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An analysis of the monetary policies adopted by ten western European states during the period 1973-1991 revealed the similarity in the policies adopted by each country. Though these countries differ in terms of size, membership in the European Community and exchange rate mechanism, all the countries adopted the German monetary policy so as to have exchange rates agree with the deutsche Mark. The Western Europeans did very well at managing the formal exchange rate management and integrating monetary policy on a regional basis.

Analysis of capital mobility and state autonomy reveals that the extent of inter-state capital market integration satisfies the stringent criteria of structural realists, to be considered as a component of international politics. Constraints on state behavior are determined by the level of international capital mobility, because it condemns some actions while ensuring the success of other programs. Asymmetrical distribution costs prevail due to monetary freedom because of high capital mobility.

A new collection of acronyms - including NAFTA (North American Free Trade Agreement), APEC (Asian Pacific Economic Council), and EMU (European Monetary Union) - has crept into policy makers' vocabularies, [...]

Ruling Europe: The Politics of the Stability and Growth Pact by Martin Heipertz and Amy Verdun. New York, Cambridge University Press, 2010. 332 pp. $95.00. The problems posed by pursuing [...]

The European Monetary Union in a Public Choice Perspective by Jennifer C. Martin-Das. Northampton, MA, Edward Elgar Publishing, 2002. 320 pp. $110.00. EMU--the European Union's Economic and Monetary Union--is an [...]