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For a year following the launch of the euro, the European Central Bank (ECB) seemed indifferent to the currency's depreciation. Then the ECB changed to a policy position of trying to bolster the external value of the euro. This paper seeks to explain these patterns of positions on the ECB's external monetary policy. I argue that the ECB's policy on the exchange rate is a function of its commitment to domestic price stability in the euro zone. In other words, the ECB's concern with the euro's exchange rate centers solely on what that exchange rate can do to inflation. This focus on price stability is a function of the interests of the ECB in maintaining its own image of competence in European society.

Alice Landau explores the nexus between globalization and regionalization in the global economy in Redrawing the Global Economy. This means that she examines the ways in which national economies are being melded globally, while at the same time, those very same economies are creating regional economic blocs.

ABSTRACTThis article seeks to answer the question of why we see continuity in German monetary policy but relative discontinuity in German policy toward European monetary regimes. The paper develops an analytical framework for understanding the factors that account for the dynamics of policy. The article argues that the institutional structure of policy-making is the key factor that accounts for patterns of policy dynamics. The way domestic policy institutions are structured will determine who has a say and when they have a say in policy-making, thus shaping the pattern of policy dynamics. The article shows that the institutions of policy-making are crucial determinants in the dynamics of German monetary and regime policy by the way they offer or block opportunities, at particular points in the policy process, for interested policy actors to achieve the types of policies they want.