The Bundesbank is one of the world's most powerful and successful central banks, outstanding for its independence in the conduct of monetary policy and for its success in the achievement of relative price stability virtually throughout the post-war era. This collection of essays by the President of the Bundesbank, by former and present Board members and by Heads of Department within the Bundesbank offer a rare insight into its operations from the inside. The individual contributions to this volume explain the historical, legal and institutional basis of German internal and external monetary policy and highlight the goals of the German central bank and its role in the economy as a whole. The role of the Deutschmark as one of the leading international transaction, reserve and investment currencies is discussed in some detail by the only non-Bundesbank contributor to this volume. Hans Tietmeyer's personal recollections as chairman of the negotiations on intra-German monetary, economic and social union, produced here for the first time in English, are of considerable historical interest.
These recollections are supplemented by Norbert Kloten's personal views on German monetary unification. Students of monetary management and the banking community throughout the world will benefit greatly from a study of this unique volume.