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Deutsche Mark Politics: Germany in the European Monetary System

Peter Henning Loedel
ISBN: 978-1-55587-835-1
1999/264 pages/LC: 98-47375

"Presents a very helpful correction of tendencies to over state the German central bank's influence."—Matthias Kaelberger, Comparative Politics


Why is Germany prepared to sacrifice the deutsche mark for European Monetary Union? Peter Loedel’s novel analysis, incorporating domestic, European, and global aspects of German monetary policy, suggests that the institutional relationship between the Bundesbank and the federal government, together with Germany’s bargaining strategies toward European and global monetary-governance structures, can provide the answer to the deutsche mark puzzle.

Examining the record from 1985 through May 1998, Loedel challenges common conceptions of the Bundesbank’s independence. He also explores the ability of external structures to affect German monetary decisions. His presentation of political and economic forces offers fresh insight into the factors shaping German monetary politics and the future of EMU.


Peter Loedel is professor of political science at West Chester University. He is editor (with Mary McKenzie) of The Promise and Reality of European Security Cooperation: States, Interests and Institutions.


  • The Political Economy of Deutsche Mark Politics.
  • Bundesbank Preeminent, Not Predominant.
  • From Plaza to “Black October”: The Europeanization of Deutsche Mark Politics, 1985–1987.
  • Exporting the Deutsche Mark to Europe, 1989-1991.
  • Bundesbank Under Pressure: 1992–1993.
  • Dollar Crises and Halting Steps Toward Economic Monetary Union, 1994-1995.
  • Economic Monetary Unon for Europe?: 1996–1998.
  • Conclusion.