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This text provides a review of the advances in European monetary policy-making over the past decades. It examines the considerations that determine a central bank’s monetary strategy and explains how these considerations have featured in recent European monetary history. In so doing, it establishes what European monetary policy-makers have learned (or should have learned) and how they learned it. At the same time, Aerdt Houben maps out the rich monetary traditions that now flow together in the new-born Eurosystem and provides important insight into a prime influence on the system’s decision-making, that is, the participating countries’ past experiences. The book’s distinctiveness lies in its sweeping coverage of policy developments in the individual central banks of the European Union, its penetrating analysis of the country-specific learning curves and its balanced assessment of the viability of alternative monetary policy strategies, including the strategy recently adopted by the Eurosystem. It combines theoretical insights with an in-depth empirical study of monetary policy design in Europe, highlighting the specific features that have contributed to policy success or failure. While the subject of monetary policy strategy (especially that of the Eurosystem) is very topical, the book’s detailed information on how monetary policy has actually been implemented in each of the 15 European Union countries should make it a useful reference work with a long life-span.
