies. The policymaking model that offers the best roadmap to a healthy economy is that of the German Bundesbank. To secure the long-term needs of the economy, the decision makers in the ECB have created a model that attempts to replicate the Bundesbank's success at the European level and to lend credibility to their own policies. Offering unprecedented access to internal decision making at the ECB, Policymaking in the European Central Bank will interest readers who want to understand this important European institution.
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Editorial Reviews

Matthias Kaelberer
Policymaking in the European Central Bank makes an important contribution to the literature on European monetary cooperation. In contrast to the prevailing literature’s emphasis on the institutional structure of the European Central Bank, Karl Kaltenthaler skillfully examines the factors that explain the policy choices of independent central bankers. Based on public choice theory, he presents a compelling explanation for the decision by Europe’s central bankers to largely emulate the policy strategy of Germany’s central bank, the Bundesbank. This book is essential reading for those interested in the European Union and monetary policymaking more generally.
Jeffry A. Frieden
Karl Kaltenthaler provides a detailed account of the origins, structure, and functions of the European Central Bank. His study, based on extensive interviews and other evidence, focuses on how the goals and principles that motivate European central bankers affect their approach to monetary policy. Policymaking in the European Central Bank is an in-depth exploration of one of the world's most important economic institutions. It will be useful and interesting to anyone concerned with understanding contemporary trends in monetary policy or in European integration.
Christopher J. Anderson
The European Central Bank is an immensely powerful but very new institution. Karl Kaltenthaler's [book] is insightful, accessible, and the best treatment yet of what the European Central Bank is and why it follows the policies it does. Kaltenthaler reveals that central bankers, rather than functioning like remote and unaccountable bureaucrats, are political actors who care about economic outcomes but also about what people think of them.
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Product Details

  • ISBN-13: 9780742553675
  • Publisher: The Rowman & Littlefield Publishing Group Inc
  • Publication date: 8/17/2006
  • Series: Governance in Europe Series
  • Edition description: New Edition
  • Pages: 204
  • Product dimensions: 9.00 (w) x 6.00 (h) x 0.47 (d)

Meet the Author

Karl Kaltenthaler is faculty fellow in the Bliss Institute for Applied Politics at the University of Akron. He also teaches in the Department of Political Science at Case Western Reserve University.

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Table of Contents

1 The origins of the European Central Bank 11
2 The formation of the European Central Bank's monetary policy strategy 35
3 The structure and strategy of the European Central Bank 61
4 The European Central Bank's operating environment 91
5 The exchange rate challenge 123
6 European monetary union enlargement and the European Central Bank 147
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