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 inside insight into its operations. 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 detail. Students of monetary management and the banking community throughout the world will benefit greatly from a study of this unique volume.

List of Tables and Figures Acknowledgements Foreword by the President of the Deutsche Bundesbank Introduction; S.F.Frowen & R.Pringle The Bundesbank, committed to stability; H.Tietmeyer Bundesbank Independence, Organisation and Decision-making; L.Gleske German Monetary Unification: Domestic and External Issues; R.Konig & C.Willeke Monetary Policy: Targets and Instruments; P.Schmid Relations between the Bundesbank and the Federal Government; B.Wahlig Banking Supervision: Who is doing what?; J.Becker Recollections of the German Treaty Negotiations of 1990; H.Tietmeyer German Unification: A Personal View; N.Kloten Ethics and Morals in Central Banking: do they exist, do they matter?; O.Issing The Evolution of the D-Mark as an International Currency; C.Gebhard Profiles of Bundesbank Presidents: Hans Tietmeyer, Helmut Schlesinger, Karl Otto Pohl, Otmar Emminger and Karl Klasen Index